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August 5, 2009

US: Dean Foods earnings rise despite sales slowdown

Dean Foods today (5 August) reported a "strong" second quarter, driven by growth at the company's Fresh Dairy Direct and WhiteWave-Morningstar divisions.

Dean Foods today (5 August) reported a “strong” second quarter, driven by growth at the company’s Fresh Dairy Direct and WhiteWave-Morningstar divisions.

Net income for the three-month period totalled US$64.1m, up 31% last year.

Operating income at WhiteWave-Morningstar was $72m, a 46% increase on last year, while operating income at Fresh Dairy Direct rose 9% to $168.6m.

However, the company said that net sales dropped 14% to $2.7bn as it passed lower commodity prices along to consumers.

Looking to the full year, Dean Foods raised its earnings outlook to “at least” $1.60 per share.

For the full press release click here, or check back later for a post-conference call update from just-food.

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