Keurig Dr Pepper Posts Solid Margin Improvement in 3Q; Shares Aren't a Bargain
Wide-moat Keurig Dr Pepper experienced solid performance in the third quarter (during which the merger of Keurig Green Mountain and Dr Pepper Snapple was completed), with net sales up nearly 3% (80 basis points above our full-year outlook) and gross margin expanding 80 basis points to 55.5% (matching our full-year outlook), both on an adjusted pro forma basis. Sales were driven by strengthened volume/mix (up 3.6%), with a 0.2% headwind from lower pricing, reflecting the firm's ongoing efforts to...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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