|KDP||KEURIG DR PEPPER INC.||31.73||-0.51||-1.58%|
The Burlington, Mass.-based company, which makes office coffee systems and soft drinks, said higher home-use sales of its K-Cup coffee systems more than offset a fall in demand from the systems for offices and hospitality customers. Coffee sales increased 5.4% to $1.04 billion, the company said.
Packaged-beverage sales grew 6.2% to $1.39 billion in the quarter, partially driven by new products under the Canada Dry and Dr Pepper brands.
Keurig Dr Pepper reported a second-quarter profit of $298 million, or 21 cents a share, compared with a profit of $314 million, or 22 cents a share, in the same three-month period a year earlier.
The company's adjusted earnings per share was 33 cents. Analysts polled by FactSet had forecast adjusted earnings of 32 cents a share.
Keurig Dr Pepper sales were $2.86 billion, up from $2.81 billion in last year's second quarter. Analysts were expecting sales revenue of $2.82 billion.