Dean Foods Co. (DF) announced that its third-quarter net income attributable to Company was $49.65 million or $0.27 per share, compared to $37.75 million or $0.24 per share in the prior year's third quarter.
Adjusted net income attributable to Dean Foods Company was $62.22 million, compared to $43.49 million in the same quarter last year. Adjusted earnings per share were $0.34, an increase of 21% from $0.28 per adjusted share in the prior year's third quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the third quarter totaled $2.77 billion, down 13% from $3.19 billion in the third quarter of 2008. Nine analysts had consensus revenue estimate of $2.94 billion for the quarter. The net sales decrease in the quarter was primarily due to the pass-through of lower dairy commodity costs, and lower net sales volumes in the WhiteWave-Morningstar operations, offset by acquisition-related volume growth in Fresh Dairy Direct and WhiteWave-Morningstar.
For the fourth quarter, the company expects adjusted earnings to be at least $0.36 per share.Analysts expect the company to report earnings of $0.39 per share for the fourth-quarter.
The company raised its fiscal 2009 adjusted earnings outlook to at least $1.63 per share, from the previously expected outlook at least $1.60 per share. Analysts expect the company to report earnings of $1.66 per share for fiscal 2009.
For comments and feedback: editorial@rttnews.com