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Coca-Cola Consolidated raises Q4, FY 2021 sales boosted by price hikes

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February 23, 2022

Coca-Cola Consolidated Inc. boosted its Q4 and FY 2021 sales, helped by price increases, according to an earnings release.

• Net sales increased 10% from $1.27 billion in Q4 2020 to $1.4 billion in Q4 2021, driven by the strong volume growth and by pricing actions taken during 2021. Price increases were taken to offset inflation on our major cost inputs, including aluminum, PET resin and transportation costs.
• Net income fell from $66.4 million to $19.1 million in the comparative quarters, as income was adversely impacted by fair value adjustments to the acquisition related contingent consideration liability.
• Basic net income per share fell from $7.08 to $2.04 while diluted net income per share from $7.05 to $2.06.
• Net sales increased 11% from $5 billion in fiscal 2020 to $5.56 billion in fiscal 2021. The fourth quarter of 2020 included four additional selling days compared to the fourth quarter of 2021.
• Net income increased from $182 million to $189.6 million in the comparative years.
• Basic EPS rose from $18.40 to $20.23 while diluted EPS rose from $18.30 to $20.17.

Shares traded today at $583.64 against a 52-week range of $252.14-$638.

"These strong (annual) results enabled us to continue to make strategic investments in our business like our automated warehouse in Whitestown, Indiana and a new production line in Richmond, Virginia, which adds PET bottle capacity." J. Frank Harrison, III, chairman and CEO, said in the press release. "Our recent purchase of the distribution rights for Coca-Cola Bottling Co. of Washington, North Carolina further reflects our long-term commitment to growth across our territory."