Earnings Beat Expectations
Adjusted earnings came in at $2.77 per share, ahead of analysts’ estimates of $2.64 per share. Net sales increased 6% year over year to $2.268 billion, slightly above the consensus estimate of $2.260 billion.
Comparable sales also rose 6%, helped by a 10-percentage-point benefit from pricing actions, primarily in coffee and sweet baked goods.
Adjusted gross profit increased 4%, while adjusted operating income climbed 14%. The company said pricing actions and a favorable product mix supported the gains.
Operating cash flow improved to $579.2 million from $393.9 million a year earlier. Free cash flow rose to $483.9 million from $298.9 million in the prior-year quarter.
