WhiteWave Foods Co WWAV reported better-than-expected earnings for the second quarter. In the preceding four quarters, its earnings exceeded the estimates convincingly.
The company reported net income of $52 million, or $0.29 a share, up from $37 million, or $0.21 a share, in the year-ago period. On an adjusted basis, it would have earned $55 million, or $0.31 a share. Excluding China joint venture, EPS would have been $0.32 and on a constant currency basis, it was $0.33. Street expected an EPS of $0.30.
WhiteWave Foods's total net sales grew 14 percent from $924 million to $1.05 billion. This was ahead of the Street estimate of $1.04 billion.
Chairman and CEO, Gregg Engles, commented on the results, "We are pleased with the double-digit topline growth, continued strong margin expansion and robust earnings growth we generated in the second quarter and for the first half of 2016."
Going forward, the company reiterated its adjusted EPS outlook of $1.38-$1.41 while boosting constant currency adjusted EPS forecast to $1.43-$1.46, which exclude China joint venture. Analysts are looking for an EPS of $1.40.
Following the results, shares of the company advanced $0.24, or 0.43 percent, to $55.80 in the pre-market trading on Tuesday.
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