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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dean Foods Company New | NYSE:DF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.80 | 0 | 01:00:00 |
Dean Foods Co. (DF) swung to a fourth-quarter profit as the company benefited from a comparison with a year-earlier quarter bogged down by large charges, while revenue climbed.
"Building on our successful cost reduction actions in 2012, we expect to dramatically accelerate our efforts to offset the financial impact of the recently lost volumes," Chief Executive Gregg Tanner said. "Our primary focus for the balance of 2013 is on the elimination of costs, particularly fixed costs."
Dean Foods had seen its bottom line pressured by higher prices for raw milk, by far its biggest expense. While milk costs have begun to stabilize, the company continues to face increased competition from private-label brands as grocers offer low-cost milk to lure customers into their stores.
In December, Dean sold its Morningstar Foods business to Montreal-based Saputo Inc. (SAPIF, SAP.T), Canada's largest dairy processor, for $1.45 billion. And before that, Dean Foods spun off WhiteWave Foods Co. (WWAV), the seller of Horizon Organic dairy products and Silk soy milk, in a $391 million initial public offering. It still owns about 87% of WhiteWave.
For the quarter, Dean Foods reported a profit of $37 million, or 20 cents a share, compared with a loss of $9.9 million, or five cents a share, a year earlier. The year earlier included an income tax benefit of $74.7 million and a goodwill impairment charge of $149.8 million. Stripping out one-time items, adjusted earnings were 40 cents from 27 cents. The company in November expected per-share earnings between 27 cents and 32 cents.
Revenue increased 3.8% to $3.04 billion. Analysts polled by Thomson Reuters most recently projected $3.37 billion.
Gross margin narrowed to 23.9% from 24.1%. Total operating costs and expenses declined 15%.
The company recorded $3.9 million in income from discontinued operations versus $10.5 million a year earlier.
Including its ownership of White Wave, the company projected per-share earnings between $1 to $1.10 for the year, while analysts recently expected $1.29. For the current quarter, the company forecast per-share earnings of 22 cents to 27 cents, while analysts expected 30 cents.
Shares closed Tuesday at $$18.39 and were inactive premarket. The stock has risen 68% in the past 12 months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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