WhiteWave reports increased revenue, income
Last Updated: 15:04 February 14, 2014
Broomfield-based WhiteWave's revenue for the same quarter a year ago was $609 million.
Net profit was $31.2 million for the quarter ended Dec. 31, or 18 cents per share, up from $26.4 million, or 18 cents per share, for the same quarter a year earlier.
WhiteWave (NYSE: WWAV) sells Silk soy milk products, Horizon Organic dairy products and International Delight coffee creamers. The company was spun off from Dallas-based Dean Foods Co. (NYSE: DF) in October.
"In addition to creating the infrastructure for an independent company in 2013, we also out-performed our expectations," Gregg Engles, WhiteWave's chairman and chief executive, said in a statement.
WhiteWave plans to focus on innovation and strong operating results across its existing business, Engles said. The company announced in December that it would buy Earthbound Farm - an organic produce company based in San Juan Bautista, California, for about $600 million in cash. In January, the company said it would expand its dairy sales in China through a joint venture and a separate purchase of a Chinese for $85 million.
WhiteWave plans to sell its soy-based meat company in the Netherlands, recording an $11.8 million non-cash write down to reflect the company's estimated fair value, according to the earnings press statement. The related charge is excluded from the earnings results.
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