Business
Keurig Dr Pepper Reports Q2 2023 Results, Raises Full Year Net Sales Outlook and Reaffirms EPS Guidance
Strong Q2 Net Sales Growth Led by U.S. Refreshment Beverages and International Full Year Net Sales Outlook Increased to 5% to 6% BURLINGTON, Mass. and FRISCO,
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Strong Q2 Net Sales Growth Led by U.S. Refreshment Beverages and International\nFull Year Net Sales Outlook Increased to 5% to 6%\nBURLINGTON, Mass. and FRISCO, Texas , July 27, 2023 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported results for the second quarter ended June 30, 2023, raised its full year constant currency net sales growth outlook to 5% to 6% and reaffirmed its guidance for Adjusted diluted EPS growth of 6% to 7%.\nReported GAAP Basis\nAdjusted Basis1\nQ2\nYTD\nQ2\nYTD\nNet Sales\n$3.79 bn\n$7.14 bn\n$3.79 bn\n$7.14 bn\n% vs prior year\n6.6 %\n7.7 %\n6.1 %\n7.4 %\nDiluted EPS\n$0.36\n$0.69\n$0.42\n$0.76\n% vs prior year\n140.0 %\n23.2 %\n7.7 %\n5.6 %\n \nCommenting on the announcement, Chairman and CEO Bob Gamgort stated, \"Our second quarter results demonstrated the strength of KDP's brand portfolio and our high-quality retail execution. 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. On a consolidated basis, we continue to drive healthy growth while reinvesting in our business and are increasingly confident in our full year outlook, which now reflects even stronger underlying EPS results.\"\nSecond Quarter Consolidated Results\nNet sales for the second quarter of 2023 increased 6.6% to $3.79 billion, compared to $3.55 billion in the year-ago period. On a constant currency basis, net sales advanced 6.1%, reflecting net price realization of 8.2%, only slightly offset by lower volume/mix of 2.1%. The resilient volume/mix performance reflected the continued strength of the Company's brand portfolio and in-market execution, as well as continued modest elasticities across most categories.\nKDP in-market performance in the U.S. Liquid Refreshment Beverages (LRB) category remained strong, with retail dollar consumption2 advancing 10.7% and market share gains in categories representing approximately 85% of the Company's cold beverage retail sales base. The performance was led by CSDs3, seltzers, coconut waters, energy, apple juice and fruit drinks and was driven by Dr Pepper and Squirt in CSDs, as well as Polar seltzers, Evian, Vita Coco, C4 Energy, Mott's and Hawaiian Punch.\nU.S. retail dollar ...