Coca-Cola Consolidated Stock Slides 16% as Q1 Sales Jump Masks Margin Hit
Coca-Cola Consolidated shares dropped 16.6% to $175.60 Thursday after reporting higher first-quarter sales but a 12.3% decline in adjusted net income. Aluminum costs rose by $35 million, outpacing price increases and cutting adjusted gross margin to 39.1%. Net sales climbed 16.9% to $1.85 billion, helped by six extra selling days.