Keurig Dr Pepper Inc. (KDP) reported a solid performance for the third quarter and the first nine months of 2024, with net sales reaching $3,891 million for Q3 2024, up from $3,805 million in Q3 2023, marking a 2.3% increase. For the first nine months, net sales totaled $11,281 million, compared to $10,947 million in the same period last year, reflecting a 3.1% growth.
Gross profit for Q3 2024 was $2,140 million, slightly up from $2,111 million in Q3 2023, while gross profit for the first nine months increased to $6,252 million from $5,896 million. Income from operations also saw an uptick, with Q3 2024 reporting $902 million compared to $896 million in Q3 2023, and $2,528 million for the first nine months, up from $2,249 million.
Net income for Q3 2024 rose to $616 million, an 18.9% increase from $518 million in Q3 2023. For the first nine months, net income was $1,585 million, compared to $1,488 million in the prior year. Earnings per share (EPS) for Q3 2024 were $0.45, up from $0.37 in Q3 2023, while for the first nine months, EPS increased to $1.16 from $1.06.
The U.S. Refreshment Beverages segment was a key driver of growth, with Q3 2024 net sales of $2,390 million, up from $2,270 million in Q3 2023. This segment's income from operations also increased to $722 million from $676 million. Conversely, the U.S. Coffee segment experienced a decline, with Q3 2024 net sales of $976 million, down from $1,012 million, attributed to unfavorable net price realization.
Strategically, KDP completed the acquisition of Kalil Bottling Company for $103 million, enhancing its distribution capabilities in Arizona. The company also announced a restructuring program aimed at optimizing manufacturing and distribution, which includes the closure of its Williston, Vermont facility and plans to close the Windsor, Virginia facility in early 2025. The restructuring is expected to incur charges of approximately $125 million to $145 million through Q2 2025.
KDP's financial position remains robust, with cash and cash equivalents increasing to $552 million as of September 30, 2024, compared to $267 million at the end of 2023. The company reported a decrease in total current liabilities and an increase in retained earnings, which stood at $5,249 million as of September 30, 2024. The company also repurchased $1,105 million of common stock during the first nine months of 2024 as part of its share repurchase program.
About Keurig Dr Pepper Inc.
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