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Coca - Cola Consolidated Reports Second Quarter and First Half 2021 Results August 10 , 2021 • Second quarter of 2021 net sales increased 17 % versus the second quarter of 2020 , with physical case volume up 6 % ( a ) . • Second quarter of 2021 income from operations was $ 121 million , up $ 38 million , or 45 % , versus the second quarter of 2020 . • Income from operations for the first half of 2021 was $ 215 million , up $ 99 million , or 86 % , versus the first half of 2020 ( b ) . Key Results Second Quarter First Half ( in millions , except per share data ) 2021 2020 Change 2021 2020 Change Physical case volume 96.4 Net sales $ 1,433.1 $ 91.1 1,227.2 Gross profit $ 494.9 $ 429.3 5.9 % 16.8 % $ 15.3 % $ Gross margin 34.5 % 35.0 % Income from operations $ 120.9 $ 83.1 45.4 % $ 183.3 2,702.9 943.6 $ 34.9 % 215.0 $ 174.0 5.3 % $ 2,400.2 12.6 % 834.6 13.1 % 34.8 % 115.9 85.5 % Basic net income per share $ 5.14 $ 4.23 $ 0.91 $ 10.83 $ 5.79 $ 5.04 Beverage Sales Second Quarter First Half ( in millions ) 2021 2020 Change Sparkling bottle / can $ Still bottle / can $ 754.7 $ 499.0 $ Fountain ( c ) $ 43.3 $ 694.2 397.0 22.5 8.7 % $ 25.7 % $ 92.4 % $ 2021 1,448.5 $ 919.1 $ 76.0 $ 2020 1,324.9 769.8 Change 9.3 % 19.4 % 63.6 19.5 % Second Quarter and First Half 2021 Review CHARLOTTE , N.C. , Aug. 10 , 2021 ( GLOBE NEWSWIRE ) -- Coca - Cola Consolidated , Inc. ( NASDAQ : COKE ) today reported operating results for the second quarter and first half ended July 2 , 2021 . " Our strong 2021 operating results continued in the second quarter as positive volume growth , solid price realization and disciplined operating expense management drove our second quarter operating income up 45 % versus the prior year period , " said J. Frank Harrison , III , Chairman and Chief Executive Officer . " I am so thankful for our dedicated teammates , who execute at an incredibly high level across every part of our business every day . Despite all the challenges of the past year , they are working hard to ensure we meet the needs of our customers and our consumers . This strong execution and the resulting increased cash flow are enabling us to reinvest in our teammates , reduce debt and make strategic capital investments for the long - term health of the business . " Physical case volume increased 5.9 % in the second quarter of 2021. Sparkling volume remained flat in the second quarter of 2021 , while Still volume increased 20.9 % . The Still category growth accelerated due to the re - openings of certain small stores and accounts where our products are consumed on - premise . The Still growth was driven primarily by BodyArmor , AHA and Monster brands . Sales of multi - serve packages in larger retail stores remained very strong , while single - serve sales improved in small stores and other immediate consumption channels . Physical case volume in the first half of 2021 increased 5.3 % . Revenue increased 16.8 % in the second quarter of 2021 driven by the significant increase in sales of Still beverages , which generally carry a higher selling price per case than Sparkling beverages . The re - opening of certain small store and other immediate consumption channels helped drive the growth in Still beverages as these channels have a higher mix of Still beverages than take - home outlets . In addition , the increase in revenue was driven by price realization on most Sparkling packages . Sales of multi - serve PET packages were especially strong in the quarter as we adjusted our commercial plans to emphasize these packages to complement our assortment of multi - serve can products in take - home outlets . Sales growth in on - premise channels is now outpacing take - home channels , but we continue to see strong demand for future consumption packages . Revenue from fountain syrup , which is primarily sold through restaurants , convenience stores , amusement parks , and other on - premise outlets , increased $ 20.8 million , or 92.4 % , during the second quarter of 2021 as these outlets began to operate at higher levels of capacity . For the first half of 2021 , revenue increased $ 302.7 million , or 12.6 % . Gross profit in the second quarter of 2021 increased $ 65.6 million , or 15.3 % , while gross margin decreased 50 basis points to 34.5 % . The improvement in gross profit was primarily due to strong volume growth in our Still category and price realization within our Sparkling category . The decline in gross margin was driven primarily by the increased mix of Still beverages , which generally carry lower gross margins than Sparkling packages . In the first half of 2021 , we experienced increases in our major input costs , including aluminum , PET resin and high fructose corn syrup , and we expect elevated prices to continue through the balance of the year . We currently plan to pass along price increases to our customers in the third quarter of this year in an effort to offset this cost pressure . Gross profit in the first half of 2021 increased $ 109.0 million , or 13.1 % . " Our second quarter results were incredibly strong , especially considering the current operating environment of rising commodity costs , labor shortages for many of our front line positions and challenges with some inbound manufacturing inputs , " said Dave Katz , President and Chief Operating Officer . “ Our strong sales growth of 17 % in the second quarter reflects our success in executing key brand strategies that include Coca - Cola Zero Sugar , BodyArmor , AHA and smartwater . We are focused on executing with excellence across our business as consumer activity gains momentum in channels that were closed or severely restricted by COVID protocols . " Selling , delivery and administrative ( " SD & A ” ) expenses in the second quarter of 2021 increased $ 27.9 million , or 8.1 % . SD & A expenses as a