Keurig Dr Pepper Inc

Latest Results (23.05.2024):

Q1 2024 Revenue Growth

Keurig Dr Pepper Inc. reported a revenue increase of 3.4% in the first quarter of 2024, reaching $3.5 billion. This growth was primarily driven by a 3.1% improvement in net price realization, although it was slightly offset by a 0.3% decline in volume/mix.

Adjusted Operating Income Increase

In Q1 2024, Keurig Dr Pepper Inc. saw its adjusted operating income rise by 17.5% to $825 million, which represented 23.8% of net sales. This increase was attributed to a 9.7% growth in adjusted gross profit and a 350 basis points expansion in adjusted gross margin, mainly due to higher net price realization and net productivity gains.

Net Income and EPS

For the first quarter of 2024, Keurig Dr Pepper Inc. experienced a slight decrease in GAAP net income by 2.8% to $454 million, or $0.33 per diluted share. However, adjusted net income improved by 10.0% to $530 million, with adjusted diluted EPS growing by 11.8% to $0.38, driven by the growth in adjusted operating income and a lower share count.

Segment Performance: U.S. Refreshment Beverages

The U.S. Refreshment Beverages segment of Keurig Dr Pepper Inc. reported a 4.3% increase in net sales to $2.1 billion in Q1 2024. This was largely due to a 5.6% increase in net price realization, despite a 1.3% decline in volume/mix. Adjusted operating income in this segment grew by 22.4% to $622 million.

2024 Financial Outlook

Keurig Dr Pepper Inc. reaffirmed its fiscal 2024 guidance, expecting mid-single-digit range growth in constant currency net sales and high-single-digit range growth in adjusted diluted EPS. This outlook reflects the company's confidence in its strategic initiatives and market positioning.