Summary by Futu AI
Coca-Cola Consolidated reported a 3.1% increase in Q3 2024 net sales to $1.77 billion, driven by higher pricing and sparkling beverage volume growth. Net income rose 25.6% to $115.6 million, despite a $68.6 million fair value adjustment on acquisition-related contingent consideration. Gross profit grew 5.5% to $698 million, with gross margin improving 90 basis points to 39.5%.The company's performance was bolstered by pricing actions taken in Q1 2024 and stable commodity prices. Sparkling beverage volume increased 0.8%, while still beverage volume declined 9.7%, partly due to a distribution change for Dasani water at Walmart stores. SD&A expenses rose 5.8% to $471 million, primarily due to increased labor costs and incentive compensation.For the first nine months of 2024, net sales grew 2.6% to $5.15 billion, with net income surging 36.6% to $454.2 million. The company maintained its full-year capital expenditure guidance of approximately $350 million. Coca-Cola Consolidated also announced an increased quarterly dividend of $2.50 per share, up from $0.50, payable on November 8, 2024.
