Keurig Green Mountain (GMCR) reported third quarter non-GAAP EPS of $0.80 after the bell Wednesday, down from $0.99 in the previous year. Net sales decreased by 5 percent from a year ago to $970 million. The consensus estimates were for EPS of $0.79 and revenues of $1.04 billion. Fourth quarter non-GAAP EPS is expected to be between $0.70 and $0.75. Analysts are expecting EPS of $0.97.
The company also announced a multi-year productivity program, which is expected to reduce its workforce by approximately 5%.
Keurig Green Mountain declined for the majority of the afternoon Wednesday and closed down by 1.61 at $74.98 on above average volume. The stock is now down 19.48 on 1.4 million shares after the close.
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