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WhiteWave Foods Reports Strong Third Quarter 2012 Results

The WhiteWave Foods Company (the “ Company”) (NYSE: WWAV) today reported strong results for the third quarter ended September 30, 2012.
Financial Summary:  

Three Months Ended September 30,

In millions, except percentages and EPS
2012   2011 % Change
Total Net Sales
GAAP $ 575 $ 510 13 %
Pro Forma Adjusted $ 581 $ 514 13 %
Operating Income
GAAP $ 43 $ 48 (10 %)
Pro Forma Adjusted $ 45 $ 37 23 %
Income from Continuing Operations
GAAP $ 26 $ 33 (21 %)
Pro Forma Adjusted $ 27 $ 21 31 %
Diluted Earnings Per Share (EPS)
GAAP $ 0.18 $ 0.22 (21 %)
Pro Forma Adjusted $ 0.16 $ 0.12 31 %
Diluted Shares Outstanding
GAAP 150 150
Pro Forma Adjusted 174 174

The 13% percent increase in pro forma adjusted net sales reflects strong volume growth across the Company’s North American segment, particularly in its Plant-based Foods and Beverages and Coffee Creamers and Beverages platforms, each of which delivered over 20% in pro forma adjusted net sales growth. This strong growth, coupled with continued disciplined cost management, resulted in 31% pro forma adjusted diluted earnings per share growth in the third quarter of 2012. At the same time, the Company continued to make significant investments in production capacity, innovation and brand building to drive future growth.

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