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Coca-Cola Bottling net income up in first nine months of 2013

DBR Staff Writer Published 06 November 2013

Coca-Cola Bottling Co Consolidated (Coke) has reported net income of $32.3m on net sales of $1,247m for the first nine months of 2013, compared to net income of $25.4m on net sales of $1,227.7m for the first nine months of 2012.

On a comparable basis, Coke earned $28.8m in the first nine months of 2013 versus $26.4m in the first nine months of 2012.

For the third quarter of 2013, Coke earned $16.2m compared to net income of $10.1m in the third quarter of 2012.

Coke chairman and CEO J Frank Harrison said after a challenging first half of 2013, they saw a return of more normal weather patterns during the third quarter which helped drive revenue growth of 3.5% and earnings per share growth, on a comparable basis, of 30% in the third quarter.

"The growth in earnings per share continued to be driven by lower interest expense, a benefit of our long-term debt reduction strategy. We are maintaining our long-term focus on growing our business and investing in the brands we sell and the communities we serve," Harrison added.

"Our work on acquiring new territory is continuing and we are excited about the possibility of increasing the opportunities for territory growth in our Coca-Cola franchise."

Coke president and COO Hank Flint said third quarter results reflect a more favorable selling environment than they experienced during the first half of 2013.

"The increase in revenue and favorable trends in pricing on key raw materials drove stronger gross margin growth. The gross margin growth, combined with an intense focus on controlling operating costs, led to an increase in operating income of 10% over the third quarter of 2012," he added.

"We are focused on continuing to drive top-line growth while driving efficiency throughout our operations to grow earnings for the remainder of 2013. We are grateful to our employees for their extraordinary efforts to deliver 2013 results while growing our longer term business opportunities."

Coke has five production centers and 47 distribution centers throughout nine states in the US and employs approximately 6,000 people.