Coca-Cola Consolidated(US:COKE)2024-10-30 20:12Financial Performance - Net sales for the third quarter of 2024 increased by 3.1% to $1,765.7 million compared to the third quarter of 2023[3] - Gross profit for the third quarter of 2024 was $698.0 million, reflecting a 5.5% increase from $661.6 million in the same period last year[10] - Income from operations rose to $227.1 million in the third quarter of 2024, a 5.0% increase from $216.3 million in the third quarter of 2023[12] - Operating margin improved to 12.9% in the third quarter of 2024, up from 12.6% in the same quarter of 2023[2] - Net income for the third quarter of 2024 was $115.6 million, an increase of $23.5 million from $92.1 million in the third quarter of 2023[13] - Gross profit for the first nine months of 2024 was $2,055.3 million, a 4.9% increase compared to $1,957.2 million in the same period of 2023[31] - Income from operations for the first nine months of 2024 was $701.6 million, up from $656.0 million in 2023, reflecting a 6.2% increase[31] - Net income for the first nine months of 2024 was $454.2 million, compared to $332.5 million in 2023, representing a significant increase[32] - Basic net income per share for the first nine months of 2024 was $49.71, up from $35.47 in the same period of 2023[32] Sales and Volume - Sparkling beverage sales increased by 5.8% to $1,034.7 million in the third quarter of 2024 compared to $977.7 million in the third quarter of 2023[4] - Standard physical case volume decreased by 2.1% in the third quarter of 2024, with a comparable volume decrease of 0.9% for the first nine months of 2024[7] - The company experienced a decrease in comparable standard physical case volume of 1.3% in the first nine months of 2024 compared to the previous year[30] Cash Flow and Investments - Cash flows from operations for the first nine months of 2024 were $707.9 million, compared to $644.5 million for the same period in 2023[16] - The company invested $287 million in capital expenditures during the first nine months of 2024, with expectations of approximately $350 million for the full year[16] - The company issued $1,200,000 in bonds during the financing activities, contributing to the net cash provided by financing activities of $400,802[25] Assets and Liabilities - Total assets as of September 27, 2024, were $5,272,724, a substantial increase from $4,288,942 as of December 31, 2023, representing a growth of 23.0%[24] - Cash and cash equivalents increased to $1,236,006 from $635,269, showing a growth of 94.7%[24] - The company reported a total liabilities increase to $3,987,737 from $2,853,344, reflecting a rise of 39.7%[24] Adjusted Metrics - Adjusted net income per share for Q3 2023 was $18.81, compared to $17.50 in Q3 2022, indicating a year-over-year increase of 7.5%[26] - The adjusted net income for the first nine months of 2024 was $521.9 million, reflecting a 6.2% increase from $488.3 million in 2023[32] - Total SD&A expenses for the first nine months of 2024 were $1,353.3 million, slightly up from $1,299.0 million in 2023[32] - The company reported a fair value adjustment of acquisition-related contingent consideration of $90.9 million for the first nine months of 2024[31]