* 3rd-qtr sales $1.53 billion vs Street view $1.56 bln
* Sales volume down 3 pct
* Adjusted profit 79 cents/share vs Street view 77 cents
Oct 24 Dr Pepper Snapple Group Inc
trimmed its full-year sales growth target on Wednesday after its
third-quarter sales came in lower than Wall Street expected,
with price increases curbing demand.
The maker of soft drinks like 7UP, Sunkist and Hawaiian
Punch said it now expects full-year net sales growth of 2
percent, down from a prior forecast closer to 3 percent.
"We continue to operate in an uncertain economic and
cautious consumer environment," said Chief Executive Larry
The company stood by its full-year profit forecast of $2.90
to $2.98 per share.
For the third quarter, Dr Pepper reported net sales of $1.53
billion, down less than 1 percent from a year earlier.
Analysts, on average, expected $1.56 billion, according to
Thomson Reuters I/B/E/S.
Sales volume fell 3 percent as prices rose. Sales volume for
its five core brands declined 6 percent on higher pricing and
fewer promotions. 7UP and Sunkist both were down at a
high-single-digit rate, while A&W declined at a mid-single-digit
rate and Sun Drop declined at a double-digit rate. The Canada
Dry brand saw sales grow.
Net income rose to $179 million, or 84 cents per share, from
$154 million, or 71 cents per share, a year earlier.
Excluding commodity-related accounting gains, earnings were
79 cents per share. On that basis, analysts, on average,
expected 77 cents per share.