In anticipation of the spin-off of its TreeHouse Foods subsidiary, US dairy company Dean Foods has announced updated guidance for the second quarter and full year 2005 to reflect both the impact of the anticipated second quarter spin-off of TreeHouse Foods and an improved business outlook for the company's dairy group and WhiteWave Foods operations.

Entering the second quarter, the company had expected TreeHouse Foods' businesses to contribute approximately $0.09 per share to expected adjusted earnings of between $0.54 and $0.56 per share in the second quarter. To reflect the spin-off, which is expected to be completed on or around 27 June 2005, Dean Foods has removed the $0.09 per share attributable to TreeHouse Foods' businesses from its expectations for the second quarter.

Additionally, due to strength in its dairy group and WhiteWave Foods operations in the second quarter, expectations for adjusted earnings from continuing operations for the quarter have been increased by $0.05 to a revised range of $0.50 to $0.52 per share.