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February 14, 2016 6:34 PM ET

Food Products

Company Overview of The WhiteWave Foods Company

Company Overview

The WhiteWave Foods Company, a consumer packaged food and beverage company, manufactures, markets, distributes, and sells branded plant-based foods and beverages, salads, fruits and vegetables, coffee creamers and beverages, and dairy products and organic produce in North America and Europe. It operates in 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, and coconut milk under the Silk and So Delicious brands; dairy products, including Horizon Organic milk, yogurt, cheese, and other dairy products, as well as Horizon branded macaroni and ...

1225 Seventeenth Street

Suite 1000

Denver, CO 80202

United States

Phone:

303-635-4500

Key Executives for The WhiteWave Foods Company

Chairman, Chief Executive Officer and Chairman of Executive Committee
Age: 57
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Vice President
Age: 50
Total Annual Compensation: $500.0K
Chief Operating Officer
Age: 49
Total Annual Compensation: $650.0K
President of Europe Foods & Beverages
Age: 56
Total Annual Compensation: $554.1K
Group President for Americas Foods & Beverages
Age: 49
Total Annual Compensation: $550.0K
Compensation as of Fiscal Year 2014.

The WhiteWave Foods Company Key Developments

The WhiteWave Foods Company Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2016

The WhiteWave Foods Company reported unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales were $1,027.63 million against $911 million last year. Operating income was $92.02 million against $72.38 million last year. Income before income taxes was $73.47 million against $55.77 million last year. Net income was $47.58 million or $0.26 per diluted share against $32.56 million or $0.18 per diluted share last year. Adjusted operating income was $113.59 million against $87.161 million last year. Adjusted income before income taxes was $95.56 million against $73.144 million last year. Adjusted net income was $61.82 million or $0.34 per diluted share against $43.7 million or $0.24 per diluted share last year. Adjusted net income excluding China joint venture activities was $64.55 million or $0.36 per diluted share against $48.68 million or $0.27 per diluted share last year. EBITDA was $124.15 million against $94.22 million a year ago. Adjusted EBITDA was $148.62 million against $114.97 million a year ago. Adjusted EBITDA excluding China joint venture activities was $151.68 million against $120.49 million a year ago. For the year, the company reported net sales were $3,866.29 million against $3,436.605 million last year. Operating income was $332.206 million against $266.7 million last year. Income before income taxes was $267.74 million against $224.45 million last year. Net income was $168.39 million or $0.94 per diluted share against $140.18 million or $0.79 per diluted share last year. Net cash from operating activities was $315.306 million against $284.613 million a year ago. Payments for property, plant, and equipment were $258.49 million against $292.36 million a year ago. Adjusted operating income was $375.48 million against $303.61 million last year. Adjusted income before income taxes was $318.88 million against $267.48 million last year. Adjusted net income was $201.1 million or $1.12 per diluted share against $168.8 million or $0.95 per diluted share last year. Adjusted net income excluding China joint venture activities was $214.26 million or $1.19 per diluted share against $178.51 million or $1.00 per diluted share last year. EBITDA was $434.45 million against $366.004 million a year ago. Adjusted EBITDA was $507.82 million against $427.74 million a year ago. Adjusted EBITDA excluding China joint venture activities was $522.21 million against $439.41 million a year ago. The company expects first quarter 2016 net sales growth to be 12% to 13% on a constant currency basis and on a reported basis, the company expects net sales growth to be 11% to 12%. WhiteWave expects its adjusted operating income growth to be moderate over the first quarter of 2016 due to lower expected sales growth in Fresh Foods and expenses related to capacity expansion projects in its Europe Foods & Beverages segment, along with some commodity cost overlaps.  As a result, management expects an adjusted total operating income percentage growth rate for first quarter 2016 to be in the mid-teens on a constant currency basis, translating into low double-digit growth on a U.S. dollar reported basis based on current foreign exchange rates. The company expects its first quarter 2016 tax rate to be at the high end of the 33% to 34% range. Adjusted diluted earnings per share impact of approximately $0.02 in first quarter 2016 with in a range of $0.23 to $0.24 per share. For first quarter 2016, management expects constant currency adjusted diluted earnings per share of $0.26 to $0.27, excluding investments in the China joint venture. On a reported basis, management expects adjusted diluted earnings per share of between $0.25 and $0.26 for first quarter 2016, based on current foreign exchange rates, excluding China joint venture investments. The company expects full year 2016 net sales growth to be 11% to 12% on a constant currency basis. On a reported basis, the company expects net sales growth to be 10% to 11% for full year 2016. These growth expectations include low double–digit percentage net sales growth on a reported basis for the Americas Foods & Beverages segment, which will include the results of the Fresh Foods platform in 2016. The company expects mid-teens percentage net sales growth on constant currency basis for the Europe Foods & Beverages segment. Management expects organic net sales percentage growth in the high single-digits on a constant currency basis for full year 2016. Adjusted operating income growth is expected to increase throughout 2016 from the realization of internal production capacity increases and cost reduction initiatives, further scale leverage, and increasing levels of contributions from completed acquisitions. For full year 2016, management expects adjusted operating income percentage growth in the high-teens to low-twenties on a constant currency basis, converting into mid to high-teens growth on a reported basis, based on current foreign exchange rates.  Management is targeting at least 75 basis points of constant currency operating margin expansion for full year 2016. Interest expense is expected to increase to approximately $70 million to $75 million in 2016, reflecting increased levels of indebtedness related to the financing of acquisitions in 2015. For first quarter 2016, interest expense is estimated to range from $13 million to $15 million due to an expected annual interest rebate on certain loans outstanding, with the remaining quarterly amounts being relatively balanced. Management estimates its effective tax rate to range from 33% to 34% for full year 2016, with variability by quarter. The annual amount of the investment is forecasted to be between $10 million and $12 million and to be approximately $0.06 dilutive to the company’s 2016 adjusted diluted earnings per share. Based upon these factors, management expects to achieve from $1.38 to $1.42 in constant currency adjusted diluted earnings per share for 2016, excluding investments in the China joint venture. On a U.S. dollar reported basis, management expects adjusted diluted earnings per share of $1.33 to $1.37 for 2016, based on current foreign exchange rates, excluding investments in the China joint venture. Adjusted diluted earnings per share on reported basis, in a range of $1.27 to $1.31 and on constant currency basis, $1.32 to $1.36 per share. Management projects capital expenditures will be approximately $325 million to $350 million for full year 2016, due to a shift in timing of certain expenditures and projects from calendar year 2015 into 2016, investments in additional production and warehousing capacity and other plant improvements to support continued growth expectations beyond 2016.

The WhiteWave Foods Company Appoints Anthony J. Magro to Board of Directors

The WhiteWave Foods Company announced that it has appointed Anthony (Tony) J. Magro to its Board of Directors. Magro is a Senior Advisor of Evercore. Prior to this role, he held various positions with Bank of America Merrill Lynch from 2001 to 2011, including Vice Chairman of Global Investment Banking from 2009 to 2011, and Group Head & Managing Director of Global Investment Banking for Banc of America Securities from 2001 to 2009.

The WhiteWave Foods Company to Report Q4, 2015 Results on Feb 11, 2016

The WhiteWave Foods Company announced that they will report Q4, 2015 results at 10:00 AM, US Eastern Standard Time on Feb 11, 2016

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