Dr Pepper Snapple returns to profit in quarter, year
February 25, 2010
PLANO, TEXAS — The Dr Pepper Snapple Group announced positive earnings for the fourth quarter and full-year 2009, the company’s first full year as a stand-alone company. The previous year was impacted by various charges and costs due to the demerger from Cadbury P.L.C., London.
For the year ended December 31, the company had an income of $555 million, equal to $2.18 per share on the common stock, which compared with a loss of $312 million during the previous year. Sales for the year were $5,531 million, down 3% from $5,710 million during the previous year.
“Despite tough economic conditions, I’m extremely proud of our accomplishments in our first full year as a stand-alone company,” said Larry Young, president and chief executive officer. “A lot has changed and continues to change since we went public in May 2008. We remain committed to executing against the same focused strategy. We’re investing heavily in our brands, our infrastructure and our people to realize the full potential of this business.
“While we have made a lot of progress, we still have opportunities to optimize our supply chain, standardize our IT platforms and get our products in more consumers’ hands every day. This commitment to invest behind our brands will ensure our portfolio of leading flavored C.S.D.s, juice and juice drinks, premium teas and mixers is well-positioned to exploit the significant opportunities we see over the coming years.”
For the quarter ended December 31, the company had an income of $114 million, equal to 45c per share, which compared with a loss of $621 million during the same quarter of the previous year. Sales for the quarter were $1,356 million, down slightly from $1,376 million during the same quarter of the previous year.