×

Keurig Green Mountain soars 20% on earnings beat

This story is developing. Please check back for further Keurig updates.

Shares of Keurig Green Mountain rose more than 20 percent in after-hours trading Wednesday, after the brand known for its coffee makers posted earnings of 85 cents per share, versus 70-cent estimates, according to Reuters.

The company also reported fourth-quarter revenues of $1.04 billion, beating estimates of $1.03 billion.

Despite beating estimates, the company, which makes K-cup coffee pods and brewers, saw net sales decline 13 percent year-on-year, citing an unfavorable impact foreign currency exchange rates.

For the quarter, 1.9 million Keurig hot system brewers were sold, not counting returns, the company said in an earnings release. There was a 9 percent year-on-year decrease in pod sales and a 32 percent year-on-year decrease brewer and accessory sales in the fourth quarter, the company said.

In August, the Keurig announced it would cut its workforce by about 5 percent amidst declining sales. It has also released a slew of upgraded products this year with Coca-Cola beverages and Campbell's Soup.

Click here for the latest on the markets.

— Associated Press and Reuters contributed to this report.