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Coca-Cola Consolidated(COKE) - 2024 Q4 - Annual Results
COKECoca-Cola Consolidated(COKE)2025-02-20 21:13

Financial Performance - Fourth quarter 2024 net sales increased by 7.1% to 1,746.5millioncomparedtothesameperiodin2023,whilefiscalyear2024netsalesroseby3.71,746.5 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 697.9million,anincreaseof8.8697.9 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 178.5millioninthefourthquarterof2023,withfiscalyear2024incomefromoperationsreaching178.5 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 178.9million,asignificantincreaseof178.9 million, a significant increase of 103.1 million compared to 75.8millioninthefourthquarterof2023[12]−Netincomeforfiscalyear2024was75.8 million in the fourth quarter of 2023[12] - Net income for fiscal year 2024 was 633,125, representing a 55% increase compared to 408,375infiscalyear2023[23]−BasicnetincomepershareforQ42024was408,375 in fiscal year 2023[23] - Basic net income per share for Q4 2024 was 20.48, compared to 8.09inQ42023,reflectinga1538.09 in Q4 2023, reflecting a 153% increase[19] - Adjusted net income per share for Fiscal Year 2024 is 75.13, up from 65.48inFiscalYear2023,reflectinga1465.48 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 531.3millioncomparedtothefourthquarterof2023[2][7]−Comparablevolumeforthefourthquarterof2024wasup1.3531.3 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 371millionduringtheyear[12]−Thecompanyplanstoinvestapproximately371 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 876,357forfiscalyear2024,comparedto876,357 for fiscal year 2024, compared to 810,690 in fiscal year 2023[23] Assets and Liabilities - Total assets increased to 5,313,139inDecember2024,upfrom5,313,139 in December 2024, up from 4,288,942 in December 2023[21] - Cash and cash equivalents rose to 1,135,824inDecember2024,asignificantincreasefrom1,135,824 in December 2024, a significant increase from 635,269 in December 2023[21] - Total liabilities increased to 3,895,528inDecember2024,upfrom3,895,528 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,a42,753,179,000, 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,whichisa10.3921,625,000, 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 1,832,829,000inFiscalYear2024[25]FutureOutlook−Futureoutlookincludescontinuedfocusonmarketexpansionandnewproductdevelopment,aimingforsustainedgrowthinrevenueandprofitability[25]−Thecompanyemphasizestheimportanceofnon−GAAPfinancialmeasuresforassessingongoingperformanceandmakingstrategicdecisions[25]OtherFinancialMetrics−Thecompanyrepurchasedapproximately1,832,829,000 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 10pershareduring2024[7]−Thecompanyissued10 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,withanEBITDAmarginof16.21,115,416,000, with an EBITDA margin of 16.2%[25] - Income tax expense for Fiscal Year 2024 is 223,529,000, compared to 119,834,000inFiscalYear2023,indicatingasignificantincrease[25]−Thecompanyreportedafairvalueadjustmentforcommodityderivativeinstrumentsof119,834,000 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]