Keurig Dr Pepper 2Q Profit Slips Despite Price Hikes

By Connor Hart

Keurig Dr Pepper Inc. on Thursday said profits fell in its second quarter, as increased prices were unable to offset as supply-chain snarls.

The Burlington, Mass.-based beverage company said net income fell to $218 million, or 15 cents a share, from $448 million, or 31 cents a share, in the previous year.

The company reported adjusted per-share earnings of 39 cents, in line with what analysts polled by FactSet were expecting.

Revenue rose to $3.55 billion from $3.14 billion in the prior year. Analysts were expecting revenue of $3.38 billion, according to FactSet.

"We remain confident that our 'all-weather' business model will enable us to deliver in the ongoing volatile macro environment," Chief Executive Bob Gamgort said.

The company increased prices as a result of inflationary pressures and faced supply-chain disruption, particularly in coffee and non-carbonated beverage production, he said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

July 28, 2022 07:27 ET (11:27 GMT)

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