Charlotte, NC-based Coca-Cola Consolidated Inc. (Nasdaq: COKE) on Feb. 26 reported operating results for the fourth quarter and the fiscal year, ended Dec. 31
“We made decisions early in the pandemic to adjust our operating model and reduce expenses as we navigated an unpredictable business environment," said J. Frank Harrison, III, chairman and chief executive. "These adjustments, coupled with strong consumer demand for our products, enabled us to deliver incredibly strong operating results and make strategic investments back into our business.”
Summary
» Fourth quarter 2020 net sales increased 8.5% versus the fourth quarter of 2019, with physical case volume up 8.1%(a). Fourth quarter and full year 2020 results include four additional selling days versus 2019 results. On a comparable(b) basis, net sales and physical case volume increased 3.5% and 2.6%, respectively.
» Fourth quarter 2020 income from operations was $93.6 million, up $54.1 million versus the fourth quarter of 2019. On an adjusted(b) basis, income from operations increased $45.6 million versus the fourth quarter of 2019.
» Full year 2020 income from operations totaled $313.4 million, up $132.6 million, or 73.4%, versus full year 2019. On an adjusted(b) basis, income from operations grew 57.4% to $307.6 million, driven by strong commercial performance and favorable operating expenses.
Click here to see Coke Consolidated's full press release.
