Vending

Coca-Cola Consolidated boosts Q4, FY 2022 results on price gains

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February 23, 2023

Coca-Cola Consolidated Inc. lifted its Q4 and FY sales and earnings, boosted by price increases, according to an earnings report. Highlights include:

• Net sales increased 12%, from $1.4 billion in Q4 2021 to $1.57 billion in Q4 2022, driven primarily by price increases. On a comparable basis, physical case volume declined 2.1%, which included a decline in sparkling and still categories of 0.5% and 6.2%, respectively.
• Net income rose from $19.1 million to $118.4 million in the comparative quarters. Net income in the fourth quarter was once again adversely impacted by fair value adjustments to acquisition related contingent consideration liability.
• Basic income per common share rose from $2.04 to $12.64 while diluted income per common share rose from $2.06 to $12.61 in the comparative quarters.
• For fiscal year 2022, net sales increased 11%, from $5.56 billion to $6.2 billion, with physical case volume flat when compared to the prior year. Sparkling and still net sales increased 16.6% and 8.5%, respectively.
• Sparkling volume grew 0.6% in 2022, driven by strong consumer demand for multi-serve can and small bottle PET packages. Brands within the sparkling category benefited from solid demand in on-premise sales channels, including restaurants, universities, sports venues, amusement parks and other immediate consumption outlets.
• Still volume decreased 1.3% in 2022.
• Net income rose from $189.6 million to $430.1 million in the comparative years.
• Basic income per common share rose from $20.23 to $45.88 while diluted income per common share rose from $20.17 to $45.74 in the comparative years.

Shares traded Wednesday at $520 against a 52-week range of $402.61-$6522.19.

"I am incredibly proud of all of our teammates who overcame staffing challenges and supply chain disruptions to meet the needs of our customers and consumers," Frank Harrison III, chairman and CEO, said in the press release. "We look forward to another strong year of performance in 2023 as we continue to evolve our purpose-driven business model and consistently reinvest to drive long-term, profitable growth."