Dr Pepper Snapple income up 16% in quarter
July 29, 2010
PLANO, TEXAS — Second-quarter income for Dr Pepper Snapple Group, Inc. was up 16% thanks to sales volume growth, foreign currency benefits and revenue associated with the PepsiCo, Inc. licensing agreements.
For the quarter ended June 30, the company had an income of $183 million, equal to 75c per share on the common stock, which compared with an income of $158 million, equal to 62c per share, in the previous year’s second quarter. Second-quarter sales were $1,519 million, up 3% from $1,481 million during the same quarter of the previous year.
“While we continue to see some signs of economic stability, consumer confidence remains weak,” said Larry Young, president and chief executive officer. “Investing behind our brands, driving traffic for our customers and delivering value to our consumers are still a must-do for us. Our portfolio of preferred flavored C.S.D.s, teas and juices continues to do well despite macroeconomic headwinds and a changing beverage landscape. For the quarter, we continued to see solid consumer takeaway, and we gained value share across the portfolio.
“I’m immensely proud of our teams for delivering strong results, achieving ongoing success with Snapple and embracing our Rapid Continuous Improvement initiative. Looking ahead, we remain confident in delivering on our commitments for 2010 and beyond.”
For the six months ended June 30, the company had a net income of $272 million, equal to $1.09 per share, down 6% from $290 million, equal to $1.14 per share, during the same period of the previous year. Sales for the quarter were $2,767 million, up slightly from $2,741 million during the same period of the pervious year.