Keurig Dr Pepper to increase public float to 20% by selling shares

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Keurig Dr Pepper earnings beat expectations

Keurig Dr Pepper Inc. reported first-quarter net income of $230 million, or 16 cents per share, up from $88 million, or 11 cents per share last year. Earnings performance was boosted by the merger of Keurig Green Mountain and Dr. Pepper Snapple Group, which was completed in July 2018. Adjusted EPS was 25 cents, beating the 23-cents FactSet consensus. Sales totaled $2.50 billion, up from $948 million last year, but just below the $2.54 billion FactSet estimate. The company said it grew market share in carbonated soft drinks like Dr. Pepper and Canada Dry, unflavored still water like Core, ready-to-drink coffee, like Peet’s, and shelf-stable apple juice like Mott’s. Keurig Dr Pepper reaffirmed its 2019 outlook for adjusted EPS of $1.20 to $1.22 per share, against a FactSet consensus of $1.21. Sales growth is expected to be about 2%. The FactSet guidance is for sales of $11.2 billion, up about 1.9% from last year. Keurig Dr Pepper stock has gained 13.5% for the year to date while the S&P 500 index has gained nearly 15% for the period.

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