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WhiteWave Foods Reports Strong Second Quarter 2013 Results

The WhiteWave Foods Company (the “ Company”) (NYSE: WWAV) today reported strong second quarter 2013 results.

Financial Summary: Three Months Ended June 30,
In millions, except EPS 2013     2012     % Change
Net Sales
GAAP $ 616 $ 554 +11 %
Adjusted $ 616 $ 558 +10 %
Operating Income
GAAP $ 42 $ 42 -1 %
Adjusted $ 46 $ 40 +16 %
Net Income
GAAP $ 31 $ 26 +18 %
Adjusted $ 28 $ 22 +28 %
Diluted Earnings per Share (EPS)
GAAP $ 0.18 $ 0.18 +2 %
Adjusted $ 0.16 $ 0.13 +28 %
Diluted Shares Outstanding
GAAP 174 150
Adjusted 174 173

The Company reported second quarter 2013 results consistent with preliminary results released on July 15, 2013. For the second quarter of 2013, the Company reported adjusted diluted earnings per share of $0.16, a 28 percent increase compared to second quarter 2012. Net sales for the second quarter of 2013 were $616 million, a 10 percent increase from adjusted net sales of $558 million in the second quarter of 2012, driven primarily by volume growth across the Company’s North America and Europe segments. Consolidated adjusted operating income for the second quarter of 2013 totaled $46 million, representing an increase of 16 percent compared to $40 million in the second quarter of 2012, after increased marketing investments and despite ongoing higher supply chain costs.

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