Despite a 10% increase in profits, Dean Foods Co. saw its stock prices dip a bit last month after its second quarter report indicated that sales were down from last year's second quarter.
DALLAS--Despite a 10% increase in profits, Dean Foods Co. saw its stock prices dip a bit last month after its second quarter report indicated that sales were down from last year's second quarter.
Net income for the quarter totaled $83.8 million, compared with $73.2 million in the second quarter of 2002. Diluted earnings per share were $.54, compared with $.48 per share in the second quarter of 2002. Second quarter net sales totaled $2.2 billion in 2003, a decline of 3% over the second quarter of 2002, due primarily to lower raw material costs that are passed on to customers in the form of lower selling prices.