AI English summary of an SEC filing — figures as filed
Keurig Dr Pepper KDPKDP said net sales for Q1 2024 rose 3.4% year over year to $3,468 million, from $3,353 million in the prior-year period. Gross profit increased 11.2% to $1,940 million. The company said gross margin was 55.9%.
Key points
AI summaryKDP said net sales for Q1 2024 rose 3.4% year over year to $3,468 million, from $3,353 million in the prior-year period. Gross profit increased 11.2% to $1,940 million. The company said gross margin was 55.9%.
Keurig Dr Pepper said interest expense for Q1 2024 increased to $178 million from $23 million a year earlier, citing the unrealized mark-to-market change on interest rate contracts as the main factor. Net income fell 2.8% to $454 million, and diluted EPS was $0.33, flat from a year earlier.
The company said it completed the issuance of a total principal amount of $3 billion in senior unsecured notes in March 2024. It said the proceeds were used to repay the 2024 notes at maturity, repurchase KDP shares, repay commercial paper and for general corporate purposes.
KDP said it repurchased and retired $1,105 million of common stock in Q1 2024. As of March 31, 2024, $1,810 million remained available under the $4 billion program. In March, the company repurchased 35 million shares, or $1,012 million, in connection with JAB BevCo's 2 sales of KDP common stock, which were repurchased at the underwriter's per-share price.
Key figures
Quarter ended March 31, 2024
- Revenue
- $3.5B
- Operating income
- $765M
- Net income
- $454M
- EPS
- $0.33
- Gross profit
- $1.9B
- Operating cash flow
- $85M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net Sales and Gross Profit for Q1 2024
KDP said net sales for Q1 2024 rose 3.4% year over year to $3,468 million, from $3,353 million in the prior-year period. Gross profit increased 11.2% to $1,940 million. The company said gross margin was 55.9%.
Source · Based on the MD&A text of the filing
Higher Interest Expense and Net Income
Keurig Dr Pepper said interest expense for Q1 2024 increased to $178 million from $23 million a year earlier, citing the unrealized mark-to-market change on interest rate contracts as the main factor. Net income fell 2.8% to $454 million, and diluted EPS was $0.33, flat from a year earlier.
Source · Based on the MD&A text of the filing
Senior Unsecured Notes Issued in March 2024
The company said it completed the issuance of a total principal amount of $3 billion in senior unsecured notes in March 2024. It said the proceeds were used to repay the 2024 notes at maturity, repurchase KDP shares, repay commercial paper and for general corporate purposes.
Source · Based on the MD&A text of the filing
Share Repurchases in Q1 2024
KDP said it repurchased and retired $1,105 million of common stock in Q1 2024. As of March 31, 2024, $1,810 million remained available under the $4 billion program. In March, the company repurchased 35 million shares, or $1,012 million, in connection with JAB BevCo's 2 sales of KDP common stock, which were repurchased at the underwriter's per-share price.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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