CHARLOTTE, N.C. (AP) — Coca-Cola Bottling Co. Consolidated said Thursday its profit nearly doubled in the fourth quarter as revenue rose while expenses for sales, interest and income taxes fell.
The nation's biggest independent Coca-Cola bottler said its net income rose to $3.8 million, or 41 cents per common share, for the last three months of the year from $2 million, or 22 cents per common share, a year ago. Revenue was steady at about $354.4 million.
Its results in the latest quarter included a loss of $500,000 due to mark-to-market adjustments on fuel and aluminum price hedges. A year ago, the company reported a gain of $3.5 million from similar adjustments.
Coca-Cola Bottling said its net income fell 5 percent to $36.1 million, or $3.91 per common share, for the year from $38.1 million, or $4.15 per common share, in 2009. Revenue rose 5 percent to $1.51 billion from $1.44 billion.
Shares of Coca-Cola Bottling rose a penny to $59.40 in afternoon trading Thursday.