Green Mountain Coffee Roasters, Inc., (GMCR) has announced its third quarter fiscal year 2013 results for the 13 weeks and 39 weeks ended June 29, 2013. Third quarter 2013 performance showed a revenue increase of 11 percent over the prior year period with U.S. revenue up 14 percent. According to generally accepted accounting principles (GAAP) earnings per share (EPS) were $0.76 and non-GAAP EPS were $0.82 represent growth of 65 percent and 58 percent, respectively, over the prior year period. Gross margin increased 720 basis points to 42.1 percent from 34.9 percent in the prior year period. The company reported free cash flow of $126 million in the quarter, $582 million for the first nine months of fiscal year 2013
"We continue to drive leverage in our business and were very pleased to deliver earnings per share growth in the quarter that exceeded our revenue growth by more than five-fold," said Brian P. Kelley, GMCR's president and CEO, in a prepared statement. "Free cash flow generation was also strong, bringing our fiscal year-to-date total to $582 million."
"Our total revenue growth of 11 percent was at the low end of our expectations, driven primarily by a sales decline in Canada. Importantly, our U.S. business is very healthy, growing 14 percent in the period," continued Kelley. "Ongoing consumer adoption and continued use of installed Keurig® brewers drove 21 percent unit growth of our Keurig Brewed® portion pack business during our third fiscal quarter."