By Zaeem Shoaib

Coca-Cola Consolidated shares jumped after the company reported a higher profit for the first quarter and announced a $3.1 billion share repurchase plan.

Shares were up 15% to $984.76 in recent trading. The stock is up more than 56% in the past 12 months.

The company, after market close Monday, reported net income for the quarter of $165.7 million, or $17.66 a share, compared with $118.1 million, or $12.57 a share, a year earlier.

Net sales for the period totaled $1.59 billion versus $1.57 billion a year earlier.

The company said it plans to purchase up to $3.1 billion of its common stock through both a modified "Dutch auction" tender offer for up to $2 billion of its common stock and a separate share purchase agreement with Coca-Cola Co.

Write to Zaeem Shoaib at

(END) Dow Jones Newswires

05-07-24 1213ET