Shares of Keurig Dr. Pepper Inc. slumped 3.2% in premarket trade Thursday, after the beverage company reported fourth-quarter earnings that were in line with forecasts while revenue that came up shy, as its packaged beverage sales missed. Net income fell to $266 million, or 19 cents a share, from $612 million, or 77 cents a share, in year-ago period. Excluding non-recurring items and adjusted for the Keurig Green Mountain and Dr. Pepper Snapple Group merger, adjusted EPS was 30 cents, matching the FactSet consensus. Sales more than doubled to $2.81 billion from $1.17 billion, but was just below the FactSet consensus of $2.84 billion. Packaged beverages sales increased 0.1% to $1.18 billion, missing the FactSet consensus of $1.22 billion, while beverage concentrates sales growth of 4.8% to $352 million beat expectations of $344 million. For 2019, the company expects sales growth of about 2%; the FactSet sales consensus of $11.32 billion implies 2.7% growth from 2018 pro forma revenue of $11.02 billion. The stock has climbed 44% over the past 12 months, while the S&P 500 has gained 2.9%.
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