Whitewave Foods Company (The) (WWAV)

WWAV 
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Call End:

WhiteWave Foods (WWAV)

Q3 2012 Earnings Call

November 30, 2012 9:30 a.m. ET

Executives

David Oldani - IR

Gregg Engles - Chairman and CEO

Kelly Haecker - CFO

Blaine McPeak - President, WhiteWave

Analysts

Chris Growe - Stifel Nicolaus

Michael Steib - Credit Suisse

Ryan Oksenhendler - Merrill Lynch

Amit Sharma - BMO Capital Markets

Judy Hong - Goldman Sachs

Farha Aslam - Stephens

Andrew Lazar - Barclays

Presentation

Operator

[Operator instructions.] At this time, I would like to turn the call over to Mr. David Oldani, vice president and treasurer, investor relations. Please go ahead sir.

David Oldani

Thank you, operator, and good morning everyone. Thanks for joining us on the third quarter earnings conference call, which is the inaugural earnings conference call for the WhiteWave Foods Company. This morning we issued our earnings press release, which is available on our website at thewhitewavefoodscompany.com. The press release is also furnished as an exhibit to a Form 8-K, which is available on the SEC’s website at sec.gov.

Also available during this call, on the WhiteWave Foods website is a slide presentation which accompanies today’s prepared remarks. A replay of today’s call, along with the slide presentation, will be available on our website beginning this afternoon.

We would also like to advise you that all forward looking statements made on today’s call are intended to fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements will include, among others, disclosure of earnings targets, as well as expectations regarding branding initiatives, innovation and research and development plans, growth plans, the potential spinoff or other disposition by Dean Foods of its remaining interest in us, and various other aspects of our business.

These statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today’s conference call. Information concerning those risks is contained in the company’s prospectus dated October 25, 2012, related to our initial public offering and in our Form 10-Q that will be filed with the SEC later today.

Further, we want to inform you that the information to be discussed on today’s call and in the accompanying slide presentation is presented on a pro forma adjusted basis as if the company had operated on an independent and standalone basis in all periods presented in order to enable you to make a meaningful evaluation of our operating performance between periods.

These adjustments include additional sales, costs, and net profits related to commercial arrangements we recently entered into; foods and subsidiaries including a sales and distribution agreement, manufacturing and supply agreements, and transitional sales agreements in connection with the separation of the company’s business from the rest of Dean Foods’ businesses; the exclusion of income associated with the intellectual property license agreement between us and a subsidiary of Dean Foods that has been terminated; projected increases in general and administrative costs related to operating as a standalone public company, which we expect to incur, including cost of corporate services historically provided to us by Dean Foods.

They exclude nonrecurring transaction costs related to our initial public offering; the expense related to one-time equity and cash awards granted to executive officers, employees, and directors in conjunction with the IPO; anticipated nonrecurring costs associated with the establishment of our own standalone functions related to our separation from Dean Foods; projected interest expense associated with the borrowings under our new credit facilities; and the accounting for interest rate swap agreements assumed by us from Dean Foods and exclude income from discontinued operations.

Our earnings release contains further details of these adjustments, along with reconciliations between our GAAP results and the results we present on a pro forma adjusted basis. Additionally, the release provides a reconciliation between the third quarter WhiteWave Alpro segment results reported by Dean Foods on November 8 and the WhiteWave Foods Company results prepared on a standalone basis.

Participating with me in the prepared section of today’s call are Gregg Engles, our chairman and CEO; and Kelly Haecker, our chief financial officer. Also available to participate in the Q&A portion of the call is Blaine McPeak, president of WhiteWave.

Gregg will start us off by providing a review of the results and overall business environment. Following Gregg, Kelly will offer some additional perspective on our operating results and comments on our forward outlook before turning the call back to Gregg for closing remarks. We will then open the call for your questions.

With that, I will turn the call over to Gregg. Gregg?

Gregg Engles

Thank you, Dave. Good morning everyone, and thank you for joining us. I’m delighted to be here today in my new role as the chairman and chief executive officer of the WhiteWave Foods Company and for what is our first earnings call as a public company.

As many of you know, just over a month ago we completed our initial public offering on the New York Stock Exchange, representing a significant first step in our separation from Dean Foods. With this move, our organization embarked on a new and exciting chapter in our history. As the former CEO of Dean, I was deeply involved in the growth of WhiteWave from its inception, and I’m honored to be leading the company and the talented WhiteWave and Alpro organizations in this important new stage.

The WhiteWave Foods Company is a unique company with pioneering brands that have helped launch some of the newest and most exciting trends in food and beverage. And importantly, our brands are squarely aligned with emerging consumer trends and preferences for products that are nutritious, flavorful, convenient, and responsibly produced.

Read the rest of this transcript for free on seekingalpha.com