Horizon Organic and Alpro owner WhiteWave Foods saw its shares rise today (7 August) after the US group raised its earnings forecast for 2014.
WhiteWave said it expects to deliver adjusted diluted earnings per share of between US$0.98 and US$1.00, an increase from its previously-forecasted range of US$0.95 to US$0.98.
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The forecast excludes the cost of investing in its venture in China, which WhiteWave said it still expects to reduce reported EPS by US$0.05.
WhiteWave also revised upwards its estimate for how quickly its annual adjusted operating income will grow, which it sees growing in the “low to mid-forties”. The company had said that profit metric would increase at a rate in the low forties. Higher volumes and efforts to control costs will drive that growth, WhiteWave said.
Announcing its results for the six months to the end of June, WhiteWave reported a 40.8% jump in net sales to US$1.67bn, helped by last year’s acquistion of US group Earthbound Farms. WhiteWave reported “strong organic growth” in North America and Europe in the second quarter.
Operating income was up 44.1% at US$121m. Net income increased 20.9% to US$66.8m.
Shares in WhiteWave were up 8.49% at US$32.20 at 12:37 ET.
