WhiteWave reports strong Q3

WhiteWave reports strong Q3

Company continued to make significant investments in production capacity, innovation and brand building to drive future growth.

The WhiteWave Foods Co. (NYSE: WWAV) reported strong results for the third quarter ended September 30, 2012.

Financial Summary:

 

Three Months Ended
September 30,

   

In millions, except percentages and EPS

 

2012

 

2011

 

% Change

Total Net Sales

           

GAAP

 

$

575

 

$

510

 

13

%

Pro Forma Adjusted

 

$

581

 

$

514

 

13

%

             

Operating Income

           

GAAP

 

$

43

 

$

48

 

(10

%)

Pro Forma Adjusted

 

$

45

 

$

37

 

23

%

             

Income from Continuing Operations

           

GAAP

 

$

26

 

$

33

 

(21

%)

Pro Forma Adjusted

 

$

27

 

$

21

 

31

%

             

Diluted Earnings Per Share (EPS)

           

GAAP

 

$

0.18

 

$

0.22

 

(21

%)

Pro Forma Adjusted

 

$

0.16

 

$

0.12

 

31

%

             

Diluted Shares Outstanding

           

GAAP

   

150

   

150

   

Pro Forma Adjusted

   

174

   

174

   
                 

The 13 percent percent increase in pro forma adjusted net sales reflects strong volume growth across the Company’s North American segment, particularly in its Plant-based Foods and Beverages and Coffee Creamers and Beverages platforms, each of which delivered over 20 percent in pro forma adjusted net sales growth. This strong growth, coupled with continued disciplined cost management, resulted in 31 percent pro forma adjusted diluted earnings per share growth in the third quarter of 2012. At the same time, the Company continued to make significant investments in production capacity, innovation and brand building to drive future growth.

Gregg Engles, chairman and CEO, said, “Consistent with WhiteWave-Alpro segment results reported by Dean Foods on November 8th as part of its consolidated third quarter financial results, WhiteWave Foods continued to build on its momentum in the third quarter, delivering strong growth across the business. We successfully completed the initial public offering of WhiteWave Foods Class A common stock and have hit the ground running. We are sharply focused on executing our business plans to continue to drive growth and are excited by the prospects ahead.”

Product Category Sales

Pro forma adjusted net sales in North American Plant-based Foods and Beverages, which includes Silk® Soymilk, PureAlmond® and PureCoconut®, increased more than 20 percent in the third quarter of 2012 compared to the third quarter of 2011, driven primarily by continued strong growth of Silk PureAlmond®.

Alpro’s European Plant-based Foods and Beverages net sales increased high-single digits on a constant currency basis and declined low-single digits on a percentage basis after currency conversion.

Pro forma adjusted net sales in Premium Dairy, which includes Horizon Organic® branded milk and other products, increased mid-single digits on a percentage basis in the third quarter.

Pro forma adjusted net sales in Coffee Creamers and Beverages, which includes coffee creamers under the International Delight®, Land O’Lakes®, Silk® and Horizon Organic® brands, as well as International Delight Iced Coffee®, increased by more than 20 percent in the third quarter.

Fourth quarter 2012 Outlook
Building on its strong third quarter results, the Company expects continued momentum in the fourth quarter of 2012. On a percentage basis, management anticipates pro forma adjusted net sales growth in the low-double digits, pro forma adjusted segment operating income growth in the mid-teens and pro forma adjusted total operating income growth of around twenty percent, resulting in pro forma adjusted diluted EPS of between $0.16 and $0.18 or $0.58 to $0.60 for full year 2012.

 

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