In its financial results for the first quarter, ended March 31, Keurig Dr Pepper Inc. (Nasdaq: KDP) increased its outlook for 2021 net sales growth to 4% to 6%, from the company's prior net sales guidance of 3% to 4%. KDP also reaffirmed its guidance for full-year adjusted diluted EPS growth of 13% to 15%.
Net sales for the first quarter of 2021 increased 11.1% to $2.90 billion, compared with $2.61 billion in the year-ago period, driven by strong growth in each business segment, particularly coffee systems. On a constant currency basis, net sales advanced 10.8%, reflecting higher volume/mix of 10.3% and favorable net price realization of 0.5%.
GAAP diluted earnings per share more than doubled to $0.23 and adjusted diluted EPS grew to $0.33, a double-digit increase versus year-ago.
In KDP's Coffee Systems division, net sales for the first quarter of 2021 advanced 17.4% to $1.14 billion, compared with $980 million in the year-ago period. On a constant currency basis, net sales advanced 16.9%, reflecting higher volume/mix of 19.5%, partially offset by lower net price realization of 2.6%.
Coffee Systems' volume/mix increase of 19.5% in the quarter reflected pod volume growth of 13.7% and brewer volume growth of 61%. The pod volume growth was driven by strong at-home consumption, partially offset by continued softness in the away-from-home business, as return to offices and hospitality has been slow.
See KDP's full first-quarter press release at PR Newswire.
