Whitewave Foods has booked lower third-quarter profits on one-time items. However, the US dairy group said adjusted earnings surged in the period.
WhiteWave, which was spun-off from Dean Foods last year, posted net income of US$24.3m in the three-months to end-September, down from $26.3m in the same period of 2012.
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The bottom line was hit by one-time items. When earnings were adjusted for the reclassification of an asset as held for sale and a related non-cash charge to reflect the estimated fair value, the company emphasised profits were up by around one-quarter on the year. Adjusted operating income grew 19% and adjusted earnings rise 21%, WhiteWave said.
During the period, net sales grew 11% to $639m. Gains were driven by volume growth in the US and Europe, the group revealed.
Looking to the full year, WhiteWave raised the lower end of its earnings guidance range. The company now anticipates adjusted diluted earnings per share of between $0.71 and $0.72.
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