Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating
results for the second quarter and first half ended June 28,
2020.
“I am extremely pleased with our strong second quarter operating
results in light of the significant COVID-19-related operating
challenges we faced during the quarter,” said J. Frank Harrison,
III, Chairman and Chief Executive Officer. “Consumer buying
patterns and overall demand for our products have shifted rapidly
over the past four months as consumers adapted to the closings and
staged re-openings of our local economies. I am proud of all
of our teammates and how they have worked tirelessly to keep our
products available and serve our communities, customers and
consumers with excellence.”
Physical case volume increased 0.6% in the second quarter of
2020. COVID-19-related stay-at-home orders resulted in
extreme volatility in our revenue and physical case sales during
the quarter as the shift towards multi-serve packages sold in
larger retail stores caused by the closure of on-premise outlets
that started during March continued during the second quarter of
2020. Volume was strong in our Sparkling category, increasing
3.7% in the second quarter of 2020. Still beverage volume
declined 6.6%, as convenience retail and on-premise outlets were
negatively impacted by less consumer traffic. Our Still
beverage portfolio relies more heavily on single-serve sales in our
small stores and accounts where our products are consumed
on-premise. Consumer demand was highly volatile during the
quarter but improved sequentially as stay-at-home orders were
lifted and local economies re-opened. The chart shown below
details our bottle/can physical case sales volume performance by
month and illustrates the improvement we saw during the
quarter. We don't expect the demand experienced in June to
sustain itself in future months, but we are encouraged by the
volume growth generated in the second quarter of 2020.
Bottle/can physical case volume (in 000's) |
|
|
April |
May |
June |
Second Quarter |
2020 |
|
25,148 |
|
29,493 |
|
36,413 |
|
91,054 |
|
2019 |
|
26,785 |
|
28,939 |
|
34,788 |
|
90,512 |
|
Change |
|
(1,637 |
) |
554 |
|
1,625 |
|
542 |
|
% Change |
|
(6.1 |
)% |
1.9 |
% |
4.7 |
% |
0.6 |
% |
Revenue decreased 3.6% in the second quarter of 2020.
Revenue from our bottle/can Sparkling beverages increased 4.4% in
the second quarter of 2020, driven primarily by volume growth and
price realization within this category. Revenue from our
Still beverages declined 4.7% in the second quarter of 2020 as a
result of lower sales volume in small store and on-premise
outlets. Revenue from fountain syrup, which is primarily sold
through restaurants, convenience stores, amusement parks, and other
on-premise outlets, declined $29.3 million, or 56.6%, during the
second quarter of 2020. The significant decline in fountain
syrup revenue is a direct result of the previously mentioned
stay-at-home orders. For the first half of 2020, revenue
increased $23.7 million, or 1.0%. While sales within our
Sparkling and Still categories grew 5.1% and 2.2% for the first
half of 2020, respectively, fountain syrup sales decreased
32.8%.
Gross profit decreased $6.5 million, or 1.5%, in the second
quarter of 2020, while gross margin increased 80 basis points
to 35.0%, primarily driven by a shift in our product mix to
Sparkling take home packages which generally carry a lower per case
gross profit than immediate consumption packages. The
negative mix impact was partially offset by commodity price
favorability and favorable manufacturing costs. On an
adjusted(b) basis, gross profit declined $13.2 million, or
3.0%, in the second quarter of 2020. Adjusted(b) gross margin
increased 20 basis points to 34.9% primarily as a result of
favorable commodity prices. Gross profit for the first half
of 2020 increased $9.5 million, or 1.2%. On an adjusted(b)
basis, gross profit increased $8.8 million compared to the first
half of 2019, while adjusted(b) gross margin was 34.8%, consistent
with the prior year period.
“The rapid changes in consumer demand we faced in March and
during the second quarter required us to make swift changes to our
operating model, significantly reduce discretionary spending and
make investments to ensure the health and safety of our teammates
and customers,” said Dave Katz, President and Chief Operating
Officer. “While our business experienced a severe downturn in
sales during April, consumer demand rebounded in May and continued
to strengthen in June. We are fortunate to be in the
Coca-Cola bottling business where our strong brands, loyal
customers and consumers and exceptional teammates have enabled us
to deliver strong growth during such a challenging time.”
Selling, delivery and administrative (“SD&A”) expenses in
the second quarter of 2020 decreased $22.4 million, or
6.1%. SD&A expenses as a percentage of net sales
decreased 70 basis points in the second quarter of 2020.
Adjusted(b) SD&A expenses in the second quarter of 2020
decreased $17.4 million, or 4.8%. The decrease in
SD&A expenses relates to lower labor costs as a result of
adjustments we made to our operating model in response to
COVID-19-related impacts on our business. Additionally, we
generated favorable results in a number of expense categories due
to reductions in local market activity and diligent management of
our variable operating expenses. SD&A expenses in the
first half of 2020 decreased $19.1 million, or 2.6%. SD&A
expenses as a percentage of net sales decreased 110 basis points in
the first half of 2020 as compared to the first half of
2019.
“We are optimistic that the strong actions we have already taken
along with continued steady consumer demand will enable us to
deliver very solid full year operating results,” Mr. Katz
continued. “However, we are very mindful of the rapidly
changing environment we find ourselves in and we will continue to
adjust our operations accordingly.”
Income from operations in the second quarter of 2020 was $83.1
million, compared to $67.2 million in the second quarter of
2019, an increase of 23.7%. Adjusted(b) income from
operations in the second quarter of 2020 was $81.7 million, an
increase of 5.4%. For the first half of 2020, income from
operations increased $28.6 million to $115.9 million.
Adjusted(b) income from operations in the first half of 2020 was
$118.5 million, an increase of $20.2 million, or 20.5% compared to
the first half of 2019.
Net income in the second quarter of 2020 was $39.6 million,
compared to $15.4 million in the second quarter of 2019, an
improvement of $24.2 million. Net income for the second
quarter of 2020 was adversely impacted by fair value adjustments to
our acquisition related contingent consideration liability, driven
by changes in future cash flow projections. Fair value
adjustments to this liability are non-cash in nature and a routine
part of our quarterly financial closing process. Net income
increased $45.7 million for the first half of 2020 to $54.2 million
as compared to the first half of 2019.
Cash flows provided by operations for the first half of 2020
were $229.0 million, compared to $88.6 million for the
first half of 2019. The significant increase in operating
cash flows for the first half of 2020 is a result of our strong
operating performance and working capital improvement, primarily
related to inventory and timing of accounts payable.
(a) All comparisons are to the corresponding period in the
prior year unless specified otherwise.(b) The discussion of
the results for the second quarter ended June 28, 2020
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.(c) Fountain syrups are dispensed
through equipment that mixes with carbonated or still water,
enabling fountain retailers to sell finished products to consumers
in cups or glasses.
About Coca-Cola Consolidated, Inc.Coca-Cola
Consolidated is the largest Coca-Cola bottler in the United
States. Our Purpose is to honor God, serve others, pursue
excellence and grow profitably. For 118 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 deliver beverages of
The Coca-Cola Company and other partner companies in more
than 300 brands and flavors to approximately 66 million
consumers in territories spanning 14 states and the District
of Columbia. 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, Twitter, Instagram and LinkedIn.
Cautionary Information Regarding Forward-Looking
Statements
Certain statements contained in this news release are
“forward-looking statements” that involve risks and
uncertainties. The words “believe,” “expect,” “project,”
“will,” “should,” “could” and similar expressions are intended to
identify those forward-looking statements. Factors that might
cause Coca-Cola Consolidated’s actual results to differ materially
from those anticipated in forward-looking statements include, but
are not limited to: lower than expected selling pricing resulting
from increased marketplace competition; changes in how significant
customers market or promote our products; changes in our top
customer relationships; changes in public and consumer preferences
related to nonalcoholic beverages, including concerns related to
obesity and health concerns; unfavorable changes in the general
economy; the impact of the COVID-19 pandemic; miscalculation of our
need for infrastructure investment; our inability to meet
requirements under beverage agreements; material changes in the
performance requirements for marketing funding support or our
inability to meet such requirements; decreases from historic levels
of marketing funding support; changes in
The Coca-Cola Company’s and other beverage companies’
levels of advertising, marketing and spending on brand innovation;
the inability of our aluminum can or plastic bottle suppliers to
meet our purchase requirements; our inability to offset higher raw
material costs with higher selling prices, increased bottle/can
sales volume or reduced expenses; consolidation of raw material
suppliers; incremental risks resulting from increased purchases of
finished goods; sustained increases in fuel costs or our inability
to secure adequate supplies of fuel; sustained increases in the
cost of labor and employment matters, product liability claims or
product recalls; technology failures or cyberattacks; changes in
interest rates; the impact of debt levels on operating flexibility
and access to capital and credit markets; adverse changes in our
credit rating (whether as a result of our operations or prospects
or as a result of those of The Coca-Cola Company or other
bottlers in the Coca-Cola system); changes in legal contingencies;
legislative changes affecting our distribution and packaging;
adoption of significant product labeling or warning requirements;
additional taxes resulting from tax audits; natural disasters and
unfavorable weather; global climate change or legal or regulatory
responses to such change; issues surrounding labor relations with
unionized employees; bottler system disputes; our use of estimates
and assumptions; changes in accounting standards; the impact of
volatility in the financial markets on access to the credit
markets; changes in the inputs used to calculate our acquisition
related contingent consideration liability; and the concentration
of our capital stock ownership. These and other factors are
discussed in the Company’s regulatory filings with the 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 29, 2019 and in “Item 1A. Risk Factors” of the
Company’s Quarterly Report on Form 10-Q for the quarter ended March
29, 2020. 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 required by law.
MEDIA CONTACT: |
|
INVESTOR CONTACT: |
Kimberly Kuo |
|
Scott Anthony |
Senior Vice President Public
Affairs, Communications & Communities |
|
Executive Vice President &
Chief Financial Officer |
Kimberly.Kuo@cokeconsolidated.com |
|
Scott.Anthony@cokeconsolidated.com |
(704) 557-4584 |
|
(704) 557-4633 |
FINANCIAL STATEMENTS CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
|
|
Second Quarter |
|
First Half |
(in thousands, except per
share data) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
|
$ |
1,227,215 |
|
|
$ |
1,273,659 |
|
|
$ |
2,400,236 |
|
|
$ |
2,376,571 |
|
Cost of sales |
|
797,914 |
|
|
837,880 |
|
|
1,565,640 |
|
|
1,551,484 |
|
Gross profit |
|
429,301 |
|
|
435,779 |
|
|
834,596 |
|
|
825,087 |
|
Selling, delivery and
administrative expenses |
|
346,183 |
|
|
368,565 |
|
|
718,657 |
|
|
737,719 |
|
Income from operations |
|
83,118 |
|
|
67,214 |
|
|
115,939 |
|
|
87,368 |
|
Interest expense, net |
|
9,184 |
|
|
11,995 |
|
|
18,745 |
|
|
24,881 |
|
Other expense, net |
|
16,134 |
|
|
31,181 |
|
|
18,432 |
|
|
47,032 |
|
Income before income taxes |
|
57,800 |
|
|
24,038 |
|
|
78,762 |
|
|
15,455 |
|
Income tax expense |
|
15,187 |
|
|
7,182 |
|
|
20,548 |
|
|
4,177 |
|
Net income |
|
42,613 |
|
|
16,856 |
|
|
58,214 |
|
|
11,278 |
|
Less: Net income attributable to noncontrolling interest |
|
3,044 |
|
|
1,486 |
|
|
3,983 |
|
|
2,739 |
|
Net income attributable
to Coca-Cola Consolidated, Inc. |
|
$ |
39,569 |
|
|
$ |
15,370 |
|
|
$ |
54,231 |
|
|
$ |
8,539 |
|
|
|
|
|
|
|
|
|
|
Basic net income per
share based on net income attributable to Coca-Cola Consolidated,
Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
4.23 |
|
|
$ |
1.64 |
|
|
$ |
5.79 |
|
|
$ |
0.91 |
|
Weighted average number of Common
Stock shares outstanding |
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
4.23 |
|
|
$ |
1.64 |
|
|
$ |
5.79 |
|
|
$ |
0.91 |
|
Weighted average number of Class
B Common Stock shares outstanding |
|
2,232 |
|
|
2,232 |
|
|
2,232 |
|
|
2,225 |
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share based on net income attributable to Coca-Cola Consolidated,
Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
4.19 |
|
|
$ |
1.64 |
|
|
$ |
5.74 |
|
|
$ |
0.91 |
|
Weighted average number of Common
Stock shares outstanding – assuming dilution |
|
9,440 |
|
|
9,421 |
|
|
9,440 |
|
|
9,415 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
4.18 |
|
|
$ |
1.63 |
|
|
$ |
5.73 |
|
|
$ |
0.90 |
|
Weighted average number of Class
B Common Stock shares outstanding – assuming dilution |
|
2,299 |
|
|
2,280 |
|
|
2,299 |
|
|
2,274 |
|
FINANCIAL STATEMENTS CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(in thousands) |
|
June 28, 2020 |
|
December 29, 2019 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
77,550 |
|
|
$ |
9,614 |
|
Trade accounts receivable,
net |
|
450,718 |
|
|
419,770 |
|
Accounts receivable,
other |
|
88,545 |
|
|
105,505 |
|
Inventories |
|
211,128 |
|
|
225,926 |
|
Prepaid expenses and other
current assets |
|
72,170 |
|
|
69,461 |
|
Total current assets |
|
900,111 |
|
|
830,276 |
|
Property, plant and equipment,
net |
|
985,178 |
|
|
997,403 |
|
Right-of-use assets -
operating leases |
|
134,315 |
|
|
111,376 |
|
Leased property under
financing leases, net |
|
11,573 |
|
|
17,960 |
|
Other assets |
|
109,822 |
|
|
113,269 |
|
Goodwill |
|
165,903 |
|
|
165,903 |
|
Other identifiable intangible
assets, net |
|
877,678 |
|
|
890,739 |
|
Total assets |
|
$ |
3,184,580 |
|
|
$ |
3,126,926 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Current portion of obligations
under operating leases |
|
$ |
17,602 |
|
|
$ |
15,024 |
|
Current portion of obligations
under financing leases |
|
4,070 |
|
|
9,403 |
|
Accounts payable and accrued
expenses |
|
612,558 |
|
|
597,768 |
|
Total current liabilities |
|
634,230 |
|
|
622,195 |
|
Deferred income taxes |
|
147,101 |
|
|
125,130 |
|
Pension and postretirement
benefit obligations and other liabilities |
|
792,508 |
|
|
783,397 |
|
Noncurrent portion of
obligations under operating leases |
|
122,053 |
|
|
97,765 |
|
Noncurrent portion of
obligations under financing leases |
|
12,949 |
|
|
17,403 |
|
Long-term debt |
|
970,174 |
|
|
1,029,920 |
|
Total liabilities |
|
2,679,015 |
|
|
2,675,810 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Stockholders’ equity |
|
397,418 |
|
|
346,952 |
|
Noncontrolling interest |
|
108,147 |
|
|
104,164 |
|
Total liabilities and equity |
|
$ |
3,184,580 |
|
|
$ |
3,126,926 |
|
FINANCIAL STATEMENTS CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
|
|
First Half |
(in thousands) |
|
2020 |
|
2019 |
Cash Flows from Operating Activities: |
|
|
|
|
Net income (loss) |
|
$ |
58,214 |
|
|
$ |
11,278 |
|
Depreciation expense,
amortization of intangible assets and deferred proceeds, net |
|
86,396 |
|
|
90,828 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
15,260 |
|
|
43,268 |
|
Deferred income taxes |
|
21,670 |
|
|
4,324 |
|
Stock compensation
expense |
|
— |
|
|
2,045 |
|
Change in assets and
liabilities |
|
44,203 |
|
|
(69,543 |
) |
Other |
|
3,260 |
|
|
6,386 |
|
Net cash provided by
operating activities |
|
$ |
229,003 |
|
|
$ |
88,586 |
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
Additions to property, plant
and equipment |
|
$ |
(72,886 |
) |
|
$ |
(57,581 |
) |
Other |
|
182 |
|
|
(4,317 |
) |
Net cash used in
investing activities |
|
$ |
(72,704 |
) |
|
$ |
(61,898 |
) |
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
Payments on revolving credit
facility, term loan facility and senior notes |
|
$ |
(295,000 |
) |
|
$ |
(318,839 |
) |
Borrowings under revolving
credit facility and proceeds from issuance of senior notes |
|
235,000 |
|
|
306,339 |
|
Payments of acquisition
related contingent consideration |
|
(20,531 |
) |
|
(12,836 |
) |
Cash dividends paid |
|
(4,686 |
) |
|
(4,682 |
) |
Principal payments on
financing obligations |
|
(3,001 |
) |
|
(4,261 |
) |
Debt issuance fees |
|
(145 |
) |
|
(265 |
) |
Net cash used in
financing activities |
|
$ |
(88,363 |
) |
|
$ |
(34,544 |
) |
|
|
|
|
|
Net increase (decrease) in
cash during period |
|
$ |
67,936 |
|
|
$ |
(7,856 |
) |
Cash at beginning of
period |
|
9,614 |
|
|
13,548 |
|
Cash at end of
period |
|
$ |
77,550 |
|
|
$ |
5,692 |
|
NON-GAAP FINANCIAL MEASURES(d) The following tables
reconcile reported results (GAAP) to adjusted results
(non-GAAP): |
|
|
Second Quarter 2020 |
(in thousands, except per
share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
429,301 |
|
|
$ |
346,183 |
|
|
$ |
83,118 |
|
|
$ |
57,800 |
|
|
$ |
39,569 |
|
|
$ |
4.23 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
14,548 |
|
|
10,941 |
|
|
1.16 |
|
Fair value adjustments for
commodity hedges |
|
(1,266 |
) |
|
805 |
|
|
(2,071 |
) |
|
(2,071 |
) |
|
(1,557 |
) |
|
(0.17 |
) |
Supply chain and asset
optimization |
|
671 |
|
|
30 |
|
|
641 |
|
|
641 |
|
|
482 |
|
|
0.05 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(511 |
) |
|
(0.05 |
) |
Total reconciling
items |
|
(595 |
) |
|
835 |
|
|
(1,430 |
) |
|
13,118 |
|
|
9,355 |
|
|
0.99 |
|
Adjusted results
(non-GAAP) |
|
$ |
428,706 |
|
|
$ |
347,018 |
|
|
$ |
81,688 |
|
|
$ |
70,918 |
|
|
$ |
48,924 |
|
|
$ |
5.22 |
|
|
|
Second Quarter 2019 |
(in thousands, except per
share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
435,779 |
|
|
$ |
368,565 |
|
|
$ |
67,214 |
|
|
$ |
24,038 |
|
|
$ |
15,370 |
|
|
$ |
1.64 |
|
System transformation
expenses |
|
— |
|
|
(2,185 |
) |
|
2,185 |
|
|
2,185 |
|
|
1,643 |
|
|
0.18 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
29,222 |
|
|
21,975 |
|
|
2.34 |
|
Fair value adjustments for
commodity hedges |
|
4,874 |
|
|
(66 |
) |
|
4,940 |
|
|
4,940 |
|
|
3,715 |
|
|
0.40 |
|
Capitalization threshold
change for certain assets |
|
— |
|
|
(1,903 |
) |
|
1,903 |
|
|
1,903 |
|
|
1,431 |
|
|
0.15 |
|
Supply chain and asset
optimization |
|
1,294 |
|
|
— |
|
|
1,294 |
|
|
1,294 |
|
|
973 |
|
|
0.10 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,815 |
) |
|
(0.30 |
) |
Total reconciling
items |
|
6,168 |
|
|
(4,154 |
) |
|
10,322 |
|
|
39,544 |
|
|
26,922 |
|
|
2.87 |
|
Adjusted results
(non-GAAP) |
|
$ |
441,947 |
|
|
$ |
364,411 |
|
|
$ |
77,536 |
|
|
$ |
63,582 |
|
|
$ |
42,292 |
|
|
$ |
4.51 |
|
|
|
First Half 2020 |
(in thousands, except per
share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
834,596 |
|
|
$ |
718,657 |
|
|
$ |
115,939 |
|
|
$ |
78,762 |
|
|
$ |
54,231 |
|
|
$ |
5.79 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
15,260 |
|
|
11,476 |
|
|
1.22 |
|
Fair value adjustments for
commodity hedges |
|
270 |
|
|
(1,524 |
) |
|
1,794 |
|
|
1,794 |
|
|
1,349 |
|
|
0.14 |
|
Supply chain and asset
optimization |
|
1,319 |
|
|
601 |
|
|
718 |
|
|
718 |
|
|
540 |
|
|
0.06 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(682 |
) |
|
(0.07 |
) |
Total reconciling
items |
|
1,589 |
|
|
(923 |
) |
|
2,512 |
|
|
17,772 |
|
|
12,683 |
|
|
1.35 |
|
Adjusted results
(non-GAAP) |
|
$ |
836,185 |
|
|
$ |
717,734 |
|
|
$ |
118,451 |
|
|
$ |
96,534 |
|
|
$ |
66,914 |
|
|
$ |
7.14 |
|
|
|
First Half 2019 |
(in thousands, except per
share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
825,087 |
|
|
$ |
737,719 |
|
|
$ |
87,368 |
|
|
$ |
15,455 |
|
|
$ |
8,539 |
|
|
$ |
0.91 |
|
System transformation
expenses |
|
— |
|
|
(6,915 |
) |
|
6,915 |
|
|
6,915 |
|
|
5,200 |
|
|
0.56 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
43,268 |
|
|
32,538 |
|
|
3.47 |
|
Fair value adjustments for
commodity hedges |
|
969 |
|
|
2,649 |
|
|
(1,680 |
) |
|
(1,680 |
) |
|
(1,263 |
) |
|
(0.13 |
) |
Capitalization threshold change
for certain assets |
|
— |
|
|
(4,379 |
) |
|
4,379 |
|
|
4,379 |
|
|
3,293 |
|
|
0.35 |
|
Supply chain and asset
optimization |
|
1,294 |
|
|
— |
|
|
1,294 |
|
|
1,294 |
|
|
973 |
|
|
0.10 |
|
Other tax adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,660 |
) |
|
(0.39 |
) |
Total reconciling
items |
|
2,263 |
|
|
(8,645 |
) |
|
10,908 |
|
|
54,176 |
|
|
37,081 |
|
|
3.96 |
|
Adjusted results
(non-GAAP) |
|
$ |
827,350 |
|
|
$ |
729,074 |
|
|
$ |
98,276 |
|
|
$ |
69,631 |
|
|
$ |
45,620 |
|
|
$ |
4.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) 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 with additional meaningful
financial information that should be considered 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/8730e721-e044-43b5-a269-3d995dda4f25
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