Excluding the loss on the early retirement of a portion of the 6.82% 2018 notes and certain tax-related items, diluted earnings per share were $0.67 compared to $0.44 in the prior year.
For the quarter, reported net sales increased 4% reflecting sales volume growth, positive pricing and deferred revenue recognised under the PepsiCo and The Coca-Cola Company licensing agreements.
Reported segment operating profit (SOP) increased 3% reflecting net sales growth and supply chain productivity benefits partially offset by a $19m increase in marketing, higher packaging, ingredient and transportation costs and higher LIFO-related inventory provisions. Reported income from operations for the quarter was $268m compared to $251m in the prior year period.
For the year, reported net sales increased 2%. Excluding the loss on the early retirements of a portion of the 6.82% 2018 notes and certain tax-related items in the current year and a net gain on certain distribution agreement changes and separation-related tax benefits in the prior year, the company earned $2.40 per diluted share, an increase of 22%, compared to $1.97 in the prior year. On a reported basis, diluted earnings per share were $2.17 in both the current and prior year.
Source: Dr Pepper Snapple Group
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