Business
Keurig Dr Pepper Reports Strong Q3 2021 Results and Raises Net Sales Guidance for the Year
Company Delivers High Single-Digit Net Sales Growth and Double-Digit EPS Growth in the Third Quarter 2021 Net Sales Guidance Raised to +7%-8% and Adjusted
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Company Delivers High Single-Digit Net Sales Growth and Double-Digit EPS Growth in the Third Quarter\n 2021 Net Sales Guidance Raised to +7%-8% and Adjusted diluted EPS Guidance Reaffirmed at +13%-15%\n\n\n\n \n \n \n BURLINGTON, Mass. and FRISCO, Texas, Oct. 28, 2021 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong and balanced financial results for the third quarter ended September 30, 2021 and raised its guidance for net sales growth, which is now expected in the range of 7% to 8% for 2021. The Company also reaffirmed its guidance for Adjusted diluted EPS growth in the range of 13% to 15% for the year. \nReported GAAP Basis\nAdjusted Basis1\nQ3\nYTD 2021\nQ3\nYTD 2021\nNet Sales\n % vs Prior Year\n % vs Prior Year – Constant Currency\n % vs YTD 2019 – Constant Currency\n$3.25 bn\n7.6%\n$9.29 bn\n9.4%\n$3.25 bn\n7.6%\n6.8%\n$9.29 bn\n9.4%\n8.4%\n13.3%\nDiluted EPS\n % vs Prior Year\n % vs YTD 2019\n$0.37\n19.4%\n$0.91\n44.4%\n51.7%\n$0.44\n12.8% \n$1.15\n13.9%\n32.2%\nCommenting on the announcement, Chairman and CEO Bob Gamgort stated, \"In the quarter, we continued to effectively manage through macro challenges to deliver strong and balanced results. We are now entering the final quarter of our three-year, post-merger period with excellent top-line momentum and are on track to deliver or exceed our original merger commitments. Our outlook for the business remains strong, as we look forward to our next chapter of transformation and growth.\" \nThird Quarter Consolidated ResultsNet sales for the third quarter of 2021 increased 7.6% to $3.25 billion, compared to $3.02 billion in the year-ago period, driven by growth in each business segment, with Beverage Concentrates and Latin America Beverages posting double-digit growth. On a constant currency basis, net sales advanced 6.8% in the quarter, reflecting higher volume/mix of 3.2% and favorable net price realization of 3.6%. On a two-year basis, year-to-date constant currency net sales advanced 13.3% versus the first nine months of 2019.\nKDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained strong in the quarter, with retail dollar consumption2 advancing 6.8% across the Company's cold beverage retail base, reflecting strength in CSDs3, premium unflavored water, enhanced flavored water, coconut water, apple juice and apple s...