Financial Performance - Net sales increased by $245.9 million, or 3.7%, to $6.90 billion in 2024 compared to $6.65 billion in 2023[191] - Gross profit rose by $154.5 million, or 5.9%, with gross margin increasing by 80 basis points to 39.9% in 2024[175] - Income from operations increased by $85.9 million to $920.4 million, while net income rose by $224.8 million to $633.1 million in 2024[177] - Sparkling beverage net sales increased by 5.5% to $4.11 billion, while still beverage net sales rose by 3.6% to $2.23 billion in 2024[192] - Net sales for the Nonalcoholic Beverages segment reached $6.84 billion in 2024, compared to $6.56 billion in 2023, reflecting a growth of approximately 4.3%[214] - Gross profit for the Company was $2.75 billion in 2024, an increase from $2.60 billion in 2023, representing a growth of approximately 6.0%[219] - Basic net income per share increased to $70.10 in 2024 from $43.56 in 2023, reflecting a significant growth in profitability[219] Cash Flow and Investments - Cash flows from operations for 2024 were $876.4 million, up from $810.7 million in 2023[178] - Capital expenditures for 2024 were $371.0 million, focusing on supply chain enhancements and future growth[178] - The company expects to continue significant investments in supply chain optimization during fiscal year 2025[184] - Cash provided by operating activities was $876.4 million, an increase of $65.7 million compared to 2023[239] - Cash used in investing activities during 2024 was $682.2 million, an increase of $386.9 million from 2023, primarily due to higher additions to property, plant, and equipment of $371.0 million[240] - Cash provided by financing activities was $306.4 million in 2024, a change of $384.1 million from cash used in financing activities of $77.7 million in 2023, driven by bond proceeds of $1.20 billion[244] Expenses and Costs - Selling, delivery, and administrative expenses increased by $68.6 million, or 3.9%, representing 26.6% of net sales in 2024[176] - Cost of sales increased by $91.4 million, or 2.3%, to $4.15 billion in 2024 compared to $4.06 billion in 2023, primarily due to higher input costs[200] - Selling, delivery, and administrative (SD&A) expenses rose by $68.6 million, or 3.9%, to $1.83 billion in 2024, with labor costs accounting for approximately $48 million of the increase[203] - The net impact of commodity derivative instruments on the consolidated statements of operations was a decrease in cost of sales of $590, and an increase in SD&A expenses of $2,647 in 2024[256] - Inflation has increased both cost of goods sold and selling, general & administrative (SD&A) expenses for the Company[299] Debt and Financing - Total debt as of December 31, 2024, was $1.79 billion, up from $599.2 million on December 31, 2023[228] - The Company completed the issuance of $700 million in 2029 Senior Bonds and $500 million in 2034 Senior Bonds on May 29, 2024[231] - The Company has a maximum borrowing capacity of $500 million under its Revolving Credit Facility, maturing on June 10, 2029[232] - As of December 31, 2024, the company had outstanding debt of $1.80 billion, with approximately $350 million due in fiscal year 2025[247] Tax and Regulatory - The effective income tax rate decreased to 26.1% in 2024 from 26.7% in 2023, while income tax expense increased by $74.4 million, or 49.9%, to $223.5 million[209] - The Company does not recognize a tax benefit unless it is more likely than not that the benefit will be sustained on audit[276] Assets and Liabilities - Total assets increased by $1.02 billion to $5.31 billion as of December 31, 2024, compared to $4.29 billion on December 31, 2023[220] - Net working capital rose by $620.3 million to $1.23 billion on December 31, 2024[220] - Cash and cash equivalents increased by $500.6 million, primarily due to bond proceeds of $1.20 billion and strong operating performance[222] - The ending balance of the Level 3 liability related to acquisition contingent consideration was $654.2 million as of 2024, down from $669.3 million in 2023[237] Shareholder Returns - The Board of Directors approved an increase in the quarterly cash dividend from $0.50 to $2.50 per share on August 20, 2024[235] - The Company repurchased 14,391.5 shares of Common Stock for an aggregate purchase price of $13.3 million, representing 0.2% of the shares outstanding as of June 18, 2024[225] Market and Economic Conditions - Walmart and Kroger accounted for approximately 29% of total net sales in 2024, maintaining similar percentages from 2023[196] - A 10% increase in key commodity prices would increase costs by approximately $66 million over the next 12 months[294] - The annual rate of inflation in the U.S. was 2.9% in 2024, 3.4% in 2023, and 6.5% in 2022, affecting commodity prices relevant to the Company's business[298] - The Company can offset cost increases by raising selling prices, but consumer buying power may limit this ability[299] - If consumers reduce their purchase volume due to higher prices, selling price increases may not fully cover the Company's cost increases[299] Pension and Benefits - Pension costs for the Bargaining Plan were $3.7 million in both 2024 and 2023[281] - The discount rate for the Bargaining Plan was 5.89% in 2024 and 5.16% in 2023, significantly impacting projected benefit obligations[280] - A 0.25% increase in the discount rate assumption would decrease the projected benefit obligation by $1,842,000, while a decrease would increase it by $1,965,000[282] - The discount rate for the postretirement benefit obligation was 5.68% in 2024 and 5.02% in 2023[285] - The actual return on pension plan assets for the Bargaining Plan was a gain of 3.7% in 2024 and a gain of 13.5% in 2023[280] Impairment and Valuation - The Company did not identify any impairment triggers related to property, plant, and equipment and other intangibles during 2024 and 2023[267] - The Company performed its annual impairment test of goodwill and determined there was no impairment for both 2024 and 2023[270] - The fair value of the acquisition related contingent consideration liability is influenced by the Company's WACC and estimated future payments, with a 10-basis point change in the risk-free interest rate resulting in a $6 million change in liability[273]

Financial Performance - Fourth quarter 2024 net sales increased by 7.1% to $1,746.5 million compared to the same period in 2023, while fiscal year 2024 net sales rose by 3.7% to $6,899.7 million[5][7] - Gross profit for the fourth quarter of 2024 was $697.9 million, an increase of 8.8% year-over-year, with a gross margin improvement of 70 basis points to 40.0%[9][11] - Income from operations in the fourth quarter of 2024 was $218.7 million, a 22.6% increase from $178.5 million in the fourth quarter of 2023, with fiscal year 2024 income from operations reaching $920.4 million, up 10.3%[11][12] - Net income for the fourth quarter of 2024 was $178.9 million, a significant increase of $103.1 million compared to $75.8 million in the fourth quarter of 2023[12] - Net income for fiscal year 2024 was $633,125, representing a 55% increase compared to $408,375 in fiscal year 2023[23] - Basic net income per share for Q4 2024 was $20.48, compared to $8.09 in Q4 2023, reflecting a 153% increase[19] - Adjusted net income per share for Fiscal Year 2024 is $75.13, up from $65.48 in Fiscal Year 2023, reflecting a 14% increase[25] Sales Performance - Sparkling beverage sales in the fourth quarter of 2024 increased by 7.7% to $1,083.5 million, while still beverage sales rose by 8.7% to $531.3 million compared to the fourth quarter of 2023[2][7] - Comparable volume for the fourth quarter of 2024 was up 1.3%, with a 0.8% increase in Sparkling category volume and a 6.4% decline in Still category volume[8][9] - Comparable volume for Q4 2024 was 87.8 million, a decrease of 0.9% from 88.5 million in Q4 2023[24] Cash Flow and Investments - Cash flows from operations for fiscal year 2024 were $876.4 million, reflecting strong operating performance, with capital expenditures of $371 million during the year[12] - The company plans to invest approximately $300 million in capital expenditures for fiscal year 2025[12] - The company reported a net cash provided by operating activities of $876,357 for fiscal year 2024, compared to $810,690 in fiscal year 2023[23] Assets and Liabilities - Total assets increased to $5,313,139 in December 2024, up from $4,288,942 in December 2023[21] - Cash and cash equivalents rose to $1,135,824 in December 2024, a significant increase from $635,269 in December 2023[21] - Total liabilities increased to $3,895,528 in December 2024, up from $2,853,344 in December 2023[21] Operational Efficiency - Operating margin for fiscal year 2024 improved to 13.3%, an increase of 80 basis points from 12.5% in fiscal year 2023[11] - Gross profit for Fiscal Year 2024 is $2,753,179,000, a 4% increase compared to $2,598,711,000 in Fiscal Year 2023[25] - Total income from operations for Fiscal Year 2024 is $921,625,000, which is a 10.3% increase from $834,451,000 in Fiscal Year 2023[25] - The company experienced a 6% increase in selling, general and administrative expenses, totaling $1,832,829,000 in Fiscal Year 2024[25] Future Outlook - Future outlook includes continued focus on market expansion and new product development, aiming for sustained growth in revenue and profitability[25] - The company emphasizes the importance of non-GAAP financial measures for assessing ongoing performance and making strategic decisions[25] Other Financial Metrics - The company repurchased approximately $626 million of its common stock and increased its annualized regular dividend to $10 per share during 2024[7] - The company issued $1,200,000 in bonds during fiscal year 2024[23] - Adjusted EBITDA for Fiscal Year 2024 is $1,115,416,000, with an EBITDA margin of 16.2%[25] - Income tax expense for Fiscal Year 2024 is $223,529,000, compared to $119,834,000 in Fiscal Year 2023, indicating a significant increase[25] - The company reported a fair value adjustment for commodity derivative instruments of $1,275,000 in Fiscal Year 2024, compared to a loss of $1,220,000 in Fiscal Year 2023[25]

Core Insights - Coca-Cola Consolidated, Inc. reported solid financial performance for the fourth quarter and fiscal year 2024, with net sales increasing by 7.1% to $1.7 billion in Q4 and 3.7% to $6.9 billion for the fiscal year [4][7][12] - The company achieved a gross profit of $697.9 million in Q4, an increase of 8.8% year-over-year, and a gross margin improvement to 40.0% [9][11] - Income from operations rose by 22.6% to $218.7 million in Q4 and by 10.3% to $920.4 million for the fiscal year, with operating margins improving to 12.5% [11][14] Financial Performance - Net sales for Q4 2024 were $1,746.5 million, up from $1,631.0 million in Q4 2023, while fiscal year net sales reached $6,899.7 million compared to $6,653.9 million in the previous year [2][4] - Gross profit for Q4 2024 was $697.9 million, compared to $641.5 million in Q4 2023, with a gross margin of 40.0% [9][11] - The company reported an income from operations of $218.7 million in Q4 2024, up from $178.5 million in Q4 2023, and $920.4 million for the fiscal year, an increase from $834.5 million [11][12] Beverage Sales - Sparkling beverage sales in Q4 2024 increased by 7.7% to $1,083.5 million, while still beverage sales rose by 8.7% to $531.3 million [4][5] - For the fiscal year, sparkling beverage sales totaled $4,106.1 million, a 5.5% increase, and still beverage sales reached $2,227.2 million, up 3.6% [4][5] Operational Highlights - The company invested over $370 million in capital expenditures during 2024 and repurchased approximately $626 million of its common stock [4][10] - Cash flows from operations for fiscal year 2024 were $876.4 million, compared to $810.7 million in fiscal year 2023 [14][23] - The company achieved an EBITDA of over $1.1 billion with an EBITDA margin of 16.2%, the highest level in decades [10][28] Market Dynamics - The increase in net sales was positively impacted by two additional selling days in Q4 2024, contributing approximately $40 million to net sales growth [4][11] - Consumer demand for multi-serve, value-oriented packages remained strong, particularly among large retail customers [4][5]

Core Viewpoint - Coca-Cola Consolidated, Inc. will announce its operating results for the fourth quarter and fiscal year ended December 31, 2024, on February 20, 2025, after market close [1] Company Overview - Coca-Cola Consolidated, Inc. is the largest Coca-Cola bottler in the United States, headquartered in Charlotte, N.C. [2] - The company produces, sells, and distributes beverages from The Coca-Cola Company and other partners, offering over 300 brands and flavors across 14 states and the District of Columbia, serving approximately 60 million consumers [2] - With a history of over 122 years, the company is committed to its consumers, customers, and communities, focusing on a broad portfolio of beverages and services [2] - The company's purpose includes honoring God, serving others, pursuing excellence, and achieving profitable growth [2]

Core Points - Coca-Cola Consolidated, Inc. declared a dividend of $2.50 per share for the first quarter of 2025 [1] - The dividend is payable on February 7, 2025, to shareholders of record as of January 24, 2025 [1] Company Overview - Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, headquartered in Charlotte, N.C. [2] - The company distributes beverages from The Coca-Cola Company and other partners across more than 300 brands and flavors in 14 states and the District of Columbia, serving approximately 60 million consumers [2] - The company has a commitment to consumers, customers, and communities, with a focus on excellence and profitable growth [2]

Group 1 - Coca-Cola Consolidated, Inc. announced the retirement of Executive Vice President and Chief Financial Officer Scott Anthony effective March 31, 2025, after serving in this role since 2018 [1] - Matthew J. Blickley will succeed Scott Anthony as Executive Vice President and Chief Financial Officer starting April 1, 2025, while continuing his role as Chief Accounting Officer [2] - The Chairman and CEO, J. Frank Harrison, III, expressed gratitude for Scott Anthony's contributions, highlighting his strategic leadership and the company's exceptional financial performance since 2019 [3] Group 2 - Matthew Blickley has been with Coca-Cola Consolidated since 2014 and has held various financial roles, including Corporate Controller, and is a certified public accountant [2] - The company emphasizes its commitment to succession planning and the depth of talent within its leadership team [3] - Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, serving approximately 60 million consumers across 14 states and the District of Columbia [5]

Core Points - Coca-Cola Consolidated, Inc. announced the retirement of CFO Scott Anthony effective March 31, 2025, after serving in the role since 2018 [1] - Matthew J. Blickley will succeed Scott Anthony as CFO starting April 1, 2025, while continuing as Chief Accounting Officer [2] - The leadership expressed gratitude for Scott Anthony's contributions and confidence in Matt Blickley's ability to lead the financial team [3] Company Overview - Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, serving approximately 60 million consumers across 14 states and the District of Columbia [5] - The company has been committed to its consumers, customers, and communities for over 122 years, focusing on a broad portfolio of beverages and services [5]

Core Viewpoint - The analysis focuses on the performance of Coca-Cola Consolidated, Inc. (COKE) over the past year, indicating a steady operational performance and a long-term investment perspective [1]. Group 1: Company Performance - Coca-Cola Consolidated, Inc. has been under review for over a year, prompting an evaluation of its operational performance during this period [1]. Group 2: Investment Strategy - The investment strategy discussed emphasizes a long-term horizon, typically ranging from 5 to 10 years, with a preference for a portfolio that includes a mix of growth, value, and dividend-paying stocks, although there is a stronger inclination towards value stocks [1].

Exhibit 99.1 News Release Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2024 Results ■ Third quarter of 2024 net sales increased 3% versus the third quarter of 2023. ■ Gross profit in the third quarter of 2024 was $698 million, an increase of 5.5% versus the third quarter (a) of 2023. Gross margin in the third quarter of 2024 improved by 90 basis points to 39.5%. ■ Income from operations for the third quarter of 2024 was $227 million, an increase of $11 million, or 5%, versus the third ...

CHARLOTTE, N.C., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) will issue a news release after the market closes on October 30, 2024 to announce its operating results for the third quarter ended September 27, 2024 and the first nine months of fiscal 2024. Scott Anthony (Investors) Executive Vice President & Chief Financial Officer (704) 557-4633 Scott.Anthony@cokeconsolidated.com CONTACTS: Brian K. Little (Media) Vice President, Corporate Communications (980) 378-5537 Brian.L ...