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The company attributed the net sales growth to a favorable net price realization of 13.1%, slightly offset by lower volume/mix of 0.7%.
Segment Revenue: Coffee Systems sales increased 12.7% to $1.49 billion, Packages Beverages rose 9.9% to $1.68 billion, Beverage Concentrates climbed 14.3% to $447 million, and Latin America Beverages gained 24.3% to $189 million.
Gross profit increased 12.6% to 1.99 billion with a margin of 52.5%.
Selling, general and administrative expenses grew 10.2% to $1.22 billion.
Operating margin was 17.7%, and operating income for the quarter fell 7.2% to $673 million.
The company held $535 million in cash and equivalents as of Dec. 31, 2022. Cash provided by operating activities for the year totaled $2.8 billion.
Inventories as of Dec. 31, 2022, totaled $1.31 billion versus $894 million last year.
Adjusted EPS of $0.50 was in-line with the analyst consensus.
Outlook: Keurig expects FY23 constant currency sales growth of 5% and adjusted EPS growth of 6%– 7%.
Price Action: KDP shares are trading higher by 0.56% at $35.98 in premarket on the last check Thursday.
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