Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported
operating results for the third quarter ended September 29,
2023 and the first nine months of fiscal 2023.
“I am pleased to report another solid quarter of
operating performance as we continue to leverage the benefits of
our strong brands, disciplined pricing and overall operating
expense management,” said J. Frank Harrison, III, Chairman and
Chief Executive Officer. “While our profit growth in the third
quarter moderated, as expected, our overall results this year are
the strongest in our history. We also achieved a significant
milestone in our balance sheet management this quarter, as our cash
on hand exceeded our outstanding debt balance, making us net debt
free for the first time in almost 40 years.”
Net sales increased 5% to $1.71 billion in the
third quarter of 2023(a) and increased 9% to $5.02 billion in
the first nine months of 2023. Our net sales growth moderated
during the third quarter from levels achieved in the first six
months of 2023, as we partially cycled price increases taken across
our product portfolio within the third quarter of 2022. We expect
sales growth to slow further in the fourth quarter as we fully
cycle 2022 price increases. Sales at our on-premise outlets were
strong during the quarter. We continued to drive solid sales growth
within our Club and Value channel stores, while sales growth
related to our take-home packages sold in larger retail stores
declined.
Standard physical case volume declined 1.4% in the
third quarter of 2023 and decreased 2.8% in the first nine months
of 2023. Sparkling category volume was up slightly during the third
quarter, while Still volume declined 5.4%. In the first nine months
of 2023, Sparkling volume declined 1.3% and Still volume was down
6.9%.
“Our strategy of offering consumers a variety of
packages at affordable prices across our portfolio is helping
differentiate us in the marketplace and drive solid volume
performance, particularly with our Sparkling beverages,” said Dave
Katz, President and Chief Operating Officer. “While Still beverage
volume was down in the quarter, we are optimistic about upcoming
brand activity and a robust marketing calendar. We’re also excited
to build on our success in the Energy category as we introduce Bang
Energy into our portfolio.”
Gross profit in the third quarter of 2023 was
$661.6 million, an increase of $40.4 million, or 7%,
while gross margin improved 50 basis points to 38.6%. The
improvement in gross profit resulted primarily from higher prices
for our products while prices for certain commodities remained
stable. Gross profit in the first nine months of 2023 was
$1.96 billion, an increase of $277.9 million, or 17%.
“I am very pleased with our continued success
improving the overall gross margins of our business, achieving a
year-to-date improvement of 270 basis points to 39%,” Mr. Katz
continued. “While our rate of revenue and profit growth slowed as
we hurdled prior year price increases, we’re optimistic in our
ability to maintain these improved gross margins as our profit
growth potentially slows further in the fourth quarter.”
Selling, delivery and administrative (“SD&A”)
expenses in the third quarter of 2023 increased $14.1 million,
or 3%. SD&A expenses as a percentage of net sales decreased
50 basis points to 26.0% in the third quarter of 2023. The
rate of increase in SD&A expenses slowed during the third
quarter, as we hurdled certain compensation and benefits
adjustments made in the prior year and we focused on effectively
controlling our discretionary spending in a number of SD&A
categories. SD&A expenses in the first nine months of 2023
increased $90.1 million, or 7%. SD&A expenses as a
percentage of net sales in the first nine months of 2023 decreased
30 basis points to 25.9% as compared to the first nine months of
2022.
Income from operations in the third quarter of 2023
was $216.3 million, compared to $189.9 million in the
third quarter of 2022, an increase of 14%. On an adjusted(b) basis,
income from operations in the third quarter of 2023 increased 11%
as compared to the third quarter of 2022. Operating margin for the
third quarter of 2023 was 12.6% as compared to 11.7% in the third
quarter of 2022, an increase of 90 basis points.
Net income in the third quarter of 2023 was
$92.1 million, compared to $118.8 million in the third
quarter of 2022, a decline of $26.7 million. On an adjusted(b)
basis, net income in the third quarter of 2023 was
$164.3 million, compared to $138.8 million in the third
quarter of 2022, an increase of $25.6 million.
Third quarter net income was adversely impacted by
routine, non-cash fair value adjustments to our acquisition related
contingent consideration liability, driven primarily by changes in
future cash flow projections used to compute the fair value of the
liability. Third quarter net income also included a non-cash charge
of $77.3 million related to the full settlement of our primary
pension plan benefit liabilities. During the first nine months of
2023, the Company recognized a non-cash charge of
$117.1 million related to the full settlement of the primary
pension plan benefit liabilities.
Income tax expense for the third quarter of 2023
was $28.9 million, compared to $40.3 million in the third
quarter of 2022. The effective income tax rate for the first nine
months of 2023 was 25.3%, compared to 25.7% for the first nine
months of 2022. For the third quarter of 2023, basic net income per
share was $9.82 and adjusted(b) basic net income per share was
$17.53. For the first nine months of 2023, basic net income per
share was $35.47 and adjusted(b) basic net income per share was
$52.19.
Cash flows provided by operations for the first
nine months of 2023 were $644.5 million, compared to
$394.3 million for the first nine months of 2022. Cash flows
from operations reflected our strong operating performance and the
timing of certain working capital payments and receipts during the
third quarter. In the first nine months of 2023, we invested
$152.3 million in capital expenditures as we continue to
optimize our supply chain and invest for future growth. In fiscal
year 2023, we expect our capital expenditures to be between
$250 million and $300 million.
(a) |
All comparisons are to the corresponding period in the prior year
unless specified otherwise. |
(b) |
The discussion of the operating results for the third quarter ended
September 29, 2023 and the first nine months of fiscal 2023
includes selected non-GAAP financial information, such as
“adjusted” results. The schedules in this news release reconcile
such non-GAAP financial measures to the most directly comparable
GAAP financial measures. |
CONTACTS: |
|
|
Josh Gelinas
(Media) |
|
Scott Anthony
(Investors) |
Vice President,
Communications |
|
Executive Vice President &
Chief Financial Officer |
(704) 807-3703 |
|
(704) 557-4633 |
Josh.Gelinas@cokeconsolidated.com |
|
Scott.Anthony@cokeconsolidated.com |
About Coca-Cola Consolidated,
Inc.
Coca‑Cola Consolidated is the largest Coca‑Cola
bottler in the United States. Our Purpose is to honor God in all we
do, to serve others, to pursue excellence and to grow profitably.
For over 121 years, we have been deeply committed to the
consumers, customers and communities we serve and passionate about
the broad portfolio of beverages and services we offer. We make,
sell and distribute beverages of The Coca‑Cola Company
and other partner companies in more than 300 brands and
flavors across 14 states and the District of Columbia, to
approximately 60 million consumers.
Headquartered in Charlotte, N.C., Coca‑Cola
Consolidated is traded on The Nasdaq Global Select Market under the
symbol “COKE”. More information about the Company is available at
www.cokeconsolidated.com. Follow Coca‑Cola Consolidated on
Facebook, X, Instagram and LinkedIn.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this news release
are “forward-looking statements” that involve risks and
uncertainties which we expect will or may occur in the future and
may impact our business, financial condition and results of
operations. The words “anticipate,” “believe,” “expect,” “intend,”
“project,” “may,” “will,” “should,” “could” and similar expressions
are intended to identify those forward-looking statements. These
forward-looking statements reflect the Company’s best judgment
based on current information, and, although we base these
statements on circumstances that we believe to be reasonable when
made, there can be no assurance that future events will not affect
the accuracy of such forward-looking information. As such, the
forward-looking statements are not guarantees of future
performance, and actual results may vary materially from the
projected results and expectations discussed in this news release.
Factors that might cause the Company’s actual results to differ
materially from those anticipated in forward-looking statements
include, but are not limited to: increased costs (including due to
inflation), disruption of supply or unavailability or shortages of
raw materials, fuel and other supplies; the reliance on purchased
finished products from external sources; changes in public and
consumer perception and preferences, including concerns related to
product safety and sustainability, artificial ingredients, brand
reputation and obesity; the inability to attract and retain
front-line employees in a tight labor market; changes in government
regulations related to nonalcoholic beverages, including
regulations related to obesity, public health, artificial
ingredients and product safety and sustainability; decreases from
historic levels of marketing funding support provided to us by
The Coca‑Cola Company and other beverage companies;
material changes in the performance requirements for marketing
funding support or our inability to meet such requirements;
decreases from historic levels of advertising, marketing and
product innovation spending by The Coca‑Cola Company and
other beverage companies, or advertising campaigns that are
negatively perceived by the public; any failure of the several
Coca‑Cola system governance entities of which we are a participant
to function efficiently or on our best behalf and any failure or
delay of ours to receive anticipated benefits from these governance
entities; provisions in our beverage distribution and manufacturing
agreements with The Coca‑Cola Company that could delay or
prevent a change in control of us or a sale of our Coca‑Cola
distribution or manufacturing businesses; the concentration of our
capital stock ownership; our inability to meet requirements under
our beverage distribution and manufacturing agreements; changes in
the inputs used to calculate our acquisition related contingent
consideration liability; technology failures or cyberattacks on our
technology systems or our effective response to technology failures
or cyberattacks on our customers’, suppliers’ or other third
parties’ technology systems; unfavorable changes in the general
economy; changes in our top customer relationships and marketing
strategies; lower than expected net pricing of our products
resulting from continued and increased customer and competitor
consolidations and marketplace competition; the effect of changes
in our level of debt, borrowing costs and credit ratings on our
access to capital and credit markets, operating flexibility and
ability to obtain additional financing to fund future needs; the
failure to attract, train and retain qualified employees while
controlling labor costs, and other labor issues; the failure to
maintain productive relationships with our employees covered by
collective bargaining agreements, including failing to renegotiate
collective bargaining agreements; changes in accounting standards;
our use of estimates and assumptions; changes in tax laws,
disagreements with tax authorities or additional tax liabilities;
changes in legal contingencies; natural disasters, changing weather
patterns and unfavorable weather; climate change or legislative or
regulatory responses to such change; and the impact of the COVID-19
pandemic, any variants of the virus and any other similar pandemic
or public health situation. These and other factors are discussed
in the Company’s regulatory filings with the United States
Securities and Exchange Commission, including those in “Item 1A.
Risk Factors” of the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022. The forward-looking
statements contained in this news release speak only as of this
date, and the Company does not assume any obligation to update
them, except as may be required by applicable law.
|
|
|
|
|
FINANCIAL
STATEMENTSCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED) |
|
|
Third Quarter |
|
First Nine Months |
(in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net sales |
|
$ |
1,712,428 |
|
|
$ |
1,628,589 |
|
$ |
5,022,902 |
|
$ |
4,628,162 |
Cost of
sales |
|
|
1,050,878 |
|
|
|
1,007,482 |
|
|
3,065,669 |
|
|
2,948,820 |
Gross
profit |
|
|
661,550 |
|
|
|
621,107 |
|
|
1,957,233 |
|
|
1,679,342 |
Selling,
delivery and administrative expenses |
|
|
445,290 |
|
|
|
431,177 |
|
|
1,301,249 |
|
|
1,211,134 |
Income
from operations |
|
|
216,260 |
|
|
|
189,930 |
|
|
655,984 |
|
|
468,208 |
Interest
(income) expense, net |
|
|
(1,516 |
) |
|
|
6,083 |
|
|
2,766 |
|
|
20,928 |
Pension
plan settlement expense |
|
|
77,319 |
|
|
|
— |
|
|
117,096 |
|
|
— |
Other
expense, net |
|
|
19,473 |
|
|
|
24,746 |
|
|
91,184 |
|
|
27,666 |
Income
before taxes |
|
|
120,984 |
|
|
|
159,101 |
|
|
444,938 |
|
|
419,614 |
Income
tax expense |
|
|
28,891 |
|
|
|
40,340 |
|
|
112,399 |
|
|
107,901 |
Net income |
|
$ |
92,093 |
|
|
$ |
118,761 |
|
$ |
332,539 |
|
$ |
311,713 |
|
|
|
|
|
|
|
|
|
Basic net income per share: |
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
9.82 |
|
|
$ |
12.67 |
|
$ |
35.47 |
|
$ |
33.25 |
Weighted
average number of Common Stock shares outstanding |
|
|
8,369 |
|
|
|
8,369 |
|
|
8,369 |
|
|
8,032 |
|
|
|
|
|
|
|
|
|
Class B
Common Stock |
|
$ |
9.82 |
|
|
$ |
12.67 |
|
$ |
35.47 |
|
$ |
33.29 |
Weighted
average number of Class B Common Stock shares outstanding |
|
|
1,005 |
|
|
|
1,005 |
|
|
1,005 |
|
|
1,342 |
|
|
|
|
|
|
|
|
|
Diluted net income per share: |
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
9.80 |
|
|
$ |
12.63 |
|
$ |
35.38 |
|
$ |
33.13 |
Weighted
average number of Common Stock shares outstanding – assuming
dilution |
|
|
9,395 |
|
|
|
9,406 |
|
|
9,398 |
|
|
9,410 |
|
|
|
|
|
|
|
|
|
Class B
Common Stock |
|
$ |
9.79 |
|
|
$ |
12.62 |
|
$ |
35.29 |
|
$ |
33.15 |
Weighted
average number of Class B Common Stock shares outstanding –
assuming dilution |
|
|
1,026 |
|
|
|
1,037 |
|
|
1,029 |
|
|
1,378 |
|
|
|
|
|
FINANCIAL STATEMENTSCONDENSED CONSOLIDATED
BALANCE SHEETS(UNAUDITED) |
(in
thousands) |
|
September 29, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
616,217 |
|
$ |
197,648 |
Trade accounts receivable,
net |
|
|
539,999 |
|
|
515,928 |
Other accounts receivable |
|
|
108,549 |
|
|
90,417 |
Inventories |
|
|
320,401 |
|
|
347,545 |
Prepaid expenses and other
current assets |
|
|
91,309 |
|
|
94,263 |
Total current assets |
|
|
1,676,475 |
|
|
1,245,801 |
Property, plant and equipment,
net |
|
|
1,204,843 |
|
|
1,183,730 |
Right-of-use assets -
operating leases |
|
|
123,635 |
|
|
140,588 |
Leased property under
financing leases, net |
|
|
5,196 |
|
|
6,431 |
Other assets |
|
|
133,960 |
|
|
115,892 |
Goodwill |
|
|
165,903 |
|
|
165,903 |
Other identifiable intangible
assets, net |
|
|
831,270 |
|
|
851,200 |
Total assets |
|
$ |
4,141,282 |
|
$ |
3,709,545 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Current portion of obligations
under operating leases |
|
$ |
26,074 |
|
$ |
27,635 |
Current portion of obligations
under financing leases |
|
|
2,440 |
|
|
2,303 |
Dividends payable |
|
|
— |
|
|
32,808 |
Accounts payable and accrued
expenses |
|
|
879,319 |
|
|
842,410 |
Total current liabilities |
|
|
907,833 |
|
|
905,156 |
Deferred income taxes |
|
|
143,907 |
|
|
150,222 |
Pension and postretirement
benefit obligations and other liabilities |
|
|
856,843 |
|
|
813,680 |
Noncurrent portion of
obligations under operating leases |
|
|
103,578 |
|
|
118,763 |
Noncurrent portion of
obligations under financing leases |
|
|
5,670 |
|
|
7,519 |
Long-term debt |
|
|
599,123 |
|
|
598,817 |
Total liabilities |
|
|
2,616,954 |
|
|
2,594,157 |
|
|
|
|
|
Equity: |
|
|
|
|
Stockholders’ equity |
|
|
1,524,328 |
|
|
1,115,388 |
Total liabilities and equity |
|
$ |
4,141,282 |
|
$ |
3,709,545 |
|
|
|
|
|
FINANCIAL STATEMENTSCONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(UNAUDITED) |
|
|
First Nine Months |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash Flows from Operating Activities: |
|
|
|
|
Net income |
|
$ |
332,539 |
|
|
$ |
311,713 |
|
Depreciation expense,
amortization of intangible assets and deferred proceeds, net |
|
|
131,296 |
|
|
|
128,383 |
|
Pension plan settlement
expense |
|
|
117,096 |
|
|
|
— |
|
Fair value adjustment of
acquisition related contingent consideration |
|
|
86,038 |
|
|
|
21,132 |
|
Deferred income taxes |
|
|
(34,881 |
) |
|
|
10,749 |
|
Deferred payroll taxes under
CARES Act |
|
|
— |
|
|
|
(18,739 |
) |
Change in current assets and
current liabilities |
|
|
35,791 |
|
|
|
(61,657 |
) |
Change in noncurrent assets
and noncurrent liabilities |
|
|
(29,935 |
) |
|
|
(895 |
) |
Other |
|
|
6,605 |
|
|
|
3,623 |
|
Net cash provided by
operating activities |
|
$ |
644,549 |
|
|
$ |
394,309 |
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
Additions to property, plant
and equipment |
|
$ |
(152,260 |
) |
|
$ |
(183,929 |
) |
Acquisition of distribution
rights |
|
|
— |
|
|
|
(30,149 |
) |
Other |
|
|
(8,603 |
) |
|
|
3,810 |
|
Net cash used in
investing activities |
|
$ |
(160,863 |
) |
|
$ |
(210,268 |
) |
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
Cash dividends paid |
|
$ |
(42,182 |
) |
|
$ |
(7,030 |
) |
Payments of acquisition
related contingent consideration |
|
|
(20,979 |
) |
|
|
(28,421 |
) |
Payments on revolving credit
facility, term loan facility and senior notes |
|
|
— |
|
|
|
(125,000 |
) |
Other |
|
|
(1,956 |
) |
|
|
(2,660 |
) |
Net cash used in
financing activities |
|
$ |
(65,117 |
) |
|
$ |
(163,111 |
) |
|
|
|
|
|
Net increase in cash during
period |
|
$ |
418,569 |
|
|
$ |
20,930 |
|
Cash at beginning of
period |
|
|
197,648 |
|
|
|
142,314 |
|
Cash at end of period |
|
$ |
616,217 |
|
|
$ |
163,244 |
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES(c)
The following tables reconcile reported results (GAAP) to
adjusted results (non-GAAP): |
|
Third Quarter 2023 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
661,550 |
|
$ |
445,290 |
|
$ |
216,260 |
|
|
$ |
120,984 |
|
|
$ |
92,093 |
|
|
$ |
9.82 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
|
— |
|
|
— |
|
|
— |
|
|
|
18,864 |
|
|
|
14,212 |
|
|
|
1.51 |
|
Fair value adjustments for
commodity derivative instruments |
|
|
25 |
|
|
703 |
|
|
(678 |
) |
|
|
(678 |
) |
|
|
(510 |
) |
|
|
(0.05 |
) |
Supply chain optimization |
|
|
419 |
|
|
— |
|
|
419 |
|
|
|
419 |
|
|
|
315 |
|
|
|
0.03 |
|
Pension plan settlement
expense |
|
|
— |
|
|
— |
|
|
— |
|
|
|
77,319 |
|
|
|
58,225 |
|
|
|
6.22 |
|
Total reconciling
items |
|
|
444 |
|
|
703 |
|
|
(259 |
) |
|
|
95,924 |
|
|
|
72,242 |
|
|
|
7.71 |
|
Adjusted results
(non-GAAP) |
|
$ |
661,994 |
|
$ |
445,993 |
|
$ |
216,001 |
|
|
$ |
216,908 |
|
|
$ |
164,335 |
|
|
$ |
17.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted % Change vs. Third Quarter 2022 |
|
|
6.7 % |
|
|
4.6 % |
|
|
11.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2022 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
621,107 |
|
|
$ |
431,177 |
|
|
$ |
189,930 |
|
|
$ |
159,101 |
|
|
$ |
118,761 |
|
$ |
12.67 |
Fair value adjustment of
acquisition related contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,568 |
|
|
|
16,993 |
|
|
1.82 |
Fair value adjustments for
commodity derivative instruments |
|
|
(1,100 |
) |
|
|
(4,711 |
) |
|
|
3,611 |
|
|
|
3,611 |
|
|
|
2,719 |
|
|
0.29 |
Supply chain optimization |
|
|
369 |
|
|
|
(6 |
) |
|
|
375 |
|
|
|
375 |
|
|
|
283 |
|
|
0.03 |
Total reconciling
items |
|
|
(731 |
) |
|
|
(4,717 |
) |
|
|
3,986 |
|
|
|
26,554 |
|
|
|
19,995 |
|
|
2.14 |
Adjusted results
(non-GAAP) |
|
$ |
620,376 |
|
|
$ |
426,460 |
|
|
$ |
193,916 |
|
|
$ |
185,655 |
|
|
$ |
138,756 |
|
$ |
14.81 |
|
First Nine Months 2023 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
1,957,233 |
|
$ |
1,301,249 |
|
|
$ |
655,984 |
|
|
$ |
444,938 |
|
|
$ |
332,539 |
|
$ |
35.47 |
Fair value adjustment of
acquisition related contingent consideration |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
86,038 |
|
|
|
64,787 |
|
|
6.91 |
Fair value adjustments for
commodity derivative instruments |
|
|
1,517 |
|
|
(2,211 |
) |
|
|
3,728 |
|
|
|
3,728 |
|
|
|
2,807 |
|
|
0.30 |
Supply chain optimization |
|
|
1,242 |
|
|
— |
|
|
|
1,242 |
|
|
|
1,242 |
|
|
|
935 |
|
|
0.10 |
Pension plan settlement
expense |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
117,096 |
|
|
|
88,173 |
|
|
9.41 |
Total reconciling
items |
|
|
2,759 |
|
|
(2,211 |
) |
|
|
4,970 |
|
|
|
208,104 |
|
|
|
156,702 |
|
|
16.72 |
Adjusted results
(non-GAAP) |
|
$ |
1,959,992 |
|
$ |
1,299,038 |
|
|
$ |
660,954 |
|
|
$ |
653,042 |
|
|
$ |
489,241 |
|
$ |
52.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted % Change vs. First Nine Months 2022 |
|
|
16.3 % |
|
|
7.0 % |
|
|
|
40.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
First Nine Months 2022 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
1,679,342 |
|
$ |
1,211,134 |
|
|
$ |
468,208 |
|
|
$ |
419,614 |
|
|
$ |
311,713 |
|
$ |
33.25 |
Fair value adjustment of
acquisition related contingent consideration |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
21,132 |
|
|
|
15,912 |
|
|
1.70 |
Fair value adjustments for
commodity derivative instruments |
|
|
5,069 |
|
|
2,512 |
|
|
|
2,557 |
|
|
|
2,557 |
|
|
|
1,925 |
|
|
0.21 |
Supply chain optimization |
|
|
458 |
|
|
(78 |
) |
|
|
536 |
|
|
|
536 |
|
|
|
404 |
|
|
0.04 |
Total reconciling
items |
|
|
5,527 |
|
|
2,434 |
|
|
|
3,093 |
|
|
|
24,225 |
|
|
|
18,241 |
|
|
1.95 |
Adjusted results
(non-GAAP) |
|
$ |
1,684,869 |
|
$ |
1,213,568 |
|
|
$ |
471,301 |
|
|
$ |
443,839 |
|
|
$ |
329,954 |
|
$ |
35.20 |
(c) |
The Company reports its financial results in accordance with
accounting principles generally accepted in the United States
(“GAAP”). However, management believes that certain non-GAAP
financial measures provide users of the financial statements with
additional, meaningful financial information that should be
considered, in addition to the measures reported in accordance with
GAAP, when assessing the Company’s ongoing performance. Management
also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company’s
performance. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP. The Company’s non-GAAP
financial information does not represent a comprehensive basis of
accounting. |
A PDF accompanying this release is available
at: http://ml.globenewswire.com/Resource/Download/3e940e6c-5f36-4a51-99e4-68f1f6ddf3e0
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