Year-to-date, the company reported earnings of $1.14 per share compared to $0.80 per share in the prior year period. Excluding net gains related to the Hansen contract termination settlement and the sale of certain distribution rights in the current year and restructuring, transaction and separation-related costs in the prior year, the company reported year-to-date earnings of $0.99 per share compared to $1.01 per share in the prior year period.
For the second quarter, reported net sales were down 4%. Excluding the loss of Hansen product distribution and on a currency neutral basis, net sales increased 3% reflecting solid pricing actions and 3% sales volume growth offset by negative mix from higher carbonated soft drink concentrate and value juice sales. Segment operating profit, as adjusted, increased 16% reflecting lower commodity and fuel costs, operating benefits from higher volumes and a strong cost control focus. Reported income from operations was $297m.
DPS president and CEO, Larry Young, said: “Our results continue to show the strength of our brands and the flexibility of our balanced routes to market. Despite a challenging macroeconomic backdrop, each of our segments posted solid net sales gains, grew liquid refreshment beverages value share and added new points of distribution. Our continuous improvement mindset and strong cost control focus, coupled with better-than-expected input costs, resulted in double-digit growth in segment operating profit on a comparable, currency neutral basis.
“As we look ahead, we remain confident that our advantaged portfolio will continue to deliver industry leading results. With a less onerous input cost environment, we’ll take full advantage of marketplace investment opportunities to support the long-term health of our brands and will leverage our productivity office to drive further efficiencies in our business.”
Source: Dr Pepper Snapple Group Inc
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