(Adds shares, forecast, details)
Aug 6 Keurig Green Mountain Inc
reported lower-than-expected quarterly revenue as sales of its
one-cup coffee brewers fell ahead of the launch of a new machine
later in the year.
Keurig's shares fell 4 percent in after-market trading on
Wednesday after the company also forecast earnings for the
current quarter that fell far short of analysts' average
The company said it expected a profit of 68-75 cents per
share for the fourth quarter ending September.
Analysts on average are expecting earnings of 86 cents per
share, according to Thomson Reuters I/B/E/S.
The company, which plans to launch its Keurig 2.0 brewers
later this year, said brewer and accessories net sales fell 4
percent in the third quarter ended June 28.
Keurig's machines use pods filled with coffee, tea or hot
chocolate powder to brew one-cup drinks at home.
Keurig's shares have been hot since May, when Coca Cola Co
said it would boost its stake in Keurig to 16 percent,
making it the company's largest shareholder.
The two companies are jointly developing a machine that will
serve both carbonated and non-carbonated drinks.
Sales of portion packs, which account for 81 percent of the
company's total revenue, rose 10 percent to $826.3 million.
The company said profit rose to $155.2 million, or 94 cents
per share, from $116.3 million, or 76 cents per share, a year
Revenue rose 5.7 percent to $1.02 billion.
Excluding items, earnings were 99 cents per share.
Analysts on average had expected earnings of 88 cents per
share on revenue of $1.05 billion, according to Thomson Reuters
Keurig's shares were down 2.4 percent in extended trading
after closing at $118.13 on the Nasdaq. They had risen nearly 10
percent to Wednesday's close since Coke bought a 10 percent
stake in the company in February.
(Reporting by Ramkumar Iyer in Bangalore; Editing by Maju