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Dean Foods misses profit and sales expectations, U.S. milk share decreases

Dean Foods Co. DF, -1.29% reported Tuesday third-quarter net income of $1.4 million, or 2 cents a share, down from $14.5 million, or 16 cents a share, in the same period a year ago. Excluding non-recurring items, the food and beverage company said adjusted earnings per share came to 20 cents, missing the FactSet consensus of 21 cents. Revenue fell to $1.94 billion from $1.96 billion, below the FactSet consensus of $1.98 billion, as total volume across all products declined 6.6% to 608 million gallons. Overall U.S. fluid milk volume decreased 2.2% from a year ago, according to the USDA, while Dean Foods' share of the market decreased by 0.5 percentage points from the sequential second quarter. Raw milk costs increased 7% from the second quarter to $16.67 per hundred weight. For 2017, the company cut its adjusted EPS outlook to 80 cents to 90 cents from 80 cents to 95 cents. The FactSet consensus is 79 cents. The stock, which was still inactive in premarket trade, has plunged 58% year to date, while the S&P 500 SPX, +0.13% has gained 16%.


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