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Keurig Dr Pepper Inc. (NASDAQ:KDP) shares are trading higher after reporting second-quarter results.
The company reported adjusted earnings per share of 45 cents, which aligned with the street view. Quarterly sales of $3.92 billion marginally beat the analyst consensus estimate of $3.915 billion.
Net sales for the second quarter increased 3.5%. On a constant currency basis, net sales advanced 3.4%, driven by volume/mix growth of 1.8% and higher net price realization of 1.6%.
“Our consumer-centric innovation model is resonating in market, our portfolio expansion to higher growth categories is ongoing, and we are actively enhancing an already robust route-to-market — all underpinned by an unrelenting focus on cost efficiency and capital discipline,” said CEO Tim Cofer.
Adjusted operating income increased 11.0% to $970 million and totaled 24.7% as a percent of net sales, reflecting the benefits of higher net price realization and net productivity.
Also Read: Dr Pepper Overtakes Pepsi To Become America’s Second Favorite Soda Behind Coca-Cola
Operating cash flow for the second quarter was $657 million , and free cash flow totaled $543 million.
U.S. Refreshment Beverages net sales increased by 3.3% to $2.4 billion, U.S. Coffee net sales decreased by 2.1% to $1.0 billion, and International net sales for the second quarter increased by 15.5% to $0.6 billion.
“Now halfway through 2024, we are on track to achieve our unchanged full year outlook, while also seeding initiatives to fuel consistent growth over multiple years,” Cofer added.
Outlook: KDP reaffirmed its fiscal 2024 guidance for constant currency net sales growth in a mid-single-digit range and Adjusted EPS growth in a high-single-digit range.
Price Action: KDP shares are trading higher by 1.75% to $33.35 at last check Thursday.
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