UPDATE: Dr Pepper Snapple Q3 Profit Tops Street View

Dr Pepper Snapple Group

reported better-than-expected earnings for the third quarter. The Plano, Texas-based company posted quarterly net income of $188 million, or $0.96 per share, compared to $207 million, or $1.01 per share, in the year-ago quarter. Its adjusted earnings came in at $0.98 per share. Its sales gained 3% to $1.583 billion. However, analysts were expecting a profit of $0.88 per share on revenue of $1.54 billion. Net sales for Beverage Concentrates segment fell 1%, while Packaged Beverages net sales rose 2%. Latin America Beverages net sales gained 21% in the quarter. Dr Pepper Snapple's sales volumes came in flat for the quarter and rose 1% year-to-date. The company now projects full-year adjusted earnings of $3.56 to $3.62 per share on sales growth of about 1%. Dr Pepper Snapple announced its plans to buy back $375 million to $400 million of its own shares. DPS President and CEO Larry Young said, “Our teams posted yet another quarter of solid performance in what continues to be an extremely challenged environment. We remained focused on our strategy of building our brands with consumers and executing with excellence in the marketplace.” Dr Pepper Snapple shares closed at $65.43 on Wednesday.