Last $36.09 USD
Change Today -0.81 / -2.20%
Volume 1.4M
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As of 3:47 PM 11/20/14 All times are local (Market data is delayed by at least 15 minutes).

whitewave foods co (WWAV) Key Developments

The WhiteWave Foods Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014; Updates Earnings Guidance for the Full Year of 2014

The WhiteWave Foods Company announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net sales of $857,467,000 compared to $638,518,000 a year ago. Operating income was $73,347,000 compared to $42,140,000 a year ago. Income before income tax was $65,304,000 compared to $33,552,000 a year ago. Net income was $40,857,000 or $0.23 per basic and diluted share compared to $24,293,000 or $0.14 per basic and diluted share a year ago. Adjusted operating income was $81,745,000 compared to $54,326,000 a year ago. Adjusted Income before loss in investment in unconsolidated entity was $72,863,000 compared to $49,895,000 a year ago. Adjusted net income was $46,639,000 or $0.26 per diluted share compared to $33,838,000 or $0.19 per diluted share a year ago. Adjusted net income excluding joint venture activities was $48,867,000 or $0.27 per diluted share compared to $33,838,000 or $0.19 per diluted share a year ago. EBITDA was $100,853,000 compared to $58,584,000 a year ago. Adjusted EBITDA was $111,022,000 compared to $76,625,000 a year ago. Adjusted EBITDA excluding joint venture activities was $113,652,000 compared to $76,625,000 a year ago. For the nine months, the company reported total net sales of $2,525,617,000 compared to $1,823,854,000 a year ago. Operating income was $194,308,000 compared to $126,088,000 a year ago. Income before income tax was $168,674,000 compared to $116,433,000 a year ago. Net income was $107,624,000 or $0.61 per diluted share compared to $79,501,000 or $0.46 per diluted share a year ago. Net cash provided by operating activities was $168,116,000 compared to $115,319,000 a year ago. Payments for property, plant, and equipment were $209,337,000 compared to $103,144,000 a year ago. Adjusted operating income was $216,452,000 compared to $147,913,000 a year ago. Adjusted Income before loss in investment in unconsolidated entity was $194,336,000 compared to $134,266,000 a year ago. Adjusted net income was $125,115,000 or $0.70 per diluted share compared to $89,940,000 or $0.52 per diluted share a year ago. Adjusted net income excluding joint venture activities was $129,828,000 or $0.73 per diluted share compared to $89,940,000 or $0.52 per diluted share a year ago. EBITDA was $271,782,000 compared to $190,905,000 a year ago. Adjusted EBITDA was $312,766,000 compared to $217,187,000 a year ago. Adjusted EBITDA excluding joint venture activities was $318,918,000 compared to $217,187,000 a year ago. In the fourth quarter of 2014, management expects net sales growth to be in the low-thirties on a percentage basis, behind continued growth across all businesses and the inclusion of So Delicious' net sales for part of the quarter, offset by currency fluctuations and by organic milk supply constraints modestly softening growth expectations in the Premium Dairy platform. Management expects an adjusted total operating income percentage growth rate in the low to mid-forties for the fourth quarter of 2014, driven by continued strong volume growth, cost leverage and further progress on cost improvement and margin expansion initiatives. Management estimates its effective tax rate to range between 34 to 35% for fourth quarter 2014. For the fourth quarter of 2014, management expects adjusted diluted earnings per share to range between $0.26 to $0.27, inclusive of an expected approximately $0.02 earnings per share dilutive impact from higher interest expense related to the senior unsecured notes issuance, and excluding a reduction of approximately $0.03 diluted earnings per share from estimated China joint venture investments. The China joint venture is in the process of being commercialized and there are numerous factors that may impact the amount of WhiteWave's estimated investment in the fourth quarter. Management does not anticipate the recently completed acquisition of So Delicious to have a material impact to fourth quarter 2014 adjusted diluted earnings per share, as integration of this business to leverage operational efficiencies is in the very early stages. Interest expense for the fourth quarter of 2014 is expected to be approximately $40 million to $50 million, reflecting higher interest cost related to its notes issuance in the third quarter of 2014 For full year 2014, management now expects net sales growth in the low to mid-thirties on a percentage basis. Excluding Earthbound Farm, management expects net sales on an organic basis to increase approximately 8% in the fourth quarter, resulting in approximately 11% organic net sales growth for full year 2014. For full year 2014, management continues to expect adjusted total operating income growth in the mid-forties on a percentage basis. Management is updating and increasing its expectations for full year 2014 adjusted diluted earnings per share from between $0.98 and $1.00 to now be between $0.99 and $1.00, excluding investments in its joint venture in China, despite an expected dilutive impact of over $0.02 adjusted diluted earnings per share for full year 2014 related to higher interest expense as a result of the senior unsecured notes issued in the third quarter of 2014; thereby essentially increasing its full year guidance range by $0.03 and $0.02, respectively on a comparative basis. Management now anticipates the joint venture in China will result in a reduction of approximately $0.06 per diluted earnings per share in 2014, due to increased expenses and other investments related to the expected initial launch of products late in the fourth quarter. Management now projects capital expenditures will be approximately $280 to $290 million for the full year 2014, due in part to beginning projects originally planned for 2015 during the fourth quarter of 2014 to support stronger than anticipated growth. Timing of capital projects may vary and affect the amount of actual investments made in 2014. The company expects annual interest expense of around $36 million to $37 million.

The WhiteWave Foods Company to Report Q3, 2014 Results on Nov 10, 2014

The WhiteWave Foods Company announced that they will report Q3, 2014 results Pre-Market on Nov 10, 2014

The WhiteWave Foods Company, Q3 2014 Earnings Call, Nov 10, 2014

The WhiteWave Foods Company, Q3 2014 Earnings Call, Nov 10, 2014

WhiteWave Foods Mulls Acquisitions

The WhiteWave Foods Company (NYSE:WWAV), which has completed an offering of senior note in amount of $500 million, is looking for acquisitions. The company intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility, support growth initiatives, including acquisitions, and for other general corporate purposes.

WhiteWave Foods Announces Pricing of $500 Million of 5.375% Senior Notes Due 2022

The WhiteWave Foods Company announced the pricing of $500 million in aggregate principal amount of 5.375% senior notes due 2022, through underwriters led by J.P. Morgan Securities LLC. The offering is being conducted pursuant to a registration statement and related preliminary prospectus supplement filed with the Securities and Exchange Commission. The notes mature on October 1, 2022. The notes bear interest at a rate of 5.375% per annum payable on April 1 and October 1 of each year, beginning on April 1, 2015. The offering is expected to close on or about September 17, 2014, subject to customary closing conditions. WhiteWave estimates the net proceeds from the issuance and sale of the notes, after deducting underwriting discounts and commission and estimated offering expenses, will be approximately $490.7 million.

 

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Price/Earnings 51.4x
Price/Sales 2.0x
Price/Book 6.1x
Price/Cash Flow 50.6x
TEV/Sales 1.5x
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