(Reuters) - Keurig Dr Pepper beat Wall Street estimates for third-quarter sales on Thursday, as higher prices and steady demand for its sodas and drinks helped limit the hit from a slowing coffee business.
Keurig Dr Pepper has also largely withstood a trade-down to private label and has not witnessed a decline in demand from the price hikes.
Net sales for the third quarter increased 5.1% to $3.81 billion, beating estimates of $3.77 billion, according to LSEG data.
However, the U.S. coffee segment remained under pressure, with net sales falling 3.2% to $1.01 billion.
Keurig Dr Pepper, however, reaffirmed its fiscal 2023 adjusted earnings per share to rise 6% to 7% and net sales to grow 5% to 6%.
Persons:
Dr Pepper, Annett Mary Manoj, Ananya Mariam Rajesh, Sriraj Kalluvila
Organizations:
Reuters, Wall, Schweppes, Cola, PepsiCo
Locations:
Ukraine, U.S, Bengaluru