NASDAQ$COKE
Coca-Cola Consolidated Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported solid operating performance and strong financial results.
Coca-Cola Consolidated reported a strong start to 2023 with a 12% increase in net sales and a 23% increase in gross profit compared to the first quarter of 2022. The company's revenue growth management and operating strategies drove impressive free cash flow, enabling reinvestments in the business.
- Net sales increased by 12% compared to Q1 2022, driven by price increases.
- Gross profit increased by 23% with gross margin improving to 39.7%.
- Income from operations increased by 57% compared to Q1 2022.
- Comparable standard physical case volume declined 2.0%, with Sparkling category volume up 0.2%.
Headline financials
Revenue & EPS history
Coca-Cola Consolidated · Revenue · Quarterly
$1.57B
Revenue by segment
Coca-Cola Consolidated · $1.43B total across 2 segments · Q1 2023
- Sparkling bottle/can$921M+18.7%64.4%
- Still bottle/can$510M+8.9%35.6%
Forward guidance
Pricing growth in the first quarter was above our expected annual rate and we expect the rate of increase to slow as we hurdle our 2022 price increases later this year. We expect our operating expense growth to moderate this year as we cycle front-line teammate investments made throughout 2022.
Tailwinds
- Solid volume performance of Sparkling brands
- Strong gross margin expansion
- Actively investing with our retail partners
- Approaching the summer selling season
- Supporting overall commercial plans and driving consumer engagement
Headwinds
- High cost, inflationary environment
- Pricing growth rate of increase to slow as we hurdle our 2022 price increases later this year
- Operating expense growth to moderate this year as we cycle front-line teammate investments made throughout 2022.
- Consumer traffic patterns continue to change within our sales channels
- Total shopping trips to large stores have declined
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.4%
Avg return
Earnings day
+2.7%
Avg return
5 days after
+7.6%
Avg return
30 days after
56%
36 / 64 earnings
Positive
+18.3%
Q1 2024
Best reaction
-22.3%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.7% | -18.2% | -14.6% | |
| Q4 2025 | +3.8% | +14.6% | +18.3% | |
| Q3 2025 | +3.4% | +4.4% | +27.3% | |
| Q1 2025 | -12.0% | -13.4% | -15.4% | |
| Q4 2024 | -4.1% | -5.0% | -9.8% | |
| Q3 2024 | -7.1% | -5.5% | +7.8% | |
| Q2 2024 | +8.8% | +6.6% | +17.7% | |
| Q1 2024 | +18.3% | +11.6% | +17.0% | |
| Q4 2023 | -2.7% | +1.4% | +4.5% | |
| Q3 2023 | +1.1% | +4.4% | +14.2% | |
| Q2 2023 | +11.8% | +12.6% | +5.6% | |
| Q1 2023 | +10.8% | +9.8% | +16.6% | |
| Q4 2022 | +10.0% | +11.6% | +1.2% | |
| Q3 2022 | -6.0% | +1.0% | +2.8% | |
| Q2 2022 | -2.6% | -4.1% | -8.9% | |
| Q1 2022 | +10.5% | +7.8% | +34.2% | |
| Q4 2021 | -22.3% | -15.0% | -16.7% | |
| Q3 2021 | +12.5% | +19.7% | +26.3% | |
| Q2 2021 | +3.1% | +5.6% | +1.5% | |
| Q1 2021 | +6.8% | +13.8% | +50.2% | |
| Q4 2020 | -2.4% | -3.2% | +13.0% | |
| Q3 2020 | +2.6% | +4.9% | +15.6% | |
| Q2 2020 | +17.6% | +15.0% | +21.0% | |
| Q1 2020 | +3.0% | +3.5% | +4.1% | |
| Q4 2019 | -20.8% | -26.0% | -17.1% | |
| Q3 2019 | +1.8% | +3.8% | +4.5% | |
| Q2 2019 | +15.9% | +19.1% | +9.1% | |
| Q1 2019 | +5.7% | +14.0% | -8.3% | |
| Q4 2018 | +4.7% | +13.4% | +29.8% | |
| Q3 2018 | +1.4% | +5.5% | +21.3% | |
| Q2 2018 | +9.4% | +9.3% | +17.7% | |
| Q1 2018 | -19.5% | -20.8% | -21.7% | |
| Q4 2017 | +0.5% | +3.0% | -7.0% | |
| Q3 2017 | -8.0% | -12.7% | +0.4% | |
| Q2 2017 | -14.7% | -13.9% | -12.4% | |
| Q1 2017 | -0.2% | -2.5% | +11.6% | |
| Q4 2016 | -0.9% | -1.9% | +14.1% | |
| Q3 2016 | +12.4% | +19.3% | +15.3% | |
| Q2 2016 | +8.4% | +10.6% | +7.1% | |
| Q1 2016 | -11.8% | — | — | |
| Q4 2015 | +0.0% | — | — | |
| Q3 2015 | -16.0% | — | — | |
| Q2 2015 | +3.5% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | -4.7% | — | — | |
| Q3 2014 | -0.7% | — | — | |
| Q2 2014 | +1.6% | — | — | |
| Q1 2014 | -4.8% | — | — | |
| Q4 2013 | +2.1% | — | — | |
| Q3 2013 | -0.5% | — | — | |
| Q2 2013 | -2.6% | — | — | |
| Q1 2013 | +0.9% | — | — | |
| Q4 2012 | -3.2% | — | — | |
| Q3 2012 | -0.2% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | -0.7% | — | — | |
| Q3 2011 | +1.1% | — | — | |
| Q2 2011 | -1.1% | — | — | |
| Q1 2011 | -0.1% | — | — | |
| Q4 2010 | +4.4% | — | — | |
| Q3 2010 | +3.0% | — | — | |
| Q2 2010 | +1.1% | — | — | |
| Q1 2010 | -6.0% | — | — | |
| Q4 2009 | +0.4% | — | — |
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