The company has reported Q3 2009 earnings of $0.59 per share compared to $0.41 per share in the prior year period. Earnings per share were $0.54 compared to $0.45 excluding separation-related costs and restructuring items.
Year-to-date, the company reported earnings of $1.73 per share compared to $1.21 per share in the prior year period. Year-to-date earnings per share were $1.53 compared to $1.46 excluding distribution agreement changes, separation-related costs and restructuring items.
For the quarter, reported net sales were down 4%. Net sales increased 2% on a currency neutral basis and excluding the loss of Hansen product distribution. Pricing actions taken earlier in the year combined with 4% sales volume growth were offset by negative mix from higher sales of carbonated soft drink concentrate and value juice.
Segment operating profit, as adjusted, increased 31% reflecting lower packaging, ingredient and transportation costs, operating efficiencies and favourable comparisons to discounts and inventory adjustments in the prior year period. Reported income from operations was $272m compared to $213m in the prior year period.
DPS president and CEO, Larry Young, said: “While the economy is showing some signs of recovery, it’s still too early to see this translate into higher beverage sales. For the quarter, liquid refreshment beverage trends remained negative. Against this backdrop, we once again demonstrated the power of our portfolio and the flexibility of our routes to market, posting solid top-line and strong bottom-line growth. A year and a half into our life as a public company, we’re proud of what we have accomplished so far. Our priorities and strategies remain unchanged and continue to support long-term sustainable growth.”
Source: Dr Pepper Snapple Group Inc
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