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Keurig Dr Pepper Inc. (NASDAQ:KDP) shares are trading lower on Thursday.
Keurig reported fourth-quarter adjusted EPS of 55 cents, breezing past the analyst consensus of 54 cents. Quarterly revenues of $3.867 billion marginally missed the street view of $3.914 billion.
Net sales for the fourth quarter increased 1.7% year over year.
Quarterly US Refreshment Beverages net sales for the fourth quarter increased 6.8% to $2.2 billion, driven by net price realization of 7.5%.
The company said its in-market performance in the US Liquid Refreshment Beverages category remained healthy in the quarter under review.
U.S. Coffee net sales for the fourth quarter decreased by 9.9% to $1.2 billion on the back of a volume/mix decline of 10.7%. International net sales for the fourth quarter increased 11.5% to $495 million.
Quarterly adjusted operating income increased 6.5% to $1.1 billion and totaled 28.5% as a percent of net sales.
Adjusted operating income growth was driven by 9.7% adjusted gross profit growth, translating to 450 basis points of adjusted gross margin expansion.
Keurig exited the quarter with cash and equivalents worth $267 million.
Outlook: The company expects constant currency net sales growth in a mid-single-digit range and adjusted diluted EPS growth in a high-single-digit range in 2024.
Price Action: KDP shares are trading lower by 4.2% to $30.28 on the last check Thursday.
Posted In: KDP
