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Dean Foods Slumps As 3Q Profit, 4Q View Well Below Estimates

DOW JONES NEWSWIRES Dean Foods Co.'s (DF) third-quarter earnings dropped 51%, falling short of analysts' estimates, as the company continued to see its dairy operations--its biggest unit--struggle. Shares recently tumbled 12% to $9.12 premarket as the company also forecast fourth-quarter earnings of 13 cents to 18 cents a share. Analysts surveyed by Thomson Reuters expected 27 cents. "These results are clearly disappointing for us and reflect continued significant challenges in our largest business, Fresh Dairy Direct-Morningstar," said Chairman and Chief Executive Gregg Engles. "In addition to ongoing adverse conditions in the conventional milk business, weak consumer spending led to soft volumes in conventional fluid milk and other beverage and cultured products." Engles also noted that results were also hurt by "much higher-than-anticipated" butterfat costs. The biggest U.S. dairy processor and distributor by revenue has seen its bottom line drop as consumers have continued to turn to less expensive milk rather than Dean's branded offerings. The company has seen particular weakness in the dairy segment. As such, Dean Foods' stock through Monday was down about 43% this year. It reported a third-quarter profit of $24.3 million, or 13 cents a share, down from $49.7 million, or 27 cents a share, a year earlier, which included 6 cents of charges. Revenue jumped to $3.1 billion from $2.8 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 21 cents a share on $3.04 billion in revenue. Gross margin fell to 24.5% from 28.4% on higher commodity costs. The dairy segment saw profit drop by one-third as revenue increased 11% due to the pass-through of increased costs to customers. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Dean (DF)
DateTimeHeadline
04/17/201517:03:02The 3 Best Beverage Stocks
04/10/201509:30:33Amended Statement of Ownership (sc 13g/a)
04/02/201517:30:14Statement of Changes in Beneficial Ownership (4)
04/02/201517:26:47Statement of Changes in Beneficial Ownership (4)
04/02/201516:58:29Statement of Changes in Beneficial Ownership (4)
04/02/201516:55:54Statement of Changes in Beneficial Ownership (4)
04/01/201506:34:04Additional Proxy Soliciting Materials (definitive) (defa14a)
04/01/201506:31:46Proxy Statement (definitive) (def 14a)
03/27/201506:07:42Current Report Filing (8-k)
03/26/201516:05:00Dean Foods Completes Refinancing of $1 Billion in Revolving Credit...
03/25/201506:01:00Dean Foods to Deploy 64 CNG Vehicles and Private Fuel Station...
03/18/201513:00:07Proxy Statements: What They Are and Why You Should Read Them
03/10/201517:15:34Current Report Filing (8-k)
03/04/201519:34:00Dean Foods Declares Quarterly Dividend
03/03/201522:51:51Think Twice Before Buying Into The Story At Dean Foods
03/03/201506:04:45Current Report Filing (8-k)
02/23/201515:43:41Dean Foods announces $700M senior notes
02/23/201512:36:36Current Report Filing (8-k)
02/20/201516:05:00Dean Foods Announces Pricing of $700 Million of 6.5% Senior Notes...
02/19/201518:03:02Statement of Changes in Beneficial Ownership (4)

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