Non-GAAP earnings increased 97% to 22 cents a share from 11 cents last year, beating the consensus expectation of 20 cents.
Net sales, driven by Keurig coffee brewers and K-Cups coffee packets, increased 73% to $373.1 million from $216 million last year, exceeding the consenus expectation of $359.2 million.
The quarterly update comes after GMCR announced in late November that it would restate earnings for three fiscal years due to accounting errors discovered during an international investigation ordered by its board audit committee in light of a
Securities and Exchange Commission
inquiry into the company's revenue recognition practices.
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-- Written by Andrea Tse in New York.
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