Coca-Cola Consolidated Reports 3.7% Increase in Net Sales to $6.90 Billion for Fiscal Year 2024

Coca-Cola Consolidated, Inc. reported a 3.7% increase in net sales for the fiscal year ending December 31, 2024, reaching $6.90 billion, compared to $6.65 billion in 2023. The growth was primarily driven by a 5.5% increase in sparkling beverage sales and a 3.6% rise in still beverage sales. However, the company experienced a slight decline in standard physical case volume, which decreased by 0.6% due to a shift in distribution methods for certain products, notably Dasani water sold in Walmart stores. This change in distribution reduced reported case volume by 0.8% for the year.

Gross profit increased by $154.5 million, or 5.9%, resulting in a gross margin of 39.9%, up 80 basis points from the previous year. The improvement in gross profit was attributed to higher product prices and a moderation in costs for certain commodities. Selling, delivery, and administrative expenses rose by 3.9% to $1.83 billion, primarily due to annual wage and benefits adjustments. Consequently, income from operations increased by $85.9 million to $920.4 million, while net income surged by $224.8 million to $633.1 million, benefiting from the absence of significant pension plan settlement expenses that impacted the previous year.

In terms of strategic developments, Coca-Cola Consolidated continued to optimize its supply chain and enhance operational efficiency, investing $371 million in capital expenditures during 2024. The company also repurchased shares, including 598,619 shares of Common Stock for approximately $553.7 million as part of a share repurchase agreement with Carolina Coca-Cola Bottling Investments, Inc. Additionally, the company announced a new share repurchase program authorizing up to $1 billion in stock buybacks.

Operationally, Coca-Cola Consolidated served approximately 60 million consumers across 14 states and the District of Columbia. The company reported that Walmart Inc. and The Kroger Co. accounted for 36% of total bottle/can sales volume and 29% of total net sales in 2024. The company’s workforce comprised approximately 17,000 employees, with about 15% covered by collective bargaining agreements. The company emphasized its commitment to maintaining strong relationships with its employees and enhancing diversity within its workforce.

Looking ahead, Coca-Cola Consolidated aims to continue its focus on optimizing its supply chain, enhancing customer service, and leveraging digital platforms to improve operational efficiency. The company anticipates ongoing investments in capital expenditures and expects to maintain its growth trajectory despite potential challenges in the broader economic environment.