WhiteWave Foods raised the lower end of its full-year guidance today (9 August), despite recording a drop in first-half earnings.
Net profit in the first six months of the year to the end of June dropped to US$55.2m from $57.7m a year earlier. Operating profit fell 7.9% to $83.9m in the period.
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WhiteWave said it experienced ongoing higher supply chain costs and increased its marketing investments in the period.
“We are making steady progress on the capacity expansion plans we previously communicated in order to lower these costs over time,” CEO Gregg Engles said.
WhiteWave, which spun-off from Dean Foods earlier this year, saw its sales climb to $1.85bn from $1.05bn in 2012, driven primarily by volume growth across the company’s North America and Europe segments.
For the full year, the company said it now anticipates adjusted EPS of between $0.69 and $0.72 from its previous forecast of between $0.68 and $0.72. The firm reiterated an adjusted total operating income growth rate in the mid-teens.
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