Its getting a little complicated with all the moving parts:
"On a pro forma adjusted basis, including the Morningstar business in continuing operations and eliminating the non-controlling interest of The WhiteWave Foods Company that the Company does not own, as well as certain separation costs and certain other adjustments, fourth quarter 2012 adjusted diluted earnings per share were $0.40, a 48 percent increase from the $0.27 adjusted diluted earnings per share in the prior year's fourth quarter, and well above the Company's November 2012 guidance for the fourth quarter."
Have to look it over later. Not crazy about the Company retaining about a 20% interest in WWAV, but DF shareholders still benefit from it. FDD is downsizing this year.
The 2013 eps. projection was weak. They gave two numbers too, one with ww, and without. The without was only .40 and with about 1.00. Need to recheck that. Plus with the retention of 20% WW that is a problem. That will create a cloud over ww. DF said they might spin them off at some future point in time, or sell them for cash. They also apparently lost a significant account which is leading to 10-15% plant closures. The only bright spot was that with milk input so high they worked a miracle passing basically all of it on. All in all not too good.
Excluding WhiteWave’s operating results, Dean Foods expects to deliver adjusted diluted earnings per share of between $0.45 and $0.55 for the full year 2013. For the first quarter, Dean Foods expects to earn between $0.10 and $0.15 per share, excluding WhiteWave’s operating results.