WhiteWave Foods Reports Strong Third Quarter 2013 Results

The WhiteWave Foods Company (the “ Company”) (NYSE: WWAV) today reported strong third quarter 2013 results.
Financial Summary:     Three Months Ended September 30,
In millions, except EPS 2013     2012     % Change
Net Sales
GAAP $639 $575 +11%
Adjusted $639 $581 +10%
Operating Income
GAAP $42 $43 -3%
Adjusted $54 $46 +19%
Net Income
GAAP $24 $26 -8%
Adjusted $34 $28 +23%
Diluted Earnings per Share (EPS)
GAAP $0.14 $0.18 -21%
Adjusted $0.19 $0.16 +21%
Diluted Shares Outstanding
GAAP 175 150
Adjusted 175 173

For the third quarter of 2013, the Company reported adjusted diluted earnings per share of $0.19, a 21 percent increase compared to third quarter 2012. Net sales for the third quarter of 2013 were $639 million, a 10 percent increase from adjusted net sales of $581 million in the third quarter of 2012, driven primarily by continued volume growth across the Company’s North America and Europe segments. Adjusted operating income for the third quarter of 2013 totaled $54 million, representing an increase of 19 percent compared to $46 million in the third quarter of 2012, even as the Company continues to experience higher supply chain costs.

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