Coca-Cola Consolidated Inc (NASDAQ:COKE) shares are trading lower by 22.3% at $453.38 Wednesday afternoon after the company reported fourth-quarter earnings results.
Coca-Cola Consolidated reported a fourth-quarter EPS of $6.76 versus the analyst consensus estimate of $7.62. Coca-Cola Consolidated reported $1.40 billion in sales this quarter. This is a 15% increase over sales of $1.22 billion the same period last year.
"Our 2021 results demonstrated a strong mix of price realization, volume growth and operating expense management as we navigated a year of rising commodity costs, numerous supply chain disruptions and labor shortages for many front-line positions," said Dave Katz, President and Chief Operating Officer.
"We are managing through this period of historically high-cost inflation by increasing unit pricing across our brand portfolio. As a result, we achieved adjusted(a) sales growth of 12% for the year. Consumer demand for our products remains extremely strong as we continue to execute local market strategies in close partnership with The Coca-Cola Company and other key brand partners."
Coca-Cola Consolidated sells nonalcoholic beverage products in the United States. The company purchases concentrate and syrups from other beverage manufacturers under a license, then produces, packages, markets, and distributes the beverages to retailers.
Coca-Cola Consolidated has a 52-week high of $638.00 and a 52-week low of $252.14.
