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WhiteWave Foods Reports Strong Second Quarter 2013 Results

Stocks in this article: WWAV

“All of our platforms continue to deliver strong volume growth, which drove robust topline performance for the second quarter,” said Gregg Engles, Chairman and Chief Executive Officer of WhiteWave. “We are pleased with our initial results as a standalone company, and remain focused on continuing to drive topline growth, further optimizing our cost structure and developing innovative products that will change the way the world eats for the better.”

BASIS OF PRESENTATION

Financial results for 2012 are presented on a pro forma adjusted basis and financial results for 2013 are presented on an adjusted basis; however, 2013 financial results for the North America and Europe segments are not adjusted, as all 2013 adjustments relate to Corporate and other items. See reconciliations at the end of this release for further details.

NORTH AMERICA SEGMENT

The Company’s North America segment is comprised of our Plant-based Foods and Beverages, Premium Dairy, and Coffee Creamers and Beverages platforms. In the second quarter of 2013, net sales for the North America segment were $514 million, a 10 percent increase over the second quarter 2012, led by strong double-digit growth in both Plant-Based Foods and Beverages and Coffee Creamers and Beverages. Growth in the North America segment continues to be propelled by strong categories, effective marketing investments, and new product innovations. Operating income for the North America segment increased 9 percent to $50 million for the second quarter of 2013, compared to the same period in 2012.

 
North America Segment

Second Quarter Summary

In millions    

  2013  

   

  2012  

    % Change
Net Sales $ 514 $ 468 +10 %
Operating Income $ 50 $ 46 +9 %
 

Plant-Based Foods & Beverages

In the North America Plant-based Foods and Beverages platform, which includes Silk® soymilk, almondmilk, and coconutmilk, net sales increased 12 percent in the second quarter of 2013 compared to the second quarter of 2012, driven primarily by continued strong growth of Silk almondmilk which grew over 50 percent during the second quarter. The overall Plant-based Foods and Beverages category remained strong with over 14 percent category growth in the second quarter of 2013. Almond now represents a majority of the overall plant-based foods and beverages category with an estimated 55% share. WhiteWave’s Silk® brand continues to hold the #1 market positions in each of its product subcategories.

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