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Dr Pepper Snapple Group Inc. (NYSE:DPS) Q2 Core Profit Tops Expectations

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By on Consumer Staples

Dr Pepper Snapple Group Inc. (NYSE:DPS) shares edged up in Thursday’s pre-market session, after the beverage giant reported Q2 core earnings well above analysts’ expectations on revenue growth that matched the Street view, and boosted its profit forecast for the year.

Net income rose to $210 million, or $1.06 per diluted share, from $155 million, or $0.76 per diluted share. Skewing the per-share comparison, there was a 3.8% reduction in the number of shares outstanding. Core EPS were $1.06, up from $0.84 in the prior-year period and above the $0.90 consensus estimate of analysts polled by Capital IQ.

Net sales rose 1.2% to $1.63 billion, in line with analysts’ mean estimate of $1.6 billion. The company said the sales results came as “a sales volume increase, favorable product and package mix and pricing were partially offset by higher discounts and 1 percentage point of unfavorable foreign currency.”

The company raised its guidance for core EPS to a range of $3.43 to $3.51, above its prior forecast of $3.38 to $3.46. Analysts recently were targeting $3.47. It reiterated its prior forecast for full-year net sales to be flat to up 1%, which compares with analysts’ consensus for 2014 revenue to be flat with 2013 at $6.0 billion. DPS was up 0.1% at $58.50 in recent pre-market trading, in a 52-week range of $43.18 to $60.50.

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