Keurig Dr Pepper reaffirms fiscal 2024 guidance
Net sales for Q2 increased 3.5% to $3.9bn.
Net sales for the US Refreshment Beverages business - which includes Canada Dry, Snapple and Sunkist - increased 3.3% to $2.4bn.
In coffee, however, net sales decreased 2.1% to $1bn; while K-Cup Pod shipments edged up 0.2%.
A highlight for Q2 was Dr Pepper edging up the rankings as the second most popular soda in the US, behind only Coca-Cola.
Tim Cofer, who has taken up the role of CEO at Keurig Dr Pepper this year, said: "Our second quarter results were healthy, with accelerating net sales trends, significant margin expansion, and solid EPS growth.
"Strong execution drove our performance, as we continued to advance our long-term strategic agenda. 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.
"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."
KDP reaffirmed its fiscal 2024 guidance for constant currency net sales growth in a mid-single-digit range and adjusted diluted EPS growth in a high-single-digit range.
In FY2023, the company made $14.8bn in net sales.
