US dairy company Dean Foods has reported lower profit for the first quarter ended 31 March 2005, blaming higher raw milk costs and increased costs for resin, fuel, and other key inputs.
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Net income for the first quarter totalled $66.2m, compared with $69.2m in the prior year first quarter.
Net sales for the first quarter totalled $2.7bn, up from $2.5bn in the first quarter of 2004, primarily due to increased selling prices in the Dairy Group resulting from the pass through of higher raw milk costs and continued strong volume growth in the Dairy Group’s fluid milk operations and at WhiteWave Foods.
“I am pleased with our results for the first quarter,” said Gregg Engles, chairman and chief executive officer. “Our Dairy Group performed very well, exceeding our expectations, and we continued to see strong growth in demand for our national brands. Also, our strategic initiatives to consolidate our branded businesses and spin-off our Specialty Foods Group are progressing as expected. We believe this quarter marks the beginning of what should be a year of significant progress.”
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By GlobalData
