U.S. soda sales increase due to higher prices, resulting in Keurig Dr Pepper earnings meeting estimates.

• Keurig Dr Pepper's second-quarter earnings and revenue met Wall Street's expectations.
• Despite lower sales in its U.S. coffee division, the company's domestic refreshment division experienced growth due to price hikes.
• The beverage giant also reiterated its full-year outlook.

On Thursday, the company's quarterly earnings and revenue were reported and met analysts' expectations, thanks to higher prices driving its U.S. soda sales.

Shares of the company rose 2% in premarket trading.

Based on a survey of analysts by LSEG, the company's reported results differed from Wall Street's expectations.

• Earnings per share: 45 cents adjusted, in line with estimates
• Revenue: $3.92 billion, in line with estimates

The beverage company's second-quarter net income increased to $515 million, or 38 cents per share, from $503 million, or 36 cents per share, in the previous year.

Excluding items, Keurig Dr Pepper earned 45 cents per share.

During the quarter, net sales increased by 3.5% to $3.92 billion, while volume, excluding pricing and currency changes, rose 1.8%. Additionally, prices were up 1.6% compared to the previous year.

The sales growth of Keurig Dr Pepper's U.S. refreshment beverages division, which includes Snapple, Canada Dry and Sunkist, was 3.3%. Additionally, prices for its drinks increased by 2.9% compared to the previous year.

Recently, Dr Pepper surpassed Coca-Cola as the second-most consumed soda in the U.S., with only PepsiCo's products remaining ahead. Despite this, PepsiCo's price hikes have caused some consumers to switch to competitors, while Coca-Cola's premium offerings and strong international demand have boosted their results.

In the quarter, Keurig Dr Pepper's U.S. coffee division's sales decreased by 2.1% to $1 billion, mainly due to a 2.9% decline in pricing. Despite this, shipments of its K-Cup pods remained relatively stable, which the company attributed to strong market share trends.

Although Keurig Dr Pepper's international division experienced a 15.5% increase in sales for the quarter, it only accounts for less than a sixth of the company's overall revenue.

The company maintained its prior full-year outlook for constant currency revenue growth in the mid-single digit range and adjusted earnings per share growth in the high-single digits.