CHARLOTTE, N.C. (AP) — Coca-Cola Bottling Co. Consolidated, the nation's biggest independent Coca-Cola bottler, reported a dip in its second-quarter profit on Tuesday.
The Charlotte, N.C.-based company said that its net income fell to $10.7 million, or $1.16 per share, for the quarter. That's compared with $11.1 million, or $1.20 per share, in the same quarter of last year. The most recent results include a nearly $400,000 increase in income tax expenses and the prior year included $1.2 million in after-tax losses due to mark-to-market adjustments for hedges on fuel and aluminum.
After adjusting for special items affecting the periods, it earned $1.20 per share versus $1.33 last year.
Coca-Cola Bottling's total revenue increased to $430.7 million from $422.9 million.
CEO J. Frank Harrison III said that the growth was driven by slightly higher volume, increased prices and lower cost increases for raw materials. The company also said it has gotten a boost from growth in its still-beverage business during the first half of the year.
While costs for ingredients were lower in the first half of the year, the company expects that raw material costs, primarily for corn-based sweetener, will be higher in the second half of the year.
Shares increased 67 cents to close at $68.53 before the release of the earnings report. They were unchanged in after-hours trading.
