Keurig Dr Pepper 1Q Earnings Flat While Sales Rise
By Dean Seal
Keurig Dr Pepper posted flat earnings and a small jump in sales in the first quarter as higher prices in its major beverages unit offset ongoing declines in its U.S. coffee business.
The beverages company posted a profit of $454 million, or 33 cents a share, compared with $467 million, or 33 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 38 cents a share. Analysts surveyed by FactSet had been expecting
Revenue rose to $3.47 billion from $3.35 billion in the year-ago quarter, ahead of analyst forecasts for $3.41 billion, according to FactSet.
Higher prices lifted the top line, more than offsetting a small step down from volumes and the company's mix of products.
Keurig Dr Pepper's refreshment beverages and its international business led the increase, offsetting a 2% pullback to the top line of its U.S. coffee business.
The company's gross margin improved during the quarter, though higher overhead costs and interest expenses trimmed the bottom line.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 25, 2024 07:38 ET (11:38 GMT)
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