Business
Keurig Dr Pepper Reports Q1 2022 Results and Raises Full-Year Net Sales Guidance
Top-line Results Remain Strong, with Double-Digit Growth Reported in three Business Segments in Q1 Company also Reaffirms EPS Guidance for 2022 BURLINGTON,
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Top-line Results Remain Strong, with Double-Digit Growth Reported in three Business Segments in Q1\nCompany also Reaffirms EPS Guidance for 2022\nBURLINGTON, Mass. and FRISCO, Texas, April 28, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported financial results for the first quarter ended March 31, 2022 and raised its guidance for net sales growth in 2022 to the high-single-digit range, from the previous mid-single-digit range. The Company also reaffirmed its guidance for Adjusted EPS for the year.\nReported GAAP\nBasis\nAdjusted\nBasis1\nQ1\nQ1\nNet Sales\n % vs Prior Year\n % vs 2020 \n$3.08 bn\n6.1%\n17.8%\n$3.08 bn\n6.1%\n17.5%\nDiluted EPS\n % vs Prior Year\n % vs 2020 \n$0.41\n78.3%\n272.7%\n$0.33\n0.0%\n13.8%\n \nCommenting on the announcement, Chairman and CEO Bob Gamgort stated, \"We delivered another quarter of strong revenue growth, reflecting the power of our brand portfolio and the quality of our execution at retail. Margins were impacted by accelerating inflation, which outpaced the timing of pricing actions, and the previously discussed coffee supply chain disruption. We made significant progress during the quarter on increasing coffee production and rebuilding inventories, and we implemented additional pricing actions across most categories. Consequently, we now expect to deliver net sales growth in the high-single-digit range and continue to expect to deliver Adjusted EPS growth in the mid-single-digit range for the year.\" \nFirst Quarter Consolidated ResultsNet sales for the first quarter of 2022 increased 6.1% to $3.08 billion, compared to $2.90 billion in the year- ago period, reflecting exceptionally strong growth in Packaged Beverages, Beverage Concentrates and Latin America Beverages, partially offset by an expected decline in Coffee Systems. Driving the consolidated net sales growth was favorable net price realization of 6.3%, slightly offset by lower volume/mix of 0.2%. On a two-year basis, constant currency net sales advanced 17.5% versus 2020.\nKDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained strong in the quarter, with retail dollar consumption2 advancing 9.9% and market share growth registered in over 87% of the Company's cold beverage portfolio, largely reflecting strength in CSDs3, coconut water and seltzers, teas, apple juice and fruit dri...