Dean Foods 3Q Profit Up on Lower Interest Expense
Associated Press -- DALLAS -- November 2, 2009 -- Dean Foods Co. said Monday that its third-quarter profit climbed on lower interest expense and increased sales at its WhiteWave-Morningstar division.PAID ADVERTISEMENT
Excluding charges related to facility closings and other items, earnings were 34 cents per share.
Analysts surveyed by Thomson Reuters, whose estimates generally exclude one-time items, expected a profit of 33 cents per share.
Revenue for the period ended Sept. 30 declined 13 percent to $2.77 billion from $3.19 billion as lower dairy commodity costs and lower net sales volumes in its WhiteWave-Morningstar division were offset by acquisition-related volume growth in Fresh Dairy Direct and WhiteWave-Morningstar. The results missed Wall Street's estimate of $2.94 billion.
WhiteWave-Morningstar, which produces and sells soy, dairy and dairy-related products, said its sales grew 6 percent to $709.7 million, while Fresh Dairy Direct sales fell 18 percent to $2.1 billion. Fresh Dairy Direct processes and distributes milk and other dairy products.
While Dean Foods says dairy prices have started to climb, the company does not expect them to reach the levels reported in 2007 and 2008. The company anticipates fourth-quarter adjusted earnings of at least 36 cents per share and a full-year profit of at least $1.63 per share.
Analysts predict fourth-quarter profit of 39 cents per share and full-year earnings of $1.66 per share.
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