Dairy producer Dean Foods Co. (DF) Monday announced a swing to a profit from a loss last year, as the prior year had recorded an asset impairment. Revenue for the quarter declined from the prior year.
For the fourth quarter, the company projects adjusted earnings per above Wall Street projection.
For the third quarter net profit for the quarter was $20.233 million compared to a net loss of $15.972 million in the prior year. On a per share basis, the company posted a net profit of $0.22 compared to a loss of $0.16 a year ago. On an adjusted basis, Dean Foods reported a profit of $28.417 million or $0.30 per share.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.24 per share. Analysts estimates usually exclude special items.
Net sales for the quarter declined to $2.033 billion from $2.373 billion last year. Wall Street was looking of $2.04 billion.
Looking ahead, the company expects fourth quarter adjusted earnings per share in a range of $0.28 to $0.38, while analysts are looking for $0.24 per share on revenue of $2.10 billion. Average Class 1 mover, a measure of raw milk is expected to decline 31 percent to around $16.22 and total volume to decline in the low single digits.
For the full year the company projects adjusted full earnings per share in a range of $1.15 to $1.25, as analysts expect $1.05 per share on revenue of $8.24 billion.
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