Keurig shares slip after profits, sales miss

A Keurig Green Mountain machine
Daniel Acker | Bloomberg | Getty Images
A Keurig Green Mountain machine

Keurig Green Mountain shares reeled after the company reported quarterly revenue that fell short of Wall Street expectations on disappointing holiday sales. The stock was down about 7 percent in extended trading on Wednesday.

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The producer of beverage makers and single-serve K-Cup coffee reported earnings of 88 cents a share, down from 96 cents a share in the year-earlier period. Revenue remained stagnant from the year-earlier period at $1.39 billion.

Analysts had expected Keurig to report earnings of 89 cents a share on $1.47 billion in revenue, according to a consensus estimate from Thomson Reuters.

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Keurig also updated its 2015 revenue growth outlook to mid-to-high single digits on "a greater negative impact from foreign exchange."

Net sales failed to meet the company's expectations. Keurig cited weaker-than-expected holiday sales, a voluntary recall on certain brewing machines and currency pressures from a strengthening dollar.

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Brewers and accessories took the biggest hit with an 18 percent sales decrease year over year, while drink portion pack sales rose 9 percent.