The Company expects core growth of its leading brands, along with recent innovations, to continue to drive a sales growth rate in the high single digits for the third quarter. Consistent with previous guidance, the Company expects a high single digit growth rate for the full year 2013. Driven by topline growth, management anticipates an adjusted total operating income growth rate in the low to mid-teens for the third quarter 2013. On a full year basis for 2013, the Company expects an adjusted total operating income growth rate in the mid-teens, in line with its previous guidance.
The Company continues to estimate approximately $55 million in corporate costs for full year 2013, and capital expenditures in a range of $150 million to $160 million for 2013, consistent with its prior estimates. Management anticipates a tax rate of approximately 34 percent for the balance of the year, and a similar rate for full year 2013.
The Company expects adjusted diluted earnings of between $0.17 to $0.18 per share for the third quarter. For the full year 2013, the Company now anticipates adjusted diluted earnings per share of between $0.69 and $0.72.“We are pleased with the strong second quarter results we achieved despite ongoing higher supply chain costs largely attributable to our current capacity constraints,” said Kelly Haecker, Executive Vice President and Chief Financial Officer. “We are making steady progress on the capacity expansion plans we previously communicated in order to lower these costs over time. We remain very encouraged by the profit growth opportunities in all of our businesses as we look to the second half of 2013 and beyond.” MAY SPIN-OFF & JULY PUBLIC OFFERING BY DEAN FOODS On May 23, 2013, Dean Foods Company completed the distribution to Dean Foods stockholders of a portion of its remaining equity interest in WhiteWave. Dean Foods distributed an aggregate of 47,686,000 shares of WhiteWave Class A common stock and 67,914,000 shares of WhiteWave Class B common stock as a pro rata dividend on shares of Dean Foods common stock outstanding. After this distribution, Dean Foods held 34,400,000 shares of WhiteWave Class A common stock.
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