The WhiteWave Foods Company, a consumer packaged food and beverage company, manufactures, markets, distributes, and sells branded plant-based foods and beverages, coffee creamers and beverages, dairy products and organic salads, and fruits and vegetables in North America and Europe. It operates through three segments: Americas Foods & Beverages, Americas Fresh Foods, and Europe Foods & Beverages. The Americas Foods & Beverages segment offers plant-based foods and beverages, such as soymilk, almond milk, coconut and cashew milk, ice cream and frozen novelty products, plant-based yogurts, and Vega plant-based nutritional products under the Silk and So Delicious brands; dairy products, includin...
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The WhiteWave Foods Company Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Year 2016
Aug 9 16
The WhiteWave Foods Company announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported operating income was $100,828,000 compared with $77,002,000 for the same period a year ago. Income before income taxes was $81,102,000 compared with $62,081,000 for the same period a year ago. Net income was $51,769,000 or $0.29 per diluted share compared with $37,444,000 or $0.21 per diluted share for the same period a year ago. Adjusted operating income was $104,063,000 compared with $84,777,000 for the same period a year ago. Adjusted net income was $55 million or $0.32 per diluted share against $44 million or $0.24 per diluted share for the same period a year ago. Adjusted EBITDA was $143 million against $115 million for the same period a year ago. Net sales for second quarter 2016 were $1.1 billion, a 14% increase from net sales of $924 million in second quarter 2015. These results were driven by strong organic growth in both the Americas and Europe segments, as well as contributions from acquisitions.
For the six months, the company reported net sales of $2,089,343,000 compared with $1,834,773,000 for the same period a year ago. Operating income was $184,665,000 compared with $147,071,000 for the same period a year ago. Income before income taxes was $148,820,000 compared with $119,684,000 for the same period a year ago. Net income was $94,369,000 or $0.52 per diluted share compared with $70,791,000 or $0.39 per diluted share for the same period a year ago. Net cash provided by operating activities was $116,546,000 compared with $106,863,000 for the same period a year ago. Payments for property, plant, and equipment were $93,082,000 compared with $140,637,000 for the same period a year ago.
Reflecting the company's second quarter 2016 results, management now expects constant currency adjusted diluted earnings per share of $1.43 to $1.46 for full year 2016, excluding investments in the China joint venture. Due to changes in current foreign exchange rates since providing its previous outlook having a negative impact to reported currency results, management continues to expect adjusted diluted earnings per share of $1.38 to $1.41 in reported currency for full year 2016, excluding investments in the China joint venture. The company expects net sales growth to be in the range of 10.5% to 11.5% in reported currency and 11% to 12% on constant currency, adjusted total operating income growth to be high teens to 20% on reported currency and low 20%, adjusted diluted earnings per share to be in the range of $1.32 to $1.35 on reported currency and $1.37 to $1.40 on constant currency.
General Mills Denies Bid For WhiteWave Foods
Jul 13 16
There was speculation that General Mills, Inc. (NYSE:GIS) as a possible suitor for The WhiteWave Foods Company (NYSE:WWAV). However, Ken Powell, Chief Executive Officer, brushed aside speculation that General Mills may bid for WhiteWave Foods. The company dispelled rumors that they are eyeing a large acquisition.
The WhiteWave Foods Company to Report Q2, 2016 Results on Aug 09, 2016
Jul 12 16
The WhiteWave Foods Company announced that they will report Q2, 2016 results at 12:00 PM, GMT Standard Time on Aug 09, 2016