While Wimm-Bill-Dann Foods OJSC's (WBD) 1Q 09 revenues were below our estimate, margins were above our estimates. Lower-than-expected performance from all the 3 segments resulted in lowerthan- expected revenues, while lower-than-expected Selling & Distribution (S&D;) and tax expenses led to higher-than-expected operating and net margins during the quarter. Therefore, in light of significant margin expansion reported by the company…

In 4Q 08, WBD reported a decline in revenues attributable to flattish volumes in the Dairy segment and decline in Average Selling Prices (ASPs) across all segments, reflecting negative currency translation impact, partially offset by continued strong volume performance at the Baby Food segment. The Baby Foods segment continued its robust performance despite a challenging operating environment, reflecting the continued impressive performance from its leadership brand…

Wimm-Bill-Dann Foods OJSC’s (WBD) FY 2008 revenues and margins were below our estimates. While lower-than-expected performance from all the 3 segments resulted in marginally lower-than-expected revenues, higher-than-expected Selling & Distribution (S&D;) expenses and net finance expense led to lower-than-expected operating and net margins. As FY 2008 results were below our estimates, we are likely to revise our estimates and target…