Shares of Dr Pepper Snapple Group (NYSE:DPS) were down nearly 3% Thursday after the soft drink maker reported solid second quarter earnings, which were partly offset by weaker-than expected revenues.
The beverage company posted a net income of $183 million, or 74 cents a share, compared with $158 million, or 62 cents a share, in the same quarter last year. Second quarter EPS was up 19% and ahead of average analyst estimates of 69 cents.
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Revenue for the Plano, Texas-based company was $1.52 billion, up from $1.48 billion a year ago, but falling narrowly short of the Street’s view of $1.54.
Dr. Pepper Snapple CEO Larry Young said he was “immensely proud” of his team for delivering “strong results.”
“We continued to see solid consumer takeaway and we gained value share across the portfolio,” he said.
Noting consumer confidence remains weak despite some signs of economic stability, Young said investing in the company’s brands and delivering value to customers remains a “must-do” for the company.