Dean Foods Co., Dallas, reported third quarter diluted earnings per share of $0.13 for the quarter ended Sept. 30, compared to diluted earnings of $0.27 per share in the third quarter of 2009. Adjusted diluted earnings per share in the third quarter were $0.13, compared to $0.33 per share in the year ago period. Dean Foods ranks No.1 on the Dairy 100, Dairy Foods’ ranking of the country’s largest processors.
Net sales for the third quarter totaled $3.1 billion, an increase of 11% from net sales of $2.8 billion in the third quarter of 2009. The increase was primarily due to the pass-through of higher dairy commodity costs at Fresh Dairy Direct-Morningstar somewhat offset by strong sales growth at WhiteWave–Alpro, the company reported.
Third quarter net income was $24.3 million, compared with $49.7 million in the prior year’s third quarter. Lower operating income at Fresh Dairy Direct-Morningstar and increased interest expense offset improved WhiteWave-Alpro results. Adjusted net income for the quarter was $23.3 million, a decrease of 62% from $61.2 million in the third quarter of 2009.
Net sales for the nine months ended Sept. 30 were $9 billion, an increase of 10% from net sales for the same period of last year. Net income through three quarters totaled $112.2 million, compared with $190 million in the nine months ended Sept. 30, 2009.
Dean Foods also reported that Jack Callahan will resign Nov. 30 as executive vice president and CFO. Chief accounting officer Shaun Mara will succeed Callahan.