Keurig Green Mountain Q2 Profit Rises; Cuts FY14 Adj. EPS Outlook - Quick Facts

(RTTNews) - Keurig Green Mountain, Inc., (GMCR) Wednesday reported second-quarter net income attributable to the company of $162.1 million or $1.03 per share, up from $132.4 million or $0.87 per share in the same period last year.

Adjusted earnings for the quarter were $271.8 million or $1.08 per share, up from $224.6 million or $0.93 per share in the year-ago period. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.94 per share for the quarter. Analysts' estimates typically exclude special items.

Sales improved 10 percent to $1.10 billion from $1.00 billion last year. Analysts expected revenues of $1.05 billion.

Looking ahead to the third quarter, the company has forecast adjusted earnings in the range of $0.83 to $0.88 per share. Analysts currently expect third-quarter earnings of $0.88 per share.

For the fiscal year 2014, the company now expects adjusted earnings in the order of $3.63 to $3.73 per share, down from its prior range of $3.75 to $3.85 per share. Analysts currently expect full-year earnings of $3.72 per share.

Keurig announced its Board of Directors has approved a new share repurchase authorization of up to $1 billion over the next two years. The new share repurchase program will take effect upon completion of the Company's current program, which has $288 million remaining of its previously authorized $1 billion subject to final price adjustment of the ASR.

Also, Keurig's Board of Directors has declared a regular quarterly cash dividend of $0.25 per share of the Company's common stock. The quarterly cash dividend will be paid on August 1, 2014, to shareholders of record as of the close of business on July 3, 2014.

In a separate press release, Keurig Green Mountain and The J.M. Smucker Company (SJM) have entered into a multiyear agreement that provides for the expansion of their successful partnership for the manufacturing, marketing, distribution, and sale of the Smucker family of coffee brands , including the Folgers, Folgers Gourmet Selections, Café Bustelo and Millstone brands, into Keurig portion packs formats that work with new Keurig consumer and commercial brewing systems.

Smucker and Keurig first entered into a partnership in February 2010.