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WhiteWave Foods Reports Strong Third Quarter 2013 Results

Stocks in this article: WWAV

“As we mark our one year anniversary as a stand-alone, public company, I am very pleased with our progress and performance,” said Gregg Engles, Chairman and Chief Executive Officer of WhiteWave. “Our third quarter results – reflecting strong organic, profitable revenue growth across our businesses – demonstrate that we are maintaining our momentum and delivering on our objectives. Of course, we recognize that we must continue to stay focused on driving results while innovating and exploring new opportunities. WhiteWave has a bright future and we intend to play a significant role in changing 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. North America segment financial results for 2013 are adjusted for the reclassification of an asset as held for sale and a related non-cash charge to reflect the estimated fair value. All other 2013 adjustments relate to Corporate and other items. Europe segments results are not adjusted. See reconciliations at the end of this release for further details.

NORTH AMERICA SEGMENT

The Company’s North America segment is comprised of three platforms: Plant-based Foods and Beverages, Premium Dairy, and Coffee Creamers and Beverages. In the third quarter of 2013, net sales for the North America segment were $534 million, an 8 percent increase over the third quarter 2012, reflecting strong performance in both Plant-based Foods and Beverages and Coffee Creamers and Beverages. The growth in the North America segment continues to be driven by category expansion, increased volumes, and new product innovations. Adjusted operating income for the North America segment increased 12 percent to $59 million for the third quarter of 2013, compared to the same period in 2012.

North America Segment

Third Quarter Summary

In millions     2013     2012     % Change
Net Sales $534 $493 +8%
 
Adjusted Segment Operating Income $59 $52 +12%
 

Plant-Based Foods & Beverages

In the North America Plant-based Foods and Beverages platform, which includes Silk® soymilk, almondmilk, and coconutmilk, net sales increased 14 percent in the third quarter of 2013 compared to the third quarter of 2012, driven primarily by continued strong growth of Silk almondmilk which grew over 60 percent during the third quarter. The overall Plant-based Foods and Beverages category remained strong with over 13 percent category growth in the third quarter of 2013. Almond’s share of the overall category continues to grow and now represents an estimated 59% of the overall plant-based foods and beverages category. WhiteWave’s Silk® brand continues to hold the #1 market positions in each of its product subcategories.

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