Business
Keurig Dr Pepper Reports Strong Q2 2022 Results and Raises Full-Year Net Sales Guidance
Net Sales Growth Accelerates, with all Business Segments posting Strong Results Company Reaffirms Adjusted EPS Guidance for the Year BURLINGTON, Mass. and
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Net Sales Growth Accelerates, with all Business Segments posting Strong Results\nCompany Reaffirms Adjusted EPS Guidance for the Year \nBURLINGTON, Mass. and FRISCO, Texas, July 28, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong results for the second quarter ended June 30, 2022 and raised its full-year net sales guidance to low-double-digit growth, from the previous high-single-digit range. The Company also reaffirmed its guidance for full year Adjusted EPS growth in the mid-single-digit range.\nReported GAAP Basis\nAdjusted Basis1\nQ2\nYTD 2022\nQ2\nYTD 2022\nNet Sales\n % vs Prior Year\n$3.55 bn\n13.2%\n$6.63 bn\n9.8%\n$3.55 bn\n13.5%\n$6.63 bn\n9.9%\nDiluted EPS\n % vs Prior Year\n$0.15\n(51.6)%\n$0.56\n3.7%\n$0.39\n2.6%\n$0.72\n1.4%\nCommenting on the announcement, Chairman and CEO Bob Gamgort stated, \"Our strong results reflect the flexibility and resilience of our business and the capability of our team to execute with excellence. We successfully recovered from supply chain disruptions in coffee and non-carbonated beverages, implemented additional pricing to offset inflation and continued to accelerate growth across our broad portfolio, leading to another quarter of strong market share performance. We remain confident that our \"all-weather\" business model will enable us to deliver in the ongoing volatile macro environment.\"\nIncoming CEO Ozan Dokmecioglu added, \"I am pleased with the continued strength of our business and remain confident in our ability to deliver our plans for the second half of this year. I look forward to assuming the role of CEO and partnering with our talented team to drive value creation through the successful execution of our strategic plan.\"\nSecond Quarter Consolidated ResultsNet sales for the second quarter of 2022 increased 13.2% to $3.55 billion, compared to $3.14 billion in the year-ago period and, on a constant currency basis, net sales increased 13.5%. This strong performance reflected balanced growth in all segments, with both pricing and volumes up in the quarter. Driving the consolidated net sales growth was favorable net price realization of 10.4% and higher volume/mix of 3.1%, reflecting modest volume elasticity impacts in the quarter. \nKDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained exceptionally strong in th...