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Keurig Dr Pepper reports 4.4.% Q1 net sales gain

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April 28, 2020

Keurig Dr Pepper Inc. reported net sales in the first quarter of 2020 increased 4.4% to $2.61 billion, compared to $2.50 billion in the year-ago period, reflecting growth in all four reporting segments, according to a press release. On a constant currency basis, net sales increased 4.5%.

On a GAAP basis, diluted earnings per share in the first quarter of 2020 decreased to $0.11, compared to $0.16 in the year-ago period. Excluding items affecting comparability, Adjusted diluted EPS advanced 16% to $0.29, compared to $0.25 in the year-ago period.

As previously announced, earlier this month the company completed a strategic refinancing that extended its debt maturities and enhanced its liquidity profile, including a $1.5 billion senior notes issuance and the refinancing and upsizing of its 364-day revolving credit facility. The refinancing, which did not change the company's total debt balance or deleveraging commitments, increased KDP's liquidity to a level that the company believes will exceed its liquidity needs, even in the event of a protracted downturn.