Business
Keurig Dr Pepper Reports 2022 Results and Provides Outlook for 2023
Company Achieves Guidance for 2022 KDP Guides to 5% Constant Currency Net Sales Growth and 6-7% Adjusted Diluted EPS Growth in 2023 BURLINGTON, Mass. and
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Company Achieves Guidance for 2022\nKDP Guides to 5% Constant Currency Net Sales Growth and 6-7% Adjusted Diluted EPS Growth in 2023 \nBURLINGTON, Mass. and FRISCO, Texas, Feb. 23, 2023 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported results for the fourth quarter and full year ended December 31, 2022. The Company also provided guidance for constant currency net sales growth of 5% and Adjusted diluted EPS growth of 6% to 7% in 2023.\nReported GAAP Basis\nAdjusted Basis1\nQ4\nFY 2022\nQ4\nFY 2022\nNet Sales\n % vs Prior Year\n$3.80 bn\n+12.1%\n$14.06 bn\n+10.8%\n$3.80 bn\n+12.4%\n$14.06 bn\n+11.1%\nDiluted EPS\n % vs Prior Year\n$0.32\n(45.8)%\n$1.01\n(32.7)%\n$0.50\n+11.1%\n$1.68\n+5.0%\nFull-year 2022 highlights:\nDrove double-digit net sales growth of 11%, significantly ahead of the Company's initial guidance of mid-single-digit growth and in line with its guidance update in the second quarter.Delivered Adjusted diluted EPS growth of 5%, in line with the Company's mid-single-digit guidance.Grew market share in Cold Beverages in categories representing 92% of the Company's U.S. retail sales base.Expanded the Keurig brewing system to 38 million U.S. households, a 10 million household increase since 2018.Expanded the Company's presence in the strategically compelling energy and non-alcohol beer and cocktail categories through unique partnerships and disciplined investments, such as the strategic partnership with Nutrabolt announced in the fourth quarter, which included a long-term sales and distribution agreement for C4 Energy drinks. Returned $1.5 billion to shareholders through dividends, including a 6.7% increase in KDP's quarterly dividend, and the opportunistic repurchase of 10.6 million shares.Ended the year with a strong balance sheet and reduced management leverage ratio of 2.8x.Commenting on the announcement, Chairman and CEO Bob Gamgort stated, \"We accelerated our revenue growth for the fifth consecutive year, delivering 12% growth in the fourth quarter and 11% growth for the full year. Continued brand strength across our portfolio enabled modest elasticities in an environment marked by significant pricing. As we look to 2023, we expect mid-single-digit revenue growth, as the rate of pricing moderates, and enhanced gross margins, as the relationship between inflation and pricing improves.\"\nGamgort ...