WhiteWave grows across all products

WhiteWave grows across all products

- Company credits results to brand power. - Silk holds onto number-one position in plant-based category. - Silk Iced Latte and shelf-s

THE WhiteWave Foods Co., created in Dean Foods Co.'s initial public offering of its WhiteWave division, has reported increased earnings for its fourth quarter and full year in 2012.

The company said it achieved growth across all product categories, led by its plant-based beverages and foods and its coffee creamers.

WhiteWave said growth was softened somewhat by significant year-over-year increases in marketing expenditures and increases in distribution and warehousing costs that were a consequence of "rapid volume growth."

The company's results attest to "the power of our brands" and their position in some of today's fastest-growing product segments, WhiteWave chair and chief executive officer Gregg Engles said.

"We are at the heart of a broad and sustained movement toward convenient, flavorful, nutritious and responsibly produced beverages and foods," he said.

Dean sold a minority stake in WhiteWave in an initial public offering last year (Feedstuffs, Oct. 29, 2012) and plans to spin off much of the remainder of the company in May. Dean plans to retain a 19.9% stake in WhiteWave that it will monetize or distribute at a later date.

WhiteWave, which is listed on the New York Stock Exchange as WWAV, has two business divisions: one in North America and one in Europe.

Its financial results are shown in the Tables.

In North America, WhiteWave makes and markets plant-based beverages and foods such as the Silk brand almond, coconut and soy drinks, premium dairy products under the Horizon Organic label and coffee creamers under the International Delight and Land O'Lakes names.

The company said the North American business continued to experience good growth in the Silk products, especially Silk PureAlmond, and noted that Silk holds the number-one position in the plant-based category. WhiteWave said it introduced Silk Iced Latte and Silk Fruity & Creamy yogurts in the quarter.

The company said it expanded its premium dairy products in the quarter with the introduction of TruMoo flavored milks in shelf-stable, single-serve packaging that provides convenience. TruMoo is a line of flavored milks that are lower in sugar than traditional flavored milks and that contain no high-fructose corn syrup.

WhiteWave said its coffee creamers continue to benefit from increased coffee consumption and the "whitening" trend. The company said it introduced a new "lights line" of International Delight creamers that each have just 100 calories.

In Europe, WhiteWave makes and markets plant-based beverages and foods under the Alpro name. The company said results benefited from increased volume and currency translation in the quarter, although currency translation was a negative for the year.

WhiteWave is based in Dallas, Texas.

 

1. WhiteWave earnings and sales*

 

-Fourth quarter-

-Full year-

 

2012

2011

2012

2011

Sales (million $)

609

543

2,306

2,044

Earnings (million $)

31

23

104

80

Earnings per share (cents)

18

13

60

46

 

2. WhiteWave operating results* (million $)

 

-Fourth quarter-

-Full year-

 

2012

2011

2012

2011

North America

Sales

514

447

1,900

1,596

Income

54

47

204

163

Europe

Sales

NA

NA

NA

NA

Income

7

6

24

27

*For the quarters ended Dec. 31, 2012, and Dec. 31, 2011.

 

Volume:85 Issue:08

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