Keurig Dr Pepper Poised for Substantial Margin Expansion as it Unlocks Merger Synergies
The highlight of wide-moat Keurig Dr Pepper's first-quarter results was its substantial margin expansion despite lukewarm top-line performance, with adjusted operating margin expanding 260 points to 24.8% (tracking in line with our full-year estimate of slightly above 25%), as the firm continues to extract merger-related synergies. Profitability improvement was most pronounced in the Beverage Concentrates segment (12% of sales, but roughly one third of segment operating profit given the asset-li...Keurig Dr Pepper is a beverage company with a portfolio of flavored (non-cola) carbonated soft drinks (CSDs), non-carbonated beverages, and is a producer of single serve brewing systems. The company's Coffee Systems segment develops and sells a variety of Keurig brewers, brewer accessories and other coffee-related equipment. The company's Packaged Beverages segment manufactures and distributes packaged beverages of its brands. The company's Beverage Concentrates segment manufactures and sells beverage concentrates. The company's Latin America Beverages segment participates mainly in the carbonated mineral water, flavored CSD, bottled water and vegetable juice categories.
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