Business
Keurig Dr Pepper Reports Strong Q3 2022 Results and Reaffirms Guidance for the Year
Company Delivers Strong Net Sales Momentum, with all Business Segments Posting Growth in the Quarter BURLINGTON, Mass. and FRISCO, Texas, Oct. 27, 2022
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Company Delivers Strong Net Sales Momentum, with all Business Segments Posting Growth in the Quarter\nBURLINGTON, Mass. and FRISCO, Texas, Oct. 27, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong results for the third quarter ended September 30, 2022 and reaffirmed its full-year guidance for constant currency net sales growth in the low-double-digit range and Adjusted EPS growth in the mid-single-digit range.\nReported GAAP Basis\nAdjusted Basis1\nQ3\nYTD 2022\nQ3\nYTD 2022\nNet Sales\n % vs Prior Year\n$3.62 bn\n11.4%\n$10.25 bn\n10.4%\n$3.62 bn\n11.8%\n$10.25 bn\n10.6%\nDiluted EPS\n % vs Prior Year\n$0.13\n(64.9)%\n$0.69\n(24.2)%\n$0.46\n4.5%\n$1.18\n2.6%\nCommenting on the announcement, CEO Ozan Dokmecioglu stated, \"The third quarter was another strong one for KDP, as we again demonstrated the advantages of our all-weather business model, which has proven adept at performing well in an evolving macro environment to meet the needs of consumers. While the macro landscape remains challenging, our cold beverages portfolio continues to perform exceptionally well, with strong in-market execution and increased marketing investment driving consistent growth in LRB market share. At the same time, our coffee business has steadily recovered from the significant supply chain disruption earlier this year and is poised to deliver strong sales and earnings growth in the fourth quarter.\" \nThird Quarter Consolidated ResultsNet sales for the third quarter of 2022 increased 11.4% to $3.62 billion, compared to $3.25 billion in the year-ago period and, on a constant currency basis, net sales advanced 11.8%. All four segments grew sales during the quarter. Driving the consolidated net sales growth was favorable net price realization of 12.1%, only slightly offset by lower volume/mix of 0.3%, reflecting the strength of the portfolio and continued strong in-market execution. \nKDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained strong in the quarter, with retail dollar consumption2 advancing 11.2% and total LRB dollar share posting another quarter of growth, largely reflecting strength in premium unflavored waters, seltzers, teas, apple juice and fruit drinks, combined with continued solid performance in CSDs3. This performance was driven by CORE Hydration, Polar seltzers, Snapple,...