Despite operating in an industry where there currently isn't much growth, WhiteWave (WWAV) is still managing to beat expectations and rapidly increase its revenues.

The natural and organic food giant said on Tuesday that net sales were up 14%, year-over-year, to $1 billion, while adjusted diluted earnings per share were up 17% to 28 cents, excluding operating costs tied to its China joint venture, compared to analyst expectations of 26 cents per share. Earnings were 27 cents per share including costs for its China joint venture.

WhiteWave's stock was up about 6.8% in mid-day trading to $44.47 per share.

"WhiteWave is very much in excess of the market multiple," said Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio, which owns WhiteWave.

WhiteWave has a market cap of nearly $7.8 billion billion, and an enterprise value of about $9.9 billion, based on debt of close to $2.14 billion and cash and cash equivalents of almost $40 million. The enterprise value is a multiple of about 17 times WhiteWave's projected adjusted Ebitda of nearly $580 million for its current fiscal year.

"You've got this really high growth in an industry where this isn't a lot of growth," Cramer said. "Natural and organic is not going away. Remember, this is plant-based food chiefly. Plant-based liquids. And milk is something that people are, let's say, going away from secularly. And they're going for almond, they're going for soy, they're going for coconut, and this is the company that has it all."

WhiteWave owns the Silk beverage brand, as well as the So Delicious beverage and coffee creamer brand, the Vega protein powder and bars brand, the Earthbound Farm organic fresh vegetable brand and the Horizon organic milk brand.

Meanwhile, adjusted operating income for the first quarter was up 21% to $90 million, compared to $75 million for the same period a year prior.

Revenue growth was driven not only by growth, but by acquisitions, WhiteWave said.

The deal-hungry company bought two companies in 2015 -- Wallaby and Vega.

Wallaby was acquired in August for $125 million in cash by WhiteWave. The company makes Australian and Greek styles of yogurt, as well as Kefir beverages and sour cream. It had revenue of $45 million for the 12 months ended June 2015.

Vega, the maker of protein powders and bars, was bought in June for about $550 million in cash, and generated revenue for the prior 12 months of $100 million.