Shares of Keurig Green Mountain surged by as much as 16% in after-hours trading after the company posted fiscal fourth-quarter results.
The specialty coffeemaker posted net sales of $1.04 billion during the quarter, down 13% year-on-year. Analysts had expected $1.03 billion, according to Bloomberg.
Earnings per share came in at $0.61, below the estimate for $0.71.
The company also announced a 13% dividend increase.
CEO Brian Kelley said in the statement: "I'm particularly pleased with the benefits realized from our cost reduction efforts as well as our strong cash generation, both of which exceeded expectations in the fourth quarter. While we expect marketplace conditions will remain challenging in the near term, we have a stronger product line-up and price positioning as we enter the new holiday season."
More to come ...