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Good third-quarter for Dean Foods
Dean Foods reporting a very good third quarter. Sales for the quarter were $2.03 billion down 14 percent from the third quarter last year. However, thanks to lower milk prices, gross profit was $492 million for the period ending September 30th compared to $417 million for the same period a year ago. Net income for the quarter was $20.2 million compared to a loss of $16 million last year. Adjusted earnings per share was 30 cents compared to a 3-cent loss a year ago.
Dean says at least some of the success is attributed to the company’s new combined Dairy Pure national white milk brand.
The company repurchased approximately $53 million of Dean Foods common stock, approximately 3.2 million shares at an average price of $16.73 per share.
This is the third-consecutive quarter of year-over-year improvement at Dean. Year-to-date gross profits are $1.46 billion compared to $1.23 billion in 2014. Adjusted net income for the first nine months of the year at $181 million compared to $11 million a year ago.
Dean Foods is the nation’s largest processor and direct-to-store distributer of fluid milk.
Read the full report here:
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