Keurig Dr Pepper Inc. (KDP) reported a net sales increase of 3.6% for the fiscal year ending December 31, 2024, reaching $15.351 billion, compared to $14.814 billion in 2023. The company's gross profit also rose by 5.6% to $8.529 billion, driven by a combination of volume growth and favorable pricing. However, net income fell significantly by 33.9% to $1.441 billion, primarily due to substantial impairment charges totaling $718 million related to goodwill and intangible assets, as well as increased interest expenses, which surged by 48.2% to $735 million.
In terms of operational performance, KDP's U.S. Refreshment Beverages segment saw net sales grow by 5.8% to $9.331 billion, while the U.S. Coffee segment experienced a decline of 2.6%, with sales totaling $3.967 billion. The International segment reported a 6.8% increase in sales, reaching $2.053 billion. The company also noted a 1.8% increase in liquid refreshment beverage sales volume and a 0.8% increase in K-Cup pod sales volume, while appliance sales volume surged by 7.4%.
Strategically, KDP made significant moves in 2024, including the acquisition of a controlling interest in GHOST, a lifestyle sports nutrition brand, for approximately $1 billion. This acquisition is expected to enhance KDP's portfolio in the energy drink segment. Additionally, KDP launched several new products, including the Keurig K-Brew+Chill brewer and various beverage flavors under its existing brands. The company also expanded its partnerships with brands like Black Rifle Coffee Company and Nutrabolt, further diversifying its product offerings.
KDP's workforce remained stable, with approximately 29,400 employees as of December 31, 2024. The company continues to focus on optimizing its operations and enhancing its distribution capabilities, which include a fleet of around 7,100 vehicles in the U.S. and 2,200 in Mexico. Looking ahead, KDP anticipates ongoing challenges related to market conditions, including inflation and supply chain disruptions, but remains committed to its strategic initiatives aimed at driving growth and profitability. The company has also indicated plans to continue investing in innovation and expanding its product portfolio to meet evolving consumer preferences.
About Keurig Dr Pepper Inc.
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