WhiteWave Foods (WWAV) Reports Better than Expected Revenue
Denver, Colorado based WhiteWave Food Company was originally a subsidiary of Dean Foods DF that was spun off and had its initial public offering in 2013.
Shares of the WhiteWave Food Company (WWAV) were up +1.32 or +3.71 percent to $36.86 per share in premarket trading on Thursday after the company announced earnings early this morning. Earnings per share were in line with expectations, but WhiteWave reported higher than anticipated revenue for the company's fiscal fourth quarter. WhiteWave Foods stock closed at $35.54 per share, down -0.36 or -1.00 percent in Wednesday's regular trading session.
WhiteWave Foods reported fourth quarter adjusted diluted earnings of $0.27 per share, which was in line with the consensus and +24 percent higher than in the same period one year ago. For the full year, the company reported it had earned $1.00, up +36 percent from last year's fourth quarter, both figures excluded investments associated with a joint venture in China. With the inclusion of the joint venture, the company earned $0.24 per share for the quarter and $0.95 for the full year.
WhiteWave Foods stated that it had experienced strong organic growth in all brands and included the yearly results of its recently acquired Earthbound Farms and fourth quarter results of its So Delicious brands. The company's net sales came to $911 million versus $679 million in 2013's fourth quarter, up +34 percent, while full year net sales grew to $3.4 billion compared to $2.5 billion in 2013. Analysts were expecting fourth quarter net sales of $898 million.
Gregg Engles, WhiteWave Food Company Chairman and Chief Executive Officer said in the company's press release that, "Our fourth quarter results were a very strong close to a record year at WhiteWave. We generated robust organic growth driven by outstanding performances across all of our legacy businesses .
He continued saying, "Beyond delivering strong financial results in 2014, we completed the two highly strategic acquisitions of Earthbound Farm and So Delicious, entered into a new country with the launch of a Silk-branded product in China through our joint venture, opened a new plant in Dubois, Pennsylvania, continued to launch new and innovative products, and expanded our brands into new categories. With this as our foundation entering 2015, and with the tailwinds of strong consumer demand for nutritious, organic and flavorful foods and beverages, we are well positioned for another year of strong core performance across our businesses.
While fourth quarter earnings were in line and revenue beat expectations, WhiteWave's earnings per share guidance for the company's fiscal first quarter 2015 is +$0.20 - $0.22 versus analyst expectations of +$0.24. Nevertheless, the company's full year 2015 EPS guidance of +$1.14 - $1.18 beat the analyst consensus of $1.13. Investors are reacting favorably in this morning's premarket, pushing WhiteWave stock up more than four percent. The company will hold a conference call with analysts and investors later this morning.
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