Shares of Dean Foods Co. surged 2.9% in premarket trade Monday, after the milk producer beat third-quarter earnings expectations, and provided an upbeat outlook. Earnings for the quarter to Sept. 30 slipped to $15 million, or 16 cents a share, from $20 million, or 22 cent a share, in the same period a year ago. Excluding non-recurring items, such as asset impairment charges and restructuring costs, adjusted earnings per share came to 37 cents, above the FactSet consensus of 36 cents. Revenue fell to $1.96 billion from $2.03 billion, just missing the FactSet consensus of $1.97. Total volume declined 1% to 651 million gallons, which the company said was the best volume performance in four years. For the fourth quarter, the company expects adjusted EPS in the range of 37 cents to 45 cents, compared with the FactSet consensus of 37 cents. "I am extremely pleased with our third quarter results, which reflect the strongest volume performance we've seen in years, a disciplined go-to-market strategy and continued focus on reducing costs," said Chief Executive Gregg Tanner. The stock has climbed 7.6% year to date through Friday, while the S&P 500 has gained 2%.
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