Coca-Cola Bottling Co. Consolidated reports 92 percent drop in 4Q net income
Published: March 9, 2011
Time posted: 10:07 pm
Charlotte-based Coca-Cola Bottling Co. Consolidated today said fourth-quarter 2010 net income fell 92 percent from the same quarter a year ago as net sales from quarter to quarter were flat.
The nation’s second largest Coca-Cola bottler had $3.8 million in net income, or 42 cents a share, on net sales of $354.3 million, down from $1.9 million in net income, or 22 cents a share, on net sales of $354.4 million.
Also today the company said it earned $36.1 million, or $3.93 per share, on net sales of $1.51 billion in fiscal 2010, down from net income of $38.1 million, or $4.16 per share, on net sales of $1.44 billion in fiscal 2009.
Frank Harrison, chairman and CEO, called 2010 “a very successful year for our company. Our performance was the result of the combination of solid volume driven top-line growth, muted increases in our input costs and continued focus on managing our operating costs.”
William Elmore, president and chief operating officer, said 2010 results were also helped by a decline in the rate of cost increases in raw material costs, such as packaging and fuel.
“As we look to 2011, these costs have again begun to rise significantly, creating new challenges for our company,” he said.