KDP Q1 adjusted EPS up 11.8% to $0.38; CEO Gamgort transitions to Executive Chairman, Cofer named CEO

Keurig Dr Pepper Inc.

Net sales $3.47B (+3.4% GAAP, +2.8% constant currency); Adj. operating income +17.5% to $825M.
GAAP EPS $0.33; Adj. diluted EPS $0.38 (+11.8%), driven by operating income growth and lower share count.
U.S. Refreshment Bev. net sales +4.3% to $2.1B; U.S. Coffee -2.1% to $0.9B; International +11.8% to $0.5B.
CEO succession: Robert Gamgort becomes Executive Chairman; Timothy Cofer appointed CEO & Board member, effective April 26.
FY2024 guidance reaffirmed: mid-single-digit net sales growth and high-single-digit adjusted EPS growth.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Timothy Cofer

Chief Executive Officer

KDP · Keurig Dr Pepper Inc.

Effective: 2024-04-26
Filed: April 25, 2024, 7:59 PM ET

The Company also announced that Timothy Cofer has been appointed as Chief Executive Officer and as a member of the Board, effective April 26, 2024.

Role change

Robert Gamgort

Executive Chairman

KDP · Keurig Dr Pepper Inc.

Effective: 2024-04-26
Successor: Timothy Cofer
Filed: April 25, 2024, 7:59 PM ET

Robert Gamgort will step down from his position as the Company’s Chief Executive Officer and has been appointed Executive Chairman of the Board of Directors (the “Board”), effective April 26, 2024.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Keurig Dr Pepper Inc. reported first quarter of 2024 results: revenue $3.47 bn, net income $454 million, EPS $0.33. Guidance reaffirmed.

Period: first quarter of 2024
Revenue: $3.47 bn
Net income: $454 million
EPS: $0.33
Guidance: reaffirmed
Result: reported results

Exact text from the filing

the first quarter of 2024, reaffirmed its full year guidance, and announced the completion of its CEO succession process. Reported GAAP Basis Adjusted Basis 1 Q1 Q1 Net Sales $3.47 bn $3.47 bn % vs prior year 3.4% 2.8% Diluted EPS $0.33 $0.38 % vs prior year —% 11.8% Commenting on this final step in the CEO transition, which began in Fall 2023, Chairman and

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Timothy Cofer was appointed as Chief Executive Officer at Keurig Dr Pepper Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

The Company also announced that Timothy Cofer has been appointed as Chief Executive Officer and as a member of the Board, effective April 26, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Gamgort was appointed as Executive Chairman at Keurig Dr Pepper Inc..

Action: appointed
Role: Executive Chairman

Exact text from the filing

Robert Gamgort will step down from his position as the Company’s Chief Executive Officer and has been appointed Executive Chairman of the Board of Directors (the “Board”), effective April 26, 2024.

View on SEC.gov

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Source: SEC EDGAR

accession 0001418135-24-000052

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