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Dr Pepper Snapple Group, Inc. (NYSE: DPS) reported second quarter 2012 EPS of $0.83 compared to $0.77 in the prior year period. Excluding unrealized commodity mark-to-market losses in both years and certain items affecting comparability in the current year, Core EPS were $0.85 compared to $0.78 in the prior year period. Year-to-date, the company reported earnings of $1.31 per diluted share compared to $1.27 per share in the prior year period. Excluding certain items affecting comparability in the current year and unrealized commodity mark-to-market losses in both years, Core EPS were $1.31 compared to $1.28 in the prior year period.
For the quarter, reported net sales increased 2% reflecting 4 percentage points of price/mix and lower discounts, partially offset by lower volumes and a 2% foreign currency impact. Reported segment operating profit (SOP) increased 2%, or $7 million, as the contributions from net sales growth and productivity improvements were partially offset by higher packaging and ingredient costs, certain increases in labor and benefits, a $9 million increase in marketing investments and an $8 million pre-separation-related non-cash charge recorded in the current period. Reported income from operations for the quarter was $300 million compared to $290 million in the prior year period, including $7 million of unrealized mark-to-market losses in both years.
Year-to-date, reported net sales increased 2% and reported income from operations was $492 million, flat to the prior year period.
DPS President and CEO Larry Young said, “As we wrap up the first half of the year, I am pleased with the continued performance of our well-loved brands and the passion of our people as they continue to execute against our strategy and embrace Rapid Continuous Improvement as a way of doing business. We once again outperformed the category in CSDs, growing both volume and dollar share, and made progress against our goals of increasing distribution and availability, with solid gains across both grocery and convenience in CSDs and tea. And we continued to invest in our brands to ensure we are always providing value to our customers and our consumers.”