WhiteWave Foods Co (NYSE:WWAV) lifted its outlook for the full year, after announcing its third quarter financial results that topped consensus forecast, helped by recent acquisitions.The company’s sales and earnings have jumped as Americans are increasingly preferring food and beverages that are perceived to be healthier.
The company, which is engaged in selling Silk-branded soy, almond milks and Horizon organic dairy products, has been growing its non-dairy segment and recently finished its $550 million purchase of Vega, a maker of snack bars and plant-based shakes, and its $125 million acquisition of Wallaby Yogurt Co.
WhiteWave announced earnings of $50 million, or 28 cents per share for the third quarter, as compared to $40.9 million, or 23 cents per share, one year ago. Excluding expenses linked with a mutual venture in China, profit rose to 33 cents per share in the quarter, up from 27 cents per share, one year ago.
Revenue for the quarter came in at $1 billion, up 17 percent from the same period last year. Analysts surveyed by Thomson Reuters were looking for an adjusted profit of 31 cents per share and revenue of $974.9 million.
Revenue from WhiteWave’s domestic foods and beverages segment, its largest, rose 23 percent to $722.5 million, partly helped by the Vega and Wallaby acquistions. Growth in the business continues to be helped largely by volume, supported by few pricing advantages mainly within the premium dairy division, according to the company.
WWAV announced that the businesses it recently acquired will continue to boost results. The company lifted its outlook for the year, now anticipating adjusted profit in the range of $1.22 per share to $1.23 per share, above analysts’ estimates of $1.16 per share.
For the fourth quarter, the company has projected profit in the range of 35 cents per share to 36 cents per share, as compared to consensus forecast of 35 cents per share.
