Coca-Cola Consolidated (COKE) Q4 2024 earnings summary

Executive summary

• Net sales rose 7.1% in Q4 2024 and 3.7% for FY 2024, driven by Sparkling and Still beverage growth and pricing actions.

• Gross profit increased 8.8% in Q4 and 5.9% for the year, with gross margin up 70 bps to 40% in Q4.

• Income from operations grew 22.6% in Q4 and 10.3% for FY 2024; operating margin improved to 13.3% for the year.

• Net income surged to $178.9M in Q4 (up $103.1M YoY) and $633.1M for FY 2024 (up $224.8M YoY); adjusted net income also showed strong gains.

• EBITDA reached $1.1B for FY 2024 with a 16.2% margin, the highest in decades.

Financial highlights

• Q4 net sales: $1.75B (+7.1% YoY); FY net sales: $6.9B (+3.7% YoY).

• Q4 gross profit: $697.9M (+8.8% YoY); FY gross profit: $2.75B (+5.9% YoY).

• Q4 income from operations: $218.7M (+22.6% YoY); FY: $920.4M (+10.3% YoY).

• Q4 net income: $178.9M (GAAP), $156.7M (adjusted); FY net income: $633.1M (GAAP), $678.6M (adjusted).

• Diluted EPS: $20.46 in Q4, $69.94 for FY 2024.

Outlook and guidance

• Management expects slower financial growth in 2025 but anticipates continued strong margin performance and cash generation.

• FY 2025 capital expenditures projected at ~$300M.