Suiza Foods Corporation (NYSE: SZA), the nation’s leading dairy processor and distributor, Friday (2 November) reported that it is revising its third quarter earnings estimate due to weaker than expected results announced that afternoon by Consolidated Container Company. Consolidated Container Company is the packaging business in which Suiza owns a 43% interest.
Prior to Friday’s announcement by Consolidated Container, Suiza expected to report third quarter earnings of $1.10 per share. However, due to Consolidated Container’s third quarter results, Suiza is lowering its third quarter consolidated earnings estimate by $0.12 to $0.98 per share.
Go deeper with GlobalData
“We are very disappointed with the results announced today by Consolidated Container. Prior to today’s announcement, we were on track to report earnings for the third quarter of $1.10, in line with consensus,” said Gregg Engles, Chairman and Chief Executive Officer of Suiza Foods Corporation. “Our operating units turned in solid performances, in spite of the continued high commodity environment and softness in volumes due to September 11th.”
Suiza Foods Corporation, based in Dallas, is the nation’s leading dairy processor and distributor, producing a full line of company-branded and customer-branded products. National brands include International Delight®, Second Nature®, Naturally Yours®, Mocha Mix®, Sun Soy(TM), kidsmilk(TM) and fitmilk®. Regional brands include Adohr Farms®, Barbe’s®, Broughton®, Brown’s Dairy(TM), Country Delite®, Country Fresh®, Dairy Gold®, Dairymens®, Flav-O-Rich®, Garelick Farms®, Hygeia®, Lehigh Valley Farms®, London’s®, Meadow Gold®, Model Dairy®, Oak Farms®, Poudre Valley®, Robinson®, Schenkel’s All Star Dairy, Schepps®, Shenandoah’s Pride®, Suiza Dairy®, Swiss Dairy(TM), Louis Trauth Dairy®, Tuscan® and Velda Farms®, as well as Celta® in Spain. Suiza also sells products under partner or licensed brands in certain regions, including Borden®, Foremost®, Hershey®’s and Pet®. Additionally, the company owns approximately 43% of Consolidated Container Company, one of the nation’s largest manufacturers of rigid plastic containers.
Forward Looking Statement
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to the company’s third quarter earnings estimates. These statements involve risks and uncertainties, which may cause results to differ materially from the statements set forth in this press release. The company’s earnings estimates are based on the company’s information to date and are subject to finalization and auditor review. The forward-looking statements in this press release speak only as of the date of this release. Suiza expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
