Dr Pepper Snapple Tops Profit, Sales Estimates

Dr Pepper Snapple Group Inc. said Thursday it had net income of $188 million, or 96 cents a share, in the third quarter, down from $207 million, or $1.01 a share, in the year-earlier period. The drinks company said adjusted per-share earnings came to 98 cents, ahead of the FactSet consensus of 88 cents. Sales rose 3% to $1.583 billion, also ahead of the FactSet consensus of $1.540 billion. Chief Executive Larry Young said the environment remains "extremely challenged". Sales volumes were flat and are up just 1% for the year. The company is now expecting full-year sales to grow about 1%, with adjusted per-share earnings pegged at $3.56 to $3.62. The company is planning to buy back $375 million to $400 million of its own shares. Shares were not yet active in premarket trade but are up 34% in the year so far, while the S&P 500 has gained 4.3%.