Food processor Dean Foods has announced increased income for the second quarter ended 30 June 2005, helped by lower raw milk and butterfat costs and increased profitability at its WhiteWave Foods subsidiary.
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Net sales in the quarter were $2.623bn, almost unchanged from the same period in 2004. Net income from continuing operations for the second quarter of 2005 totaled $81.2 million, compared with $63.3 million in the prior year second quarter.
“Our second quarter results demonstrate further progress toward meeting our operational and strategic goals,” said Gregg Engles, chairman and CEOr. “Our Dairy Group turned in another strong quarter, and WhiteWave Foods posted significantly increased profitability. Additionally, we successfully completed the spin-off of TreeHouse Foods, signed a definitive agreement to divest our Marie’s dressings and Dean’s dips businesses, and lowered our future interest expense through an amendment of our bank credit facility.”
Higher fluid dairy volumes and increased sales at WhiteWave Foods were offset by the pass-through of lower raw milk and butterfat costs in the Dairy Group, the company said.
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By GlobalData
