Keurig Dr Pepper shares rose after the company’s third-quarter results beat expectations on the top and bottom lines.
The beverage company posted adjusted earnings of $0.48 per share on revenue of $3.81 billion, compared to Street estimates of $0.47 per share on revenue of $3.77 billion.
Profit jumped to $518 million from $180 million in the year-ago quarter, lifted in part by a 5.5% increase in prices.
That helped offset a 3.2% decline in the company’s US coffee business to $1.01 billion.
Looking ahead, Keurig Dr Pepper reaffirmed its guidance for 5% to 6% net sales growth and 6% to 7% adjusted earnings growth.
Shares of the company gained 1.7% Thursday morning to $29.59.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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