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Keurig Green Mountain 3Q Net Sales Up 6%
Aug 11, 2014
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Coffeemaker producer Keurig Green Mountain (Waterbury, VT) reported fiscal 2014 third quarter net sales of $1.02 billion, up 6% from the third quarter of its fiscal year 2013.

GAAP operating income in 3Q 2014 was $231 million, up 20% 3Q 2013. Non-GAAP operating income was $243 million, up 18% from year ago.

Keurig Green Mountain sells coffee makers (brewers), as well as portions packs of specialty coffees and other beverages for use in its brewing system. Its fiscal third quarter ended June 28, 2014.

Keurig President and CEO Brian Kelley said non-GAAP net income growth of 31% exceeded the company's long-term growth target.

"We delivered net sales of approximately $1 billion for the quarter, driven by 9% currency-neutral growth of our core single serve business," Kelley added.

Kelley said the Keurig system is continuing to expand across the United States and Canada, evidenced by its year-over-year brewer shipment growth of 13% and 15% unit growth in portion packs.

"We also are excited about the imminent launch of our new Keurig 2.0 hot platform; the addition of formerly unlicensed and new brands to the Keurig hot beverage system during the quarter; and, our progress on the new Keurig Cold beverage system," he added.

However, net sales of brewers and accessories in 3Q of fiscal year 2014 of $128.0 million was down 4% from $133.1 million in 3Q FY 2013.

Keurig sold 1.7 million brewers in the quarter, with 1.6 million sold by the company and 0.1 million sold by its licensed brewer partners.

The company reiterating that it expects full-year 2014 net sales growth to be in the high single digits compared to fiscal year 2013.

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