Soft drink maker Keurig Dr Pepper (NYSE: KDP) announced financial results for the fourth quarter of 2023, reporting a sharp increase in net sales and profit.
- Q4 net sales increased 1.7% annually to $3.9 billion; on a constant currency basis sales advanced 1.1%
- Operating income, on a reported basis, increased 40.1% year-over-year to $943 million in the fourth quarter
- Net income climbed 53% to $693 million or $0.49 per share in the December quarter from $453 million or $0.32 per share a year earlier
- On an adjusted basis, net income rose 7.1% to $770 million in Q4, and earnings per share moved up 10% to $0.55
- Operating cash flow for the fourth quarter was $297 million; free cash flow came in at $143 million
- The management expects constant currency net sales growth to be in a mid-single-digit range in fiscal 2024
- The guidance for adjusted earnings per share growth for fiscal 2024 is in a high-single-digit range
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