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Dr Pepper Snapple Group Reports Second Quarter 2013 Results

Dr Pepper Snapple Group, Inc. (NYSE: DPS) reported second quarter 2013 EPS of $0.76 compared to $0.83 in the prior year period. Excluding unrealized commodity mark-to-market losses and certain items affecting comparability in both years, Core EPS were $0.84 compared to $0.85 in the prior year period. Year-to-date, the company reported earnings of $1.27 per diluted share compared to $1.31 per share in the prior year period. Excluding certain items affecting comparability and unrealized commodity mark-to-market losses in both years, Core EPS were $1.37 compared to $1.31 in the prior year period.

For the quarter, reported net sales decreased 1%. Sales volume declines of 4% were partially offset by 2 percentage points of favorable pricing and mix. Foreign currency increased net sales by just under 1 percentage point in the quarter. Reported segment operating profit (SOP) decreased 3%, or $11 million, as the net sales decline, commodity cost increases principally related to apples, a $9 million increase in marketing and a $4 million pre-spin related unclaimed property audit charge were partially offset by a year-over-year LIFO benefit of $11 million, ongoing productivity improvements and the favorable comparison associated with an $8 million depreciation adjustment in the prior year.

Reported income from operations for the quarter was $285 million, including $7 million of unrealized commodity mark-to-market losses. Reported income from operations was $300 million in the prior year period, including $6 million of unrealized commodity mark-to-market losses.

Year-to-date, reported net sales were flat and reported income from operations was $482 million, including $14 million of unrealized commodity mark-to-market losses. Reported income from operations was $492 million in the prior year period.

DPS President and CEO Larry Young said, “I am pleased with the perseverance of our people as they continued to execute our strategy amid a very challenging environment. During the quarter, our business was negatively impacted by unseasonably cold and wet weather, a cautious consumer and continued CSD category headwinds.”

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