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 results for the 13 weeks ended March 29, 2014.
“Double digit sales and earnings growth on the heels of a strong holiday season demonstrates the continued opportunity to grow our Keurig system in North America in a very competitive environment,” said Brian Kelley, Keurig’s President and CEO. “During the quarter, we drove strong brewer and portion pack net sales and accelerated our installed base. In addition, disciplined cost controls drove operating profit and margin growth that translated into solid earnings and a significant increase in free cash flow.
“At the end of the quarter, our balance sheet was very strong, with $1.1 billion in cash, even after we returned nearly $800 million of cash to shareholders in the quarter in the form of dividends and share repurchases, including purchases made through an accelerated stock repurchase agreement,” continued Kelley. “We are very pleased with our performance and continue to be optimistic about the momentum in our business and the opportunities in front of us.”The Company’s 10% net sales growth includes the unfavorable impact of foreign currency exchange rates which reduced net sales by approximately 1%. Second Quarter Fiscal 2014 Financial Review
|($ in millions except per share amounts)||Thirteen weeks ended||%||Twenty-six weeks ended||%|
|March 29, 2014||March 30, 2013||Increase||March 29, 2014||March 30, 2013||Increase|
|Net income attributable to Keurig:|
|Diluted income per share:|
|Cash dividends declared per common share||$||0.25||$||—||N/A||$||0.50||$||—||N/A|