WhiteWave Foods Q1 Profit Increase; Lifts 2015 Adj. EPS View - Quick Facts

(RTTNews) - WhiteWave Foods Co. (WWAV) reported that its net income for the first-quarter ended March 31, 2015 increased to $33.35 million from the prior year's $32.36 million, with earnings per share improving to $0.19 from $0.18 in the previous year.

WhiteWave reported first quarter 2015 adjusted earnings per share of $0.24, excluding operating investments associated with its China joint venture. Including joint venture investments, WhiteWave reported first quarter 2015 adjusted earnings per share of $0.22. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for first quarter 2015 were $911 million, a 10 percent increase from net sales of $830 million in first quarter 2014. These results were driven by strong growth across the Americas Foods & Beverages and the Europe Foods & Beverages segments and inclusion of the So Delicious Dairy Free business that was acquired in fourth quarter 2014. Wall Street expected revenues of $911.09 million.

On a constant currency basis, net sales increased 13 percent in first quarter 2015 over the same period in 2014. Excluding the results of So Delicious, organic constant currency net sales increased 10 percent in first quarter 2015 over the same period in 2014.

For second quarter 2015, the company expects net sales percentage growth in the low-teens on a constant currency basis, translating into high-single to low-double digits on a reported basis.

For second quarter 2015, the company expects constant currency adjusted diluted earnings per share of $0.25 to $0.27, excluding an approximately $0.02 per share investment in the China joint venture. On a U.S. dollar reported basis, management expects adjusted diluted earnings per share of $0.23 to $0.25 for second quarter 2015, based on current foreign exchange rates, excluding China joint venture investments.

Analysts expect the company to report earnings of $0.25 per share and revenues of $925.66 million for the second-quarter.

The company expects continued strong growth in 2015 and increased its full year outlook for net sales, adjusted operating income and adjusted earnings per share. These increased expectations are in spite of continued strengthening of the U.S. dollar, which is expected to further lower adjusted diluted earnings per share by $0.01 due to currency translation of the Europe Foods & Beverages segment results, as well as the Canadian dollar based operations within the Americas Foods & Beverages segment.

The company increased its net sales percentage growth expectations for full year 2015 to low-teens on a constant currency basis, and low-double digits on a reported basis.

The company raised its full year 2015 adjusted diluted earnings per share outlook to $1.16 to $1.20 on a constant currency basis, excluding the expected $0.06 to $0.07 per share operating investment in the China joint venture.

On a U.S. dollar reported basis, excluding investments in the China joint venture, the company increased its expectation for full year 2015 adjusted earnings per share to $1.10 to $1.14, after an expected $0.06 dilutive impact from currency translation. Management's current expected currency translation impact of $0.06 has been increased by $0.01 from its initial 2015 guidance.

Wall Street currently is looking for fiscal year 2015 earnings of $1.11 per share on annual revenues of $3.78 billion.