Enterprise Strategy Supports Continued
Consistent Delivery of Long-Term Financial
Algorithm
Company Also Reaffirms Full Year 2024 Net Sales
and Adjusted EPS Outlook
BURLINGTON, Mass. and FRISCO, Texas, March 19,
2024 /PRNewswire/ -- Keurig Dr Pepper (NASDAQ: KDP)
will discuss its enterprise strategy and the multiple
value-creation opportunities supporting its long-term financial
outlook at its investor update today in New York City. In connection with the event,
the Company reaffirmed its guidance for 2024 constant currency net
sales growth in a mid-single-digit range and Adjusted EPS growth in
a high-single-digit range, both consistent with KDP's long-term
algorithm.
During today's presentation, management will discuss how the
Company's strategy is designed to deliver base business momentum
that leverages KDP's leading capabilities, support further
expansion into high-growth segments, and drive increasingly
meaningful contribution from its International business segment.
KDP also will outline how these goals are enabled by a robust
continuous productivity program to fund incremental investment and
deliver margin expansion, as well as by the Company's disciplined
capital deployment approach to enhancing value creation.
"I am proud of KDP's track record of outperformance over the
past five years, which is testament to the leading brands we have
nurtured and added to our portfolio, the capabilities we have
developed, and our differentiated challenger culture that empowers
our talented teams to move quickly, think disruptively, and act
with ownership," commented Bob
Gamgort, KDP Chairman and CEO.
Gamgort continued, "We have entered the next phase as a public
company and are focused on activating an evolved strategy to drive
continued strong operational and financial outcomes and enhance our
competitive advantages. As we look forward to and prepare for a CEO
transition in Q2 2024, I am confident that our energized executive
leadership team, led by Tim Cofer,
will ensure KDP's continued success and deliver on the numerous
value creation opportunities we see ahead."
Access to a live webcast of the event and a slide presentation
will be available in the Investors section of the Company's
corporate website, www.keurigdrpepper.com. For those unable to
listen to the live webcast, a recorded version will be made
available for replay.
Investor Contacts:
Jane Gelfand
T: 888-340-5287 / jane.gelfand@kdrp.com
Chethan Mallela
T: 888-340-5287 / chethan.mallela@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
ABOUT KEURIG DR PEPPER
Keurig Dr Pepper (KDP) is a leading beverage company
in North America, with annual revenue of more than $14
billion and approximately 28,000 employees. KDP holds
leadership positions in liquid refreshment beverages, including
soft drinks, specialty coffee and tea, water, juice and juice
drinks and mixers, and markets the #1 single serve coffee brewing
system in the U.S. and Canada. The Company's portfolio of more
than 125 owned, licensed and partner brands is designed to satisfy
virtually any consumer need, any time, and includes Keurig®, Dr
Pepper®, Canada Dry®, Clamato®, CORE®, Green Mountain Coffee
Roasters®, Mott's®, Snapple®, and The Original Donut Shop®. Through
its powerful sales and distribution network, KDP can deliver its
portfolio of hot and cold beverages to nearly every point of
purchase for consumers. The Company's Drink Well. Do Good.
corporate responsibility platform is focused on the greatest
opportunities for impact in the environment, its supply chain, the
health and well-being of consumers and with its people and
communities. For more information,
visit www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking
statements" within the meaning of applicable securities laws and
regulations. These forward-looking statements include, but are not
limited to, words such as "outlook," "guidance," "anticipate,"
"expect," "believe," "could," "estimate," "forecast," "intend,"
"may," "plan," "potential," "project," "should," "target," "will,"
"would," and similar words or phrases. Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as statements regarding the estimated or
anticipated future results of Keurig Dr Pepper Inc. (the "Company")
and other statements that are not historical facts. These
statements are based on the current expectations of our management
and are not predictions of actual performance. Forward-looking
statements are subject to a number of risks and uncertainties and
actual results may differ materially. These risks and uncertainties
include, but are not limited to, disruption of our manufacturing
and distribution operations or supply chain; our operating in
intensely competitive categories; our ability to effectively
respond to changing consumer preferences and shopping behavior;
concerns about the safety, quality or health effects of our
products; damage to our reputation or brand image; our ability to
successfully manage our acquisitions and investments in new
businesses or brands; our ability to realize benefits or
successfully manage the potential negative consequences of our
productivity initiatives; requirements for substantial investment
and upgrading of our facilities and operations; increases in our
cost of employee benefits; our dependence on key information
systems, and our exposure to business disruptions due to our use of
information technology; substantial disruption at our manufacturing
and distribution facilities; infringement of intellectual property
rights, and adverse events regarding licensed intellectual
property; our ability to attract, retain, develop and motivate a
highly skilled and diverse workforce, and our ability to
effectively manage changes in our workforce; our ability to renew
collective bargaining agreements on satisfactory terms, or union
activity; reductions in our payment terms with our suppliers; the
consummation of our share repurchase program or the effectiveness
of such program to enhance long-term stockholder value; significant
impairments of the value of our goodwill and other indefinite-lived
intangible assets; our dependence on third-party bottling and
distribution companies for a significant portion of our business;
changes in the retail landscape or in sales to any key customer;
our ability to maintain strategic relationships with brand owners
and private label brands; management of our equity method
investments by parties who may have different interests than we do;
exposure to business disruptions or other negative impacts from the
use of information technology by our third-party commercial
partners and service providers; our reliance on the performance of
a limited number of suppliers and manufacturers for our brewers,
and a limited number of order fulfillment companies for our
brewers, beverage concentrates and syrups; recession, financial and
credit market disruptions and other political, social or economic
conditions; impacts of U.S. and international laws and regulations;
exposure to significant liabilities and damage to our reputation
resulting from litigation or legal proceedings; increased concerns
related to the use or disposal of plastics or other packaging
materials; significant additional labeling or warning requirements
or limitations on the marketing or sale of our products; our
exposure to cybersecurity breaches and other business disruptions
due to our use of information technology and third party service
providers; our ability to comply with personal data protection and
privacy laws; climate change or related legislation; water scarcity
and quality; and fluctuations in our effective tax rate. These
risks and uncertainties, as well as others, are more fully
discussed in the Company's filings with the SEC, including our
Annual Report on Form 10-K filed with the SEC on February 22, 2024. While the lists of risk
factors presented here and in our public filings are considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Any
forward-looking statement made herein speaks only as of the date of
this document. We are under no obligation to, and expressly
disclaim any obligation to, update, revise or withdraw any
forward-looking statements, whether as a result of new information,
subsequent events or otherwise, except as required by applicable
laws or regulations.
NON-GAAP FINANCIAL MEASURES
This release includes certain non-GAAP financial measures, which
differ from results using U.S. Generally Accepted Accounting
Principles (GAAP). These non-GAAP financial measures should be
considered as supplements to and should not be considered
replacements for, or superior to, the GAAP measures. These measures
may differ from similarly titled non-GAAP financial measures
presented by other companies, and other companies may not define
the non-GAAP financial measure in the same way. Non-GAAP financial
measures typically exclude certain charges, including one-time
costs that are not expected to occur routinely in future periods,
described by the Company as "items affecting comparability". The
Company uses non-GAAP financial measures to evaluate our operating
and financial performance and to compare such performance to that
of prior periods and to the performance of our competitors.
Additionally, we use non-GAAP financial measures in making
operational and financial decisions and in our budgeting and
planning process. We believe that providing non-GAAP financial
measures to investors helps investors evaluate our operating
performance, profitability and business trends in a way that is
consistent with how management evaluates such performance.
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SOURCE Keurig Dr Pepper Inc.