Why Coca-Cola Consolidated Stock Plummeted Today
Coca-Cola Consolidated (NASDAQ: COKE) stock got hit with big sell-offs Thursday following the company's first-quarter earnings report. The company's share price closed out the daily session down 12% despite the backdrop of a 0.6% gain for the S&P 500.
Coca-Cola Consolidated reported its Q1 results after the market closed yesterday, and the market isn't happy with the results. While the business posted a modest sales decline, profitability saw a big drop off -- and investors are concerned about the margins picture going forward.
Coca-Cola Consolidated reported earnings per share of $11.87 on revenue of $1.58 billion in the quarter. Revenue was down 0.7% in the quarter, but the decline mostly stemmed from the fact that this year's quarter had two fewer sales days compared to last year's period due to holiday timing. Meanwhile, the company's gross profit margin slipped from 40.2% to 39.7% -- and gross profit declined 2% year over year. Operating income for the quarter came in at $190 million -- down 12% year over year.
Source Fool.com
