Income for Dr Pepper Snapple rises 42% in quarter
November 5, 2009
by Allison Sebolt
PLANO, TEXAS — With the help of increased volume and lower costs, Dr Pepper Snapple Group saw income rise 42% during the third quarter.
For the quarter ended Sept. 30, the company had income of $151 million, equal to 59c per share on the common stock, which compared with income of $106 million, or 41c per share, during the same quarter of the previous year.
Sales for the quarter were $1,434 million, down 4% from $1,494 million during the same quarter of the previous year.
“While the economy is showing some signs of recovery, it’s still too early to see this translate into higher beverage sales,” said Larry Young, president and chief executive officer. “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.”
For the nine months ended Sept. 30, the company had sales of $441 million, or $1.73 per share, up 43% from $309 million, or $1.21 per share, during the same period of the previous year. Sales for the period were $4,175 million, down 4% from $4,334 million during the same period of the previous year.
For the full-year 2009, the company expects earnings per share to be in the $2.12 to $2.16 range and for full-year net sales to be down 3% to 4%.