DALLAS — Dean Foods posted a loss during the second quarter as its share of fluid milk sales volume declined.
For the quarter ended June 30, the company suffered a loss of $56,870,000, which compared with income of $56,165,000, equal to 30c per share on the common stock, during the same quarter of the previous year. Sales for the quarter were $2,227,542,000, down slightly from $2,234,841,000 during the same quarter of the previous year.
“Results for the second quarter were in-line with expectations,” said Gregg Tanner, chief executive officer. “We successfully offset the majority of the volume deleverage associated with lower volumes in the quarter through execution behind our accelerated cost reduction and productivity agenda. These initiatives build on our competitive advantages and position us to succeed going forward. Additionally, we have continued to make progress in other areas as well, including the recent replacement of our credit facility and the disposition of our remaining WhiteWave ownership interest that delivered $589 million to Dean Foods to further bolster our financial strength and flexibility.”
For the six months ended June 30, net income at Dean Foods rose sharply to $435,735,000, or $2.34 per share, which compared with $94,048,000, or 51c per share, during the same period of the previous year. Sales for the period were $4,519,972,000, down 1% from $4,582,563,000.
The company said it anticipates full-year guidance of adjusted diluted earnings to be in the range of 47c to 53c per share.