Keurig Dr Pepper stock slides as volumes slip amid price increases (update)
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Keurig Dr Pepper (NASDAQ:KDP) pushed past earnings estimates on Thursday, but relied on pricing moves to offset volume declines.
For the first quarter, the Texas-based beverage giant notched a narrow beat on the top and bottom lines. Management noted that an 8.9% increase in net sales to $3.35B was bolstered by net price realization of 9.9%. 
âOur overall performance in the quarter demonstrated the resilience of KDP as we delivered on our commitments in a dynamic macro environment. Our results were led by strong revenue growth, supported by successful innovation, increased marketing and modest brand elasticities,â CEO Bob Gamgort stated. âThe U.S. Refreshment Beverages and International segments exhibited standout performance and, as expected, U.S. Coffee had a slower start to the year. Though the at-home coffee category is still cycling through mobility-related changes relative to last year, single serve continues to gain volume share of the U.S. category.â
He added that the company remains confident in achieving the targets laid out during its Q4 earnings presentation earlier this year. On a constant currency basis, the company expects net sales growth of 5% and adjusted diluted EPS growth of 6% to 7% for the full year. Consensus expectations for sales and EPS growth stand at 4.94% and 5.32%, respectively.
The sign of perhaps some negative volume consequence to price increases was punished by the market however. Shares of Keurig Dr Pepper (KDP) slipped 7.21% shortly after Thursday's opening bell.
Dig into the details of the earnings results.