Keurig Green Mountain Reports Third Quarter Fiscal Year 2014 Results; Reaffirms 2014 Net Sales and Raises Earnings Per Share Outlook
WATERBURY, Vt.--(BUSINESS WIRE)--Keurig Green Mountain, Inc., (Keurig) (NASDAQ: GMCR), a leader in specialty coffee, coffee makers, teas and other beverages with its innovative brewing technology, today announced its business results for the 13 weeks ended June 28, 2014.
- Net sales of $1.02 billion, up 6% from year ago
- GAAP operating income of $231 million, up 20% from year ago; Non-GAAP operating income of $243 million, up 18% from year ago
- GAAP diluted EPS of $0.94, up 24% from prior year period; Non-GAAP diluted EPS of $0.99, up 21% from prior year period
- Free cash flow of $127 million in the quarter and $602 million year to date with 132% free cash flow productivity as a percent of GAAP net income
- Declares quarterly cash dividend of $0.25
“We are very pleased with our outstanding non-GAAP net income growth of 31%, which exceeded our long-term growth target. Our free cash flow performance also was strong at $127 million,” said Brian Kelley, Keurig’s President and CEO. “We delivered net sales of approximately $1 billion for the quarter, driven by 9 percent currency-neutral growth of our core single serve business.”
“Our solid year-over-year brewer shipment growth of 13% and our 15% unit growth in portion packs is indicative of the continued expansion of the Keurig system across the U.S. and Canada,” stated Kelley. “We also are excited about the imminent launch of our new Keurig 2.0 hot platform; the addition of formerly unlicensed and new brands to the Keurig hot beverage system during the quarter; and, our progress on the new Keurig Cold beverage system.” Full report.
