Dean Foods Shares Jump In Pre-market After Third Quarter Results Swing To Profit

By Tonya GarciaMarketWatch Pulse

Dean Foods Co. shares are up 10% in pre-market trading after it said it had net income of $20 million, or 22 cents per share, in the third quarter, after a loss of $16 million, or 17 cents per share, for the same period last year. Adjusted net income was $28 million, or 30 cents per share, for the quarter. The FactSet consensus was 24 cents. Sales for the quarter totaled $2.03 billion compared with $2.37 billion in the third quarter of 2014. The FactSet consensus was $2.05 billion. The company forecast fourth-quarter adjusted earnings between 28 cents and 38 cents per share, compared with a FactSet consensus of 24 cents. It has about $222 million in share repurchase authorization remaining after repurchases in 2014 and 2015. Dean Foods shares are down 7.4% for the year so far, while the S&P is up 2% for the same period.

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