Dean Foods, the largest US dairy producer, raised its full-year outlook today (2 November) on the back of higher third-quarter profit, which was boosted by lower costs.
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The company said lower raw milk costs, as well as lower fuel and packaging expenses, boosted profits, which rose to US$49.7m from $37.8m last year.
Dean Foods lifted its full-year outlook for earnings of $1.63 per share, excluding exceptional items. In August the dairy firm has predicted EPS of $1.60.
However, sales in the third quarter fell 13%, declining to $2.77bn. Dean said sales were dented by lower milk prices that were passed on to consumers.
The company, which sells dairy products under the Dean Foods and Horizon organic brands, said that dairy prices started to rise towards the end of the third quarter, a trend that it has seen continuing into the current quarter.
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By GlobalDataFor the full press release click here, or check out just-food’s insight into Dean Food’s performance.
