Dean Foods Misses Profit Expectations, But Matches On Sales

Dean Foods Co. reported Monday second-quarter earnings that rose to $33 million, or 36 cents a share, from $27 million, or 28 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 38 cents, below the FactSet consensus of 40 cents. Revenue fell to $1.85 billion from $2.01 billion, but matched the FactSet consensus of $1.85 billion. The food and beverage company said total volume for all products declined 3.2% to 632 million gallons, while milk costs declined 15% to $13.53 per hundred weight. For the third quarter, Dean Foods expects adjusted EPS of 32 cents to 40 cents, surrounding the FactSet consensus of 37 cents, and total volume to decline in the low-single-digit percentage range. The stock, which was still inactive in premarket trade, has climbed 9.7% year to date, while the S&P 500 has gained 6.8%.