WhiteWave Foods Q2 Profit Rises; Lifts FY Outlook - Quick Facts

(RTTNews) - WhiteWave Foods Co. (WWAV) reported that its net income for the second quarter ended June 30, 2015 increased to $37.44 million or $0.21 per share from $34.41 million or $0.19 per share in the year ago quarter.

It reported second quarter 2015 adjusted diluted earnings per share of $0.26, excluding operating investments associated with its China joint venture. Including joint venture investments, WhiteWave reported second quarter 2015 adjusted earnings per share of $0.24.

Net sales for second quarter 2015 were $924 million, a 10 percent increase from net sales of $838 million in second quarter 2014. These results were driven by strong growth across the Americas Foods & Beverages and Europe Foods & Beverages segments and a benefit from the inclusion of So Delicious Dairy Free that was acquired in fourth quarter 2014.

On a constant currency basis, net sales increased 14 percent in second quarter 2015 over the same period in 2014. Excluding acquisitions, organic constant currency net sales increased 9 percent in second quarter 2015 over the same period in 2014.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share and revenues of $928.28 million for the second-quarter. Analysts' estimates typically exclude special items.

For third quarter 2015, the company expects constant currency adjusted earnings per share of $0.31 to $0.33, excluding an approximately $0.02 per share investment in the China joint venture. On a U.S. dollar reported basis, it expects adjusted diluted earnings per share of $0.29 to $0.31 for third quarter 2015, based on current foreign exchange rates, excluding China joint venture investments.

For third quarter 2015, it expects net sales growth to be 18 percent to 19 percent on a constant currency basis, translating into 14 percent to 15 percent growth on a reported basis.

Analysts expect the company to report earnings of $0.31 per share and revenues of $963.45 million for the third-quarter.

The company expects continued strong growth in 2015 and increased its full year outlook for net sales, adjusted operating income and adjusted diluted earnings per share. It increased net sales growth expectations for full year 2015 to 15 percent to 16 percent on a constant currency basis, and 12 percent to 13 percent on a reported basis.

Based on these expectations and current foreign exchange rates, the company raised its full year 2015 adjusted earnings per share outlook to $1.19 to $1.22 on a constant currency basis, excluding the expected $0.06 to $0.07 per share operating investment in the China joint venture. On a U.S. dollar reported basis, excluding investments in the China joint venture, the company increased its expectation for full year 2015 adjusted earnings per share to $1.14 to $1.17.

For full year 2015, the company now expects adjusted operating income percentage growth in the mid-twenties on a constant currency basis, converting into low twenties growth on a reported basis, based on current foreign exchange rates.

Wall Street currently is looking for fiscal year 2015 earnings of $1.14 per share on annual revenues of $3.82 billion.