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TheStreet Open House

Wimm-Bill-Dann Foods CEO Discusses Q2 2010 Results - Earnings Call Transcript

Wimm-Bill-Dann Foods OJSC (WBD)

Q2 2010 Earnings Call

September 2, 2010 8:00 am ET

Executives

Marina Kagan - Head of Public Affairs

Tony Maher - Chairman and Chief Executive Officer

Dmitry Ivanov - Chief Financial Officer

Analysts

Daniel Wakerly - Morgan Stanley

Michael Gabovich - Glenrock Asset

Brady Martin - Citibank

Natasha Zagvozdina - Renaissance Capital

Presentation

Operator

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.

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?

Tony Maher

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.

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