WhiteWave Foods has reaffirmed its full-year forecast for adjusted profits after first-quarter results that saw underlying earnings increase.
On a reported basis, net profit in the three months to the end of March dropped 23% to US$24m as separation costs and other charges hit earnings at the Alpro owner. Operating profit in the period amounted to $42m, a 14% decline on last year due to higher supply chain costs. The company was spun off by Dean Foods in October.
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However, excluding costs, adjusted earnings rose 20%. Adjusted operating profit was down 20%.
The company reaffirmed its full-year adjusted diluted EPS guidance of $0.68 to $0.72.
Sales were up 10% to $608m and up 9% on an adjusted basis. The adjusted number includes the impact of agreements that see Dean Foods still distribute WhiteWave products on sales in the first quarter.
