WhiteWave Foods (WWAV) Misses Q2 EPS by 1c; Boosts FY15 EPS Outlook; Will Acquire Wallaby Yogurt

WhiteWave Foods (NYSE: WWAV) reported Q2 EPS of $0.24, $0.01 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $924 million versus the consensus estimate of $928.28 million.

WhiteWave announced that it has agreed to acquire Wallaby Yogurt Company, Inc. for approximately $125 million in cash. Founded in 1994 and based in American Canyon, California, Wallaby is a leading manufacturer and distributor of organic dairy yogurt products that include Greek and Australian yogurts and Kefir beverages. Wallaby had net sales of more than $45 million for the twelve months ended June 2015, representing growth of over 20 percent during this period. The addition of Wallaby will strengthen and expand WhiteWave’s growing yogurt portfolio and provide entry into several fast-growing yogurt categories. The acquisition also provides WhiteWave with West Coast based yogurt manufacturing capabilities and other expansion and growth opportunities. The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals and other customary closing conditions. Management expects the transaction will be neutral to earnings per share in 2015 and slightly accretive to earnings per share by the latter part of 2016, with additional accretion expected thereafter.

Guidance:

WhiteWave Foods sees FY2015 EPS of $1.19-$1.22, versus the consensus of $1.14.

WhiteWave Foods sees Q3 2015 EPS of $0.31-$0.33, versus the consensus of $0.31.

For earnings history and earnings-related data on WhiteWave Foods (WWAV) click here.

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