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MILAN – Keurig Dr Pepper posted better-than-expected quarterly results yesterday, Thursday 24 April 2025. The US drinks giant ended the three months to 31 March with adjusted earnings of 42 cents per share, beating analyst forecasts of 38 cents. Net sales rose 4.8% to $3.64 billion, compared with a consensus of $3.57 billion.
On a constant currency basis, net sales advanced 6.4%, driven by volume/mix growth of 3.6% and favorable net price realization of 2.8%. The acquisition of GHOST contributed 2.9 percentage points to volume/mix growth.
Keurig Dr Pepper reiterated its full-year guidance of adjusted EPS increasing by a high-single-digit percentage, and constant-currency sales up by a mid-single-digit percentage.
U.S. Refreshment Beverages unit sales were 11% higher at $2.3 billion, boosted by “volume/mix growth of 8% and favorable net price realization of 3%.”
However, U.S. coffee net sales slumped nearly 3.7% to $900 million, hurt by a volume/mix decline that included “pricing actions implemented in reaction to escalating green coffee costs.”
International sales dropped 6% to $400 million. On a constant currency basis, net sales increased 5.4%, driven by favorable net price realization of 4.1% and volume/mix growth of 1.3%. Refreshment beverages momentum, including in mineral water and carbonated soft drinks, was strong across Canada and Mexico.
Commenting on the results, CEO Tim Cofer stated, “Our first quarter performance represented a strong start to the year. We delivered healthy top- and bottom-line growth, driven by momentum in key categories and brands, high-quality commercial execution, and disciplined expense management.
We also advanced our strategic initiatives and evolved KDP’s leadership and governance, which continued with today’s addition of two new independent directors to our Board of Directors. Our reaffirmed full year outlook incorporates our latest view of changing market conditions and we expect another solid year of growth in 2025.”
In a separate press release today, the Company announced the appointment of two new independent directors – Mike Van de Ven and Lawson Whiting – to its Board effective April 24, 2025.
The Company also announced that Bob Gamgort’s role has progressed from Executive Chairman to non-executive Chairman of the Board. These moves are effective today, April 24, 2025.
