Dean Foods Co. reported on Monday second-quarter net earnings of $26.5 million, or 28 cents a share, compared with a loss of $645,000, or 1 cent a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 33 cents, beating the FactSet consensus of 26 cents. Sales fell to $2.01 billion from $2.39 billion, just below the FactSet consensus of $2.07 billion, as total volume declined 3%. Raw milk costs fell 33% from a year ago. For the third quarter, the milk producer expects EPS of 17 cents to 27 cents, surrounding the FactSet consensus of 21 cents. "With volume performance coming in-line with our expectations and a generally favorable commodity environment, we delivered a fourth consecutive quarter of sequentially improving gross profit and operating income," said Chief Financial Officer Chris Bellairs. Separately, the company disclosed in a regulatory filing late Friday that Chairman Tom Davis resigned from the board of directors, effective immediately. The stock, which was still inactive in premarket trade, has dropped 8.5% year to date, while the S&P 500 has gained 0.9%.
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