US: WhiteWave sees Q2 sales, earnings jump
Alpro maker WhiteWave sees earnings rise
WhiteWave Foods has booked an increase in second-quarter adjusted earnings and sales, driven by broad-based growth across all business segments.
WhiteWave, which spun-off from Dean Foods earlier this year, said adjusted operating income rose 16% in the three months to 30 June, climbing to US$46m, up from $40m in the comparable period of last year. Adjusted net profit rose 28% to $28m in the quarter, WhiteWave added.
The group said net sales in North America expanded by 10%, driven by volume growth across all platforms. The company benefited from low-double digit gains in plant-based foods and drinks, mid-single digit gains in premium dairy and low-double digit gains in coffee creamers.
WhiteWave also booked an increase in European sales, which rose 13% in the period, driven by product launches.
WhiteWave is pre-releasing its second-quarter results ahead of investor meetings this week. The company will provide more detailed commentary at the beginning of August.
WhiteWave Foods Reports Preliminary Second Quarter 2013 Results
Adjusted Diluted Earnings per Share Increases 28% to $0.16; $0.18 Diluted Earnings per Share on a GAAP Basis Adjusted Net Sales Increases 10% to $616 Million on Volume Growth Across All Platforms; $616 Million in Net Sales and 11% Growth on a GAAP Basis Consolidated Adjusted Operating Income Grows 16% in Q2 2013 BROOMFIELD, Colo.--(BUSINESS WIRE)--The WhiteWave Foods Company (the "Company") (NYSE: WWAV) today announced the following preliminary second quarter 2013 results.
The Company anticipates reporting second quarter 2013 adjusted diluted earnings per share of $0.16, a 28 percent increase compared to second quarter 2012. Net sales for the second quarter of 2013 are anticipated to be $616 million, a 10 percent increase from adjusted net sales of $558 million in the second quarter of 2012, driven primarily by volume growth across both the Company's North America and Europe segments.
Adjusted net sales in the North America segment are anticipated to have increased 10 percent in the three months ended June 30, 2013, as compared to the same period in 2012, driven by growth across all platforms, with increases on a percentage basis for plant-based foods and beverages in the low-double digits, premium dairy in the mid-single digits and coffee creamers and beverages in the low-double digits. Growth in the North America segment continues to be propelled by strong categories, increased marketing investments, and new product innovations.
The Company expects to report 13 percent growth in net sales in its Europe segment for the three months ended June 30, 2013, as compared to the same period in 2012, driven by strong volume growth of products launched in the prior year, including almond and hazelnut beverages, along with continued growth in non-dairy yogurt offerings. Volume growth in the Europe segment continues to be strongest in its core geographies located in Northern Europe. Excluding the impact of currency changes, net sales are also anticipated to have increased 13 percent in the three months ended June 30, 2013, as compared to the same period in 2012.
For the second quarter of 2013, the Company anticipates reporting adjusted operating income of approximately $46 million, representing a 16 percent increase compared to $40 million in the second quarter of 2012.
As of June 30, 2013, the Company had outstanding borrowings of approximately $722 million under its $1.35 billion senior secured credit facilities, of which approximately $493 million consisted of term loan borrowings and approximately $229 million consisted of borrowings under the $850 million revolving portion of its senior secured credit facilities.
SECOND QUARTER RESULTS ARE PRELIMINARY The Company plans to discuss second quarter financial results during its quarterly webcast on August 9th and is pre-announcing these preliminary second quarter results in advance of meetings with investors that management has scheduled for the week of July 15th. The financial results in this release are preliminary and subject to change pending the Company's announcement of definitive financial results for the second quarter of 2013 and the filing of its Form 10-Q for the second quarter of 2013, which are currently scheduled for August 9th. The preliminary financial results presented in this release are based solely upon information available to us as of the date of this release, are not a comprehensive statement of our financial results or positions as of or for the three months ended June 30, 2013, and have not been audited, reviewed, or compiled by our independent registered public accounting firm, Deloitte & Touche LLP. Accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto.
Original source: WhiteWave Foods
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