Business
Keurig Dr Pepper Reports Strong Q2 2021 Results
Company Delivers Double-Digit Growth in Net Sales and Earnings Per Share 2021 Guidance Raised for Net Sales and Reaffirmed for Adjusted diluted EPS
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Company Delivers Double-Digit Growth in Net Sales and Earnings Per Share\n 2021 Guidance Raised for Net Sales and Reaffirmed for Adjusted diluted EPS\n\n\nBURLINGTON, Mass. and FRISCO, Texas, July 29, 2021 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong and balanced financial results for the second quarter ended June 30, 2021. The Company also raised its 2021 guidance for constant currency net sales growth to a range of 6% to 7%, from the previous 4% to 6%, and reaffirmed its guidance for Adjusted diluted EPS growth in the range of 13% to 15%. \nReported GAAP Basis\nAdjusted Basis1\nQ2\nYTD 2021\nQ2\nYTD 2021\nNet Sales\n % vs Prior Year\n % vs Prior Year – Constant Currency\n % vs YTD 2019 – Constant Currency\n$3.14 bn\n9.6%\n$6.04 bn\n10.3%\n$3.14 bn\n9.6%\n8.1%\n$6.04 bn\n10.3%\n9.4%\n13.4%\nDiluted EPS\n % vs Prior Year\n % vs YTD 2019\n$0.31\n47.6%\n$0.54\n68.8%\n42.1%\n$0.38\n15.2% \n$0.71\n14.5%\n29.1%\nCommenting on the announcement, Chairman and CEO Bob Gamgort stated, \"KDP delivered another strong quarter, as we successfully navigated a challenging macro environment marked by inflation, supply chain disruptions and a tight labor market. For the first six months of 2021, we delivered 9% revenue growth and nearly 15% Adjusted diluted EPS growth. Notwithstanding the expectation for ongoing challenges to persist for some time, we are confident in our strengthened top-line outlook and plan to reinvest any profit upside back into the business. In addition, our commitment to achieve our three-year merger targets ending this year remains unchanged.\"\nSecond Quarter Consolidated ResultsNet sales for the second quarter of 2021 increased 9.6% to $3.14 billion, compared to $2.86 billion in the year-ago period, driven by growth in each business segment, with Beverage Concentrates and Latin America Beverages posting strong double-digit growth. On a constant currency basis, net sales advanced 8.1% in the quarter, reflecting higher volume/mix of 6.1% and favorable net price realization of 2.0%. For the first six months of 2021, constant currency net sales advanced 13.4% versus the first six months of 2019.\nIn LRB, KDP in-market performance in the quarter remained strong, with retail dollar consumption2 advancing 5.2% across the Company's cold beverage retail base, reflecting strength in CSDs3, premium unfl...