Why Coca-Cola Consolidated Stock Skyrocketed Over $1,000 Per Share Today
Shares of Coca-Cola Consolidated (NASDAQ: COKE) -- the largest bottler of products from The Coca-Cola Company as well as a bottler of other beverages -- skyrocketed over $1,000 this morning after the company reported financial results for the first quarter of 2024 and announced a massive plan to repurchase shares. As of 10:20 a.m. ET on Monday, Coca-Cola Consolidated stock was up almost 16%.
As far as growth goes, Coca-Cola Consolidated doesn't really have any. Its first-quarter volume was down less than 1% year over year. And with slightly higher prices, its net sales rose 1%.
Regarding profitability, there was improvement in the company's first quarter. Its operating margin was 13.1% in the prior-year period, but it improved to 13.5% in the first quarter. That's good but hardly worthy of a massive 16% jump for the stock.
Source Fool.com
