WASHINGTON (dpa-AFX) - Dean Foods Co. (DF) announced strong first quarter results driven by solid growth across all operating segments, and supported by tight expense control. Net income attributable to the company rose to $37.88 million, from $25.26 million in the prior year's first quarter. Net earnings were $0.20 per share, compared to first quarter 2011 earnings of $0.14 per share.
Adjusted net income for the first quarter was $56.85 million, a 129% increase from $24.81 million in the first quarter of 2011. On an adjusted basis, first quarter 2012 diluted earnings per share were $0.31, a 121% increase from the $0.14 per share earned in the prior year's first quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the first quarter totaled $3.2 billion, compared to $3.0 billion of net sales in the first quarter of 2011. Eleven analysts had consensus revenue estimate of $3.13 billion for the quarter.
The company expect second quarter adjusted earnings per share of $0.28- $0.33. Analysts expect the company to report earnings of $0.22 per share for the second-quarter.
The company now expects full year 2012 adjusted earnings per share to be in the range of $1.10-$1.20. Earlier, the company had expected earnings to be in a range of $0.87 to $0.95 per share. Analysts expect the company to report earnings of $0.95 per share for fiscal 2012.
Copyright RTT News/dpa-AFX
© 2012 AFX News
