DALLAS (AP) — Dean Foods Co. said Wednesday its second-quarter profit rose 31 percent, due in part to sales growth in its Fresh Dairy Direct and WhiteWave-Morningstar businesses.
The dairy processor also raised its full-year profit estimate to at least $1.60 per share. The company previously projected it would earn at least $1.55 per share.
In the three months ended in June, the Dallas-based company earned $64.1 million, or 38 cents per share, up from $48.9 million, or 31 cents per share, in the same period a year earlier.
The latest quarter included a few extraordinary items, such as a charge of 4 cents per share for facility closings, reorganizations and other costs.
Excluding one-time items, adjusted profit was 43 cents per share, which met a consensus estimate of analysts polled by Thomson Reuters. Analyst estimates typically exclude one-time items.
Revenue fell 14 percent to $2.68 billion from $3.1 billion. Analysts had expected $2.81 billion in revenue.
The company said sales at its WhiteWave-MorningStar division rose 46 percent. WhiteWave-MorningStar distributes Silk soy milk, Horizon organic milk and other products.
Dean Foods expects to record adjusted profit of 30 cents per share in the third quarter. Analysts project income of 34 cents per share.
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