Keurig Dr Pepper 2Q Profit Surged as It Raised Prices Furher
27 Julho 2023 - 9:04AM
Dow Jones News
By Sabela Ojea
Keurig Dr Pepper said profit more-than-doubled in the second
quarter, as sales rose after raising prices by over 8%.
The soft drinks company said Thursday that net profit surged to
$503 million, or 36 cents a share, compared with $218 million, or
15 cents a share, for the same period a year earlier.
Stripping out one-time items, the company's earnings per share
came in at 42 cents. Analysts polled by FactSet had forecast lower
adjusted earnings per share of 40 cents.
Sales rose 6.6% to $3.79 billion. Analysts polled by FactSet had
forecast lower revenue of $3.69 billion.
Keurig Dr Pepper's sales performance reflected price hikes of
8.2% in the period, offsetting a 2.1% drop in volumes.
Additionally, the company reiterated its guidance for the
year.
"We saw continued momentum in the U.S. refreshment beverages and
international segments, as well as encouraging intraquarter
developments in U.S. coffee, where we expect a sequential recovery
in revenue and a meaningful inflection in margins in the back
half," Chairman and Chief Executive Bob Gamgort said.
Shares rise 0.9% to $32.84 in pre-market trading.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 27, 2023 07:49 ET (11:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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