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Dean Foods Profit Rises, Affirms Full-year Outlook

Dean Foods Co. reported its first-quarter profit rose to $492.6 million, or $2.63 a share, from $37.9 million, or 20 cents a share, a year earlier. Adjusted earnings were 29 cents a share. Revenue rose slightly to $2.88 billion, from $2.87 billion a year earlier, the food company said Thursday. Analysts had expected earnings of 27 cents a share on revenue of $2.98 billion, according to FactSet. The strong unadjusted earnings per share primarily reflects the sale of the company's Morningstar business in January. Going forward, the company expects a low-to-mid single-digit decline in volumes, which it plans to offset with cost reduction. Nonetheless, it reaffirmed its full-year adjusted earnings per share range of between 45 and 55 cents. Stocks were up 2.37% in premarket trading Thursday.Copyright © 2013 MarketWatch, Inc....

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