PLANO, Texas (AP) — In a story April 27 about Dr Pepper Snapple Group's first-quarter earnings, The Associated Press reported erroneously that the company makes Fiji Water. Dr Pepper distributes Fiji Water.
A corrected version of the story is below:
Dr Pepper Snapple's 1Q earnings rise 16 pct, lifting stock
Dr Pepper Snapple Group Inc. first-quarter profit rose 16 percent on a mix of slightly higher prices and an uptick in demand for some of its soft drinks and other beverages
PLANO, Texas (AP) — Dr Pepper Snapple Group Inc. first-quarter profit rose 16 percent on a mix of slightly higher prices and an uptick in demand for some of its soft drinks and other beverages.
The results announced Wednesday were better than expected, lifting Dr Pepper Snapple's stock by $2.60, or nearly 3 percent, to close at $90.38. The shares are still down by 3 percent so far this year.
The Plano, Texas, company earned $182 million, or 96 cents per share, during the opening three months of the year. That compared with income of $157 million, or 81 cents per share, at the same time last year.
Excluding one-time gains, Dr Pepper earned 94 cents per share. That figure topped the average estimate of 86 cents per share among analysts surveyed by Zacks Investment Research.
Revenue for the period edged up 2 percent to $1.49 billion — about $20 million above analysts' projections.
Besides its namesake brands, Dr Pepper Snapple also makes or distributes other beverages that include 7Up, Sunkist, and Fiji water.
The company predicted its full-year earnings will range from $4.20 to $4.30 per share. Analyst forecasts call for full-year earnings of $4.33 per share, according to FactSet.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.