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National & World Ag News Headlines |
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Dean Foods Shows Profitable Third Quarter
USAgNet - 11/03/2009
Dean Foods Co., the largest U.S. milk supplier, reported Monday that its third-quarter profit rose 32% and raised its full-year profit forecast. But the outlook fell short of Wall Street's expectations, and Dean
Foods' shares fell 8% to close at $16.69.
Net income at Dean Foods climbed to $49.7 million, or 27 cents a share, from $37.8 million, or 24 cents a share, in the year-earlier period. Excluding items, the company said it would have earned 34 cents a
share. Sales declined 13% to $2.77 billion from $3.19 billion.
Analysts, on average, expected the company to earn 34 cents a share on $2.94 billion in sales, according to FactSet Research.
Dean Foods said it plans to pass through rising dairy costs, a trend that it expects to continue through next year. The company had benefited from historically low raw milk costs, which were down 45% from
the same period last year. Butter prices fell 25%.
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