Dean Foods Co. (DF) posted a surge in first-quarter net income attributable to the company to $492.6 million, or $2.63 a share, from last year's $37.88 million, or $0.20 a share.
The company said these financial results reflect the January 2013 sale of its Morningstar business, the gain of which is the primary driver of the earnings of $2.63 per share and is reflected in discontinued operations, as well as its majority ownership interest in its consolidated unit, The WhiteWave Foods Co. The publicly-held minority interest is reflected as a non-controlling interest.
Excluding the company's ownership interest in WhiteWave, the firm's Ongoing Dean Foods segment, including the former FDD segment and Corporate costs, reported adjusted earnings of $0.16 per share. Adjusted earnings stood at $0.29 per share for the first quarter of 2013. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.27 for the quarter. Analysts' estimates typically exclude one-time items.
On a GAAP basis, net sales for the period remained almost unchanged at $2.9 billion over the prior year. Analysts estimated revenues of $2.98 billion for the quarter.
For the second quarter, Dean Foods expects to earn between $0.11 and $0.15 per share, excluding WhiteWave's operating results. Excluding WhiteWave's operating results, Dean Foods still expects adjusted earnings per share of between $0.45 and $0.55 for the full year 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.