Wimm-Bill-Dann Foods OJSC (WBD)
Q2 2010 Earnings Call
September 2, 2010 8:00 am ET
Marina Kagan - Head of Public Affairs
Tony Maher - Chairman and Chief Executive Officer
Dmitry Ivanov - Chief Financial Officer
Daniel Wakerly - Morgan Stanley
Michael Gabovich - Glenrock Asset
Brady Martin - Citibank
Natasha Zagvozdina - Renaissance Capital
Good morning and good afternoon and welcome to today's conference, Wimm-Bill-Dann Foods second quarter results. (Operator Instructions)
Thank you. At this time, I would like to turn the call over to Marina Kagan.
Hello, ladies and gentlemen, and thank you for joining us to discuss the financial results of Wimm-Bill-Dann for the second quarter of 2010. As always, after our presentation, we will be happy to take your questions.
Before I hand the call over to our Chief Executive Officer, Tony Maher, I would ask that you please refer to the cautionary statements included in the press release covering any comments made during this call. Tony?
Thank you, Marina. Good afternoon to those of you joining us from Russia and Europe and good morning to our participants from the United States. The second quarter was defined by two dominant themes.
First of all and mostly importantly, we're seeing a strong and broad recovery in demand across all our business segments and across all categories. This is very encouraging.
Secondly, we continue to face challenges in raw milk procurement. The unusually hot summer and the strong demand had put additional pressure on raw milk prices and availability.
Let's begin with the demand trends. We continue to see very encouraging volume growth across all our segments, dairy, baby food and beverages. In fact, we are now back at pre-prices demand levels for dairy and exceeding those in baby food and beverages.