Power Corporation of Canada
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Financials : Insurance | Large Cap Value
Based in Canada
Company profile

Power Corporation of Canada is a Canada-based international management and holding company. The Company is focused on providing financial services in North America, Europe, and Asia. Its core holdings include insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. The Company’s reportable segments include Lifeco, IGM Financial and GBL. Lifeco is a financial service holding company with interests in life insurance, health insurance, retirement and investment management services, asset management and reinsurance businesses primarily in Canada, the United States and Europe. IGM Financial is a wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors through North America, Europe, and Asia. GBL is a Belgian holding company, which is focused on long-term and sustainable value creation.

Closing Price
$26.78
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
(Light)
Volume:
26,317

10-day average volume:
47,705
26,317

Keurig Dr. Pepper stock dips premarket after third-quarter profit falls sharply amid inflationary pressures

7:44 am ET October 27, 2022 (MarketWatch)
Print

By James Rogers

Keurig Dr. Pepper Inc.'s stock down 1.8% premarket

Keurig Dr. Pepper Inc.'s stock fell before market open on Thursday after the company's third-quarter earnings fell sharply from the year-earlier as inflationary pressures weighed.

The company's stock was down 1.8% premarket, after ending Wednesday's session up 0.5%. The S&P 500 index ended Wednesday down 0.7%.

Keurig Dr. Pepper (KDP) earned 13 cents a share on net income of $180 million, compared with 37 cents a share on net income of $530 million in the prior year's quarter. On an adjusted basis, Keurig Dr. Pepper earned 46 cents a share, matching the FactSet consensus.

The beverage company's revenue was $3.62 billion, compared with $3.25 billion in the prior year's quarter. Analysts surveyed by FactSet were looking for sales of $3.63 billion.

The company attributed its third-quarter earnings performance to the "unfavorable year-over-year impact of items affecting comparability."

Keurig Dr. Pepper's operating income was $394 million, compared with $795 million in the same period last year, which reflected a $311 million non-cash impairment charge in the current quarter on the Bai brand. Higher gross profit, partially offset by continued broad-based inflationary pressures and increased marketing investment, also impacted the company's results.

See Now: Coca-Cola's third-quarter profit and revenue bode well for beverage stocks, says analyst

The company said that all four of its product segments grew sales during the quarter.

"While the macro landscape remains challenging, our cold beverages portfolio continues to perform exceptionally well, with strong in-market execution and increased marketing investment driving consistent growth in LRB [Liquid Refreshment Beverage] market share," said Keurig Dr. Pepper CEO CEO Ozan Dokmecioglu, in the earnings release. "At the same time, our coffee business has steadily recovered from the significant supply chain disruption earlier this year and is poised to deliver strong sales and earnings growth in the fourth quarter."

The company reaffirmed its full-year guidance for constant currency net sales growth in the low-double-digit range and adjusted earnings per share growth in the mid-single-digit range.

See Now: PepsiCo stock jumps, as earnings show 'very healthy' consumers are still willing to pay more for soda and chips

Keurig Dr. Pepper's results follow strongquarterly numbers from rivals Coca-Cola Co. (KO) and PepsiCo Inc. (PEP).

-James Rogers

	

(END) Dow Jones Newswires

October 27, 2022 07:44 ET (11:44 GMT)

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