Earnings Summary: Keurig Dr Pepper reports higher Q4 sales and adj. profit

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