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January 5, 2014
20:24 EDTWWAVWhiteWave Foods to form JV with China Mengniu Dairy Company
The WhiteWave Foods announced that it has entered into a joint venture agreement with China Mengniu Dairy Company Limited. The joint venture intends to manufacture, market and sell a range of nutritious products in China. The joint venture has also executed an agreement to purchase Yashili Zhengzhou, a subsidiary of Yashili International Holdings. Zhengzhouís primary asset is a production facility currently under construction in China, where the joint venture intends to manufacture its products. Mengniu is the majority owner of Yashili. Under the terms of the agreement, WhiteWave will own a 49% stake in the venture and Mengniu will own a 51% stake. The purchase price for Zhengzhou is expected to be approximately $85M, including approximately $62M for the purchase of equity and the balance for the repayment and assumption of debt and other obligations. Each joint venture partyís share of the purchase price for Zhengzhou will be consistent with its ownership interest in the venture. The parties expect to make additional investments to support the start-up and commercialization of the joint venture. The formation of the joint venture is subject to various governmental approvals in China which are expected to be obtained in the first half of 2014. The acquisition of the production facility is subject to the formation of the joint venture and approval of the minority Yashili shareholders.
News For WWAV From The Last 14 Days
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November 10, 2014
12:06 EDTWWAVDean Foods rallies after Q3 results, guidance top estimates
Shares of Dean Foods (DF), a direct-to-store distributor of dairy products, are rallying after the companyís third quarter results, as well as its fourth quarter and full year profit outlook, surpassed analystsí consensus estimates. WHAT'S NEW: This morning, Dean Foods reported Q3 adjusted earnings per share of (3c) and revenue of $2.37B, topping analystsí consensus estimates of (13c) and $2.35B, respectively. Chief Financial Officer Chris Bellairs noted that the company was seeing positive signs of progress which will pave the way for it to rebuild profitability in 2015 and beyond. WHATíS NOTABLE: Looking ahead to Q4, Dean Foods forecast adjusted EPS of 5c-15c, well ahead of analysts' (2c) consensus. The company said the dairy commodity envrionment remains "challenging." The company expects raw milk costs will remain "stubbornly high" despite continued strong global production growth and waning demand, and does not see any relief until 2015. However, the company does expect significant butterfat cost declines at the end of Q4. Dean Foods said industry volumes remain "soft" and sees Q4 volumes to be down low single digits as compared to prior year, but with a continued improvement to net price realization. For FY14, adjusted EPS is seen at (16c)-(6c), also well ahead of expectations of (33c). Adjusted EBITDA for FY14 is expected to be $193M-$208M. On its earnings conference call, Dean Foods said domestic raw milk costs are likely to moderate as it exits 2014. PRICE ACTION: In early afternoon trading, Dean Foods rose $1.89 or 12.76% to $16.26 on more than twice its average daily trading volume. Despite today's advance, the shares have lost approximately 15% over the past 12 months. OTHERS TO WATCH: Other companies in the dairy product space include WhiteWave Foods (WWAV), which also reported better than expected results this morning, down 3.6%, and Lifeway Foods (LWAY), up 0.6%.
09:20 EDTWWAVOn The Fly: Pre-market Movers
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08:46 EDTWWAVWhiteWave Foods raises low-end of FY14 EPS view to 99c-$1.00 from 98c-$1.00
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08:44 EDTWWAVWhiteWave Foods sees Q4 EPS 26c-27c, consensus 28c
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07:07 EDTWWAVWhiteWave Foods reports Q3 EPS ex-items 27c, consensus 26c
Reports Q3 revenue $857.47M, consensus $843.25M.

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