Dean Foods Company, the nation's largest processor and distributor of milk and other dairy products, today announced continued strong earnings growth in the third quarter of 2009.
The Dallas, Texas-based company announced diluted earnings per share of $0.27 for the quarter ended Sept. 30, 2009, a 13% increase over $0.24 per diluted share in the third quarter of 2008.
Adjusted diluted earnings per share were $0.34, an increase of 21% from $0.28 per adjusted diluted share in the prior year's third quarter, Dean Foods said.
"We are reporting another strong quarterly performance with continued solid operating income and earnings per share growth," said Gregg Engles, Dean Foods' chairman and chief executive officer. "These strong results highlight the key advantages of our business, including a national footprint that provides an unmatched ability to service customers, as well as unique cost savings opportunities. This breadth is complemented by strong branded and private label positions across the refrigerated case, with key offerings in the fastest growing on-trend product segments."
Net income for the third quarter totaled $49.7 million, compared with $37.8 million in the prior year's third quarter, an increase of 32%.
Solid operating income growth at Fresh Dairy Direct and WhiteWave-Morningstar and lower interest expense offset increases in corporate and other expenses. That drove a 43% growth in adjusted net income for the third quarter to $62.2 million, up from $43.5 million in the third quarter of 2008. Due to lower average debt balances, interest expense in the quarter totaled $59.5 million, compared to $74.7 million in the third quarter of 2008.
Read more at: http://www.deanfoods.com/our-company/news/press-release.aspx?StoryID=1349281.
Catherine Merlo is Western editor for Dairy Today. You can reach her at email@example.com.