Thursday, 10 February 2005

Dean Foods Company Reports Fourth Quarter and Full Year Results

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Thursday, 10 February 2005

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Fourth Quarter Adjusted Diluted Earnings Per Share Up 14% to $0.64; Company Reiterates 2005 Guidance

DALLAS, Feb. 10, 2005 /PRNewswire-FirstCall via COMTEX/ — Dean Foods Company (NYSE: DF)
today announced that the company earned $0.64 per diluted share for the
quarter ended December 31, 2004, compared with $0.54 per share in the fourth
quarter of 2003. Net income for the fourth quarter totaled $98.9 million,
compared with $86.5 million in the prior year fourth quarter.

On an adjusted basis (as defined below), diluted earnings per share
increased 14% to $0.64, compared with $0.56 in last year’s fourth quarter.
Adjusted net income for the fourth quarter grew 10% to $98.8 million compared
with adjusted net income of $89.9 million in the fourth quarter of 2003.

“We are encouraged by our performance in the fourth quarter,” said Gregg
Engles, chairman and chief executive officer. “We delivered 14% adjusted
earnings per share growth for the quarter and enter 2005 with significant
momentum. Our consolidated Branded Products Group, which we have renamed
White Wave Foods, continued to see robust growth in our most important brands.
In addition, our Dairy Group continued to expand its market presence, posting
2.7% volume growth for fresh fluid milk and cream in the quarter. We believe
these results, combined with the ongoing consolidation of White Wave Foods and
the planned spin-off of our Specialty businesses, position us to create
significant shareholder value in the coming year.”

Net sales for the fourth quarter totaled $2.8 billion, an increase of 11%
over the fourth quarter of 2003, due primarily to the acquisitions of Horizon
Organic and Ross-Swiss Dairies, the increased selling prices resulting from
the pass through of increases in raw milk and butterfat costs and continued
strong volume growth at the Dairy Group and White Wave Foods.

Consolidated operating income in the fourth quarter totaled $202.1 million
versus $183.7 million in the fourth quarter of 2003. Adjusted fourth quarter
operating income totaled $202.4 million, an increase of 7% over adjusted
operating income of $189.2 million in the fourth quarter of 2003. Adjusted
2004 operating income margins were 7.25%, down 29 basis points versus the
fourth quarter of the prior year. The decline in consolidated margins was due
primarily to cost increases in raw milk, butterfat, and other key inputs,
including resin.

Long-term debt at December 31, 2004 was approximately $3.3 billion,
including $141.2 million due within one year that is reported as part of
current liabilities. At the end of the year, approximately $840 million of
the company’s senior credit facility was available for future borrowings.

Pursuant to the company’s share repurchase authorization, the company
repurchased 1.3 million shares of common stock during the fourth quarter at an
average price of $29.70 per share, for an aggregate purchase price of
$39.7 million. Approximately $118 million remains available for spending
under the share repurchase program.

OUTLOOK FOR 2005

“Entering 2005 we are expecting consolidated full year net sales of
approximately $10.6 billion, including approximately $700 million from the
specialty business,” said Engles. “We expect adjusted consolidated operating
income, including Specialty, to grow 5% to 8% to a range of $730 million to
$750 million in 2005. Our Dairy Group operating income is expected to be
relatively flat compared to last year, while we expect operating income
increases at White Wave Foods and a partial recovery in operating income from
the Specialty segment and Leche Celta. Including the Specialty segment, we
expect consolidated earnings per share to be in the range of $2.20 to $2.30 in
2005, a growth rate of between 9% and 14% over 2004.”

On a quarterly basis, the company expects to report earnings per share
between $0.41 and $0.43 in the first quarter, $0.54 to $0.56 in the second
quarter, $0.58 to $0.61 in the third quarter and $0.67 to $0.70 in the fourth
quarter. All earnings estimates exclude the anticipated effects of the spin-
off of the Specialty unit, including the related transaction expenses. The
company’s earnings guidance also excludes the impact of stock option expenses,
as well as facility closing and reorganization costs and any non-recurring or
one-time gains or losses.

SEGMENT RESULTS

Dairy Group net sales for the fourth quarter rose 7% to $2.2 billion, from
$2.1 billion in the fourth quarter of 2003. The sales increase was due
primarily to the acquisitions of Ross-Swiss Dairies and Milk Products of
Alabama, higher raw milk and butterfat costs that were passed along to
customers in the form of increased selling prices and a 2.7% increase in fresh
fluid milk and cream volumes in the quarter. The fourth quarter average Class
I mover, which is an indicator of the company’s raw milk costs, averaged
$14.50 per hundred-weight in the fourth quarter of 2004, a 2% increase over
the same period in 2003. Class II butterfat prices averaged $2.00 per pound
in the fourth quarter, 53% higher than the fourth quarter of 2003.

Dairy Group operating income in the fourth quarter was $153.5 million, a
decrease of 5% year over year. Operating margins decreased 90 basis points to
7.0% of sales.

The new White Wave Foods, which combines the original White Wave company,
Horizon Organic and Dean National Brands, reported fourth quarter net sales of
$334 million, a 57% increase compared to the fourth quarter of 2003. The
increase was driven by the acquisition of Horizon Organic and strong sales
growth in the branded portfolio.

Operating income in the fourth quarter for White Wave Foods increased 125%
to $52.0 million, with operating margins of 15.6%, an increase of 470 basis
points compared to the prior year fourth quarter.

Specialty Foods’ net sales in the fourth quarter totaled $174 million,
down 3.1% from the fourth quarter of 2003 primarily due to lower pickle
volumes and the exit from the nutritional drinks business. Operating income
was $19.0 million, a decrease of 24% from the prior year, and operating income
margin was 10.9% as compared to 13.9% in the fourth quarter of 2003.

RESULTS FOR YEAR ENDED DECEMBER 31, 2004

For the year ended December 31, 2004, the company’s net sales increased
18% to $10.8 billion, compared with $9.2 billion during 2003. Sales growth
was due primarily to higher raw milk and other input prices that were passed
on to customers, growth in the branded business, and the Horizon Organic,
Kohler Mix Specialties and Ross-Swiss Dairies acquisitions.

Operating income for the year ended December 31, 2004 totaled
$666.9 million versus $766.0 million in 2003. Adjusted operating income for
2004 totaled $695.7 million, a decrease of 2% from adjusted operating income
of $709.1 million last year. Adjusted operating margins for the year were
6.4%, versus 7.7% in 2003.

Net income for 2004 totaled $285.4 million, compared with $355.7 million
in 2003. Diluted earnings per share for the year ended December 31, 2004
totaled $1.78, compared with $2.27 in 2003.

Adjusted net income for the year totaled $324.1 million, an increase of 1%
over $320.9 million last year. 2004 adjusted diluted earnings per share were
$2.02, as compared to $2.05 in the prior year.

COMPARISON OF ADJUSTED INFORMATION TO GAAP INFORMATION

The adjusted financial information contained in this press release
eliminates non-recurring or one-time gains or losses, as well as facility
closing and reorganization costs, and is provided in order to allow investors
to make meaningful comparisons of the company’s operating performance between
periods and to view the company’s business from the same perspective as the
company’s management. A full reconciliation table between diluted earnings
per share according to generally accepted accounting principles (GAAP) and on
an adjusted basis, for the three and twelve months ended December 31, 2004, is
attached.

For the quarter ended December 31, 2004, the adjusted results reported
above differ from the company’s results under GAAP by excluding the following
facility closing, reorganization, and non-recurring charges:

a)  $6.1 million charge ($3.7 million net of income tax) related to the
         consolidation of the Branded Products Group segment, closing of the
         Specialty Foods Group's Benton Harbor, MI, facility related to the
         exit of the nutritional drinks business, and various previously
         announced Dairy Group facility closings and reorganizations,
         including South Gate, CA, and Wilkesboro, NC, and

     b)  $5.8 million gain ($3.8 million net of income tax) related to the
         settlement of litigation concerning the company's acquisition of West
         Lynn Creamery.

For the quarter ended December 31, 2003, the adjusted results reported
above differ from the company’s results under GAAP by excluding the following
facility closing, reorganization, and non-recurring charges:

a)  $8.3 million charge ($5.2 million net of income tax) related
         primarily to the closure of a Dairy Group plant in South Gate, CA and
         the reorganization of Morningstar and the Dairy Group's Northeast and
         Midwest regions, and

     b)  $2.8 million non-recurring gain ($1.8 million net of income tax) due
         to favorably resolved contingencies related to the sale of 11 plants
         to National Dairy Holdings in 2001 and the sale of the frozen pre-
         whipped topping business in July 2003.

For the twelve months ended December 31, 2004, the adjusted results
reported above differ from the company’s results under GAAP by excluding the
following facility closing, reorganization, and non-recurring charges:

a)  $34.7 million net restructuring charge ($21.3 million net of income
         tax) related to exiting the nutritional drinks business and closing
         the plant where the drinks were produced; Dairy Group facility
         closings in Madison, WI; South Gate, CA; Westwego, LA; Wilkesboro,
         NC; San Leandro, CA; and Pocatello, ID; charges related to the
         consolidation of the Branded Products Group segment; a charge related
         to closing of a Dairy Group ice cream warehouse in Akron, OH; and
         other previously announced Dairy Group facility closings and
         reorganizations, partly offset by the gain on the sale of a facility
         closed in Hawaii in 2003,

     b)  $32.6 million non-cash charge ($21.2 million net of income tax)
         representing unamortized deferred financing costs related to the
         company's previous credit facility that was written off in
         conjunction with the refinancing of the company's credit facility in
         August 2004, and

     c)  $5.9 million gain ($3.8 million net of income tax) related largely to
         the settlement of litigation concerning the company's acquisition of
         West Lynn Creamery.

For the twelve months ended December 31, 2003, the adjusted results
reported above differ from the company’s results under GAAP by excluding the
following facility closing, reorganization, and non-recurring charges:

a)  A non-recurring gain totaling $68.7 million ($42.1 million net of
         income tax) related to the sale of the company's frozen pre-whipped
         topping business and favorably resolved contingencies related to the
         sale of 11 plants to National Dairy Holdings in 2001 as discussed
         above, and

     b)  Charges of $11.8 million ($7.3 million net of income tax) related to
         reorganizations and facility closings.

The adjusted financial results contained in this press release are non-
GAAP financial measures that eliminate the net expense or net gain related to
the items identified above. These numbers are provided in order to allow
investors to make meaningful comparisons of the company’s operating
performance between periods and to view the company’s business from the same
perspective as the company’s management. Because the company cannot predict
the timing and amount of charges associated with facility closings and
restructurings or non-recurring items associated with the company’s
operations, management does not consider facility closing or restructuring
costs when evaluating the company’s performance, when making decisions
regarding the allocation of resources, in determining incentive compensation
for management, or in determining earnings estimates. Facility closing and
restructuring costs are not recorded in any of the company’s operating
segments. This non-GAAP financial information is provided as additional
information for investors and is not in accordance with or an alternative to
GAAP. These non-GAAP numbers may be different than similar measures used by
other companies. A full reconciliation table between earnings per share for
the three-month and full year periods ended December 31, 2004 calculated
according to GAAP and on an adjusted basis is attached.

CONFERENCE CALL WEBCAST

A webcast to discuss the company’s financial results and outlook will be
held at 9:00 a.m. ET today and may be heard live by visiting the “Webcasts”
section of the company site at https://www.deanfoods.com .

ABOUT DEAN FOODS

Dean Foods Company is one of the leading food and beverage companies in
the United States. Its Dairy Group division is the largest processor and
distributor of milk and other dairy products in the country, with an extensive
refrigerated direct-store-delivery network. Through its White Wave and
Horizon Organic brands, Dean Foods Company also owns the nation’s leading
soymilk and organic milk brands. The company’s Specialty Foods Group is a
leading manufacturer of private label pickles and non-dairy powdered coffee
creamers. Dean Foods Company and its subsidiaries operate approximately
120 plants in 36 U.S. states, Spain, Portugal and the United Kingdom, and
employ approximately 29,000 people.

FORWARD LOOKING STATEMENTS

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, among other things, projected sales, operating income, net income and
earnings per share. These statements involve risks and uncertainties that may
cause results to differ materially from the statements set forth in this press
release. The company’s ability to meet targeted financial and operating
results, including targeted sales, operating income, net income and earnings
per share depends on a variety of economic, competitive and governmental
factors, including raw material costs, many of which are beyond the company’s
control and which are described in the company’s filings with the Securities
and Exchange Commission. The company’s ability to profit from its branding
initiatives depends on a number of factors including consumer acceptance of
the company’s products. The forward-looking statements in this press release
speak only as of the date of this release. The company 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.

(Tables to follow)



                              DEAN FOODS COMPANY
                (Dollars in thousands, except per share data)

                                        GAAP                ADJUSTED [A]
                                 Three Months Ended      Three Months Ended
                                    December 31,            December 31,
                                  2004        2003        2004        2003

    Net sales                  $2,791,075  $2,510,318  $2,791,075  $2,510,318
    Cost of sales               2,122,002   1,899,832   2,122,002   1,899,832

      Gross profit                669,073     610,486     669,073     610,486

    Operating costs and
     expenses                     466,672     421,323     466,672     421,323
    Facility closings and
     reorganization costs, net      6,070       8,334
    Other operating income         (5,777)     (2,827)

      Operating income            202,108     183,656     202,401     189,163

    Interest expense               42,387      44,116      42,387      44,116
    Other (income) expense            911         (75)        911         (75)

      Income before income
       taxes                      158,810     139,615     159,103     145,122
    Income taxes                   59,941      53,072      60,280      55,217

        Net income                $98,869     $86,543     $98,823     $89,905


    Basic earnings per share:
        Net income                  $0.66       $0.56       $0.66       $0.58

        Basic average common
         shares (000's)           149,231     155,564     149,231     155,564

    Diluted earnings per share:
        Net income                  $0.64       $0.54       $0.64       $0.56

        Diluted average common
         shares (000's)           154,481     161,403     154,481     161,403

     [A]  Adjusted results differ from results reported under GAAP by
          excluding income and expense related to facility closings,
          reorganizations, the sale of operations and litigation settlements.
          More information about these items is included in the earnings
          release under the heading "Comparison of Adjusted Information to
          GAAP Information."



                              DEAN FOODS COMPANY
                (Dollars in thousands, except per share data)

                                      GAAP                 ADJUSTED [B]
                               Twelve Months Ended      Twelve Months Ended
                                   December 31,             December 31,
                                2004         2003        2004         2003

    Net sales                $10,822,285  $9,184,616  $10,822,285  $9,184,616
    Cost of sales              8,257,756   6,808,207    8,257,756   6,808,207

      Gross profit             2,564,529   2,376,409    2,564,529   2,376,409

    Operating costs and
     expenses                  1,868,840   1,667,356    1,868,840   1,667,356
    Facility closings and
     reorganization costs,
     net                          34,695      11,787
    Other operating income        (5,899)    (68,719)

      Operating income           666,893     765,985      695,689     709,053

    Interest expense             172,157     181,134      172,157     181,134
    Costs related to early
     extinguishment of debt       32,613
    Financing charges on
     preferred securities                     14,164                   14,164
    Other income                    (253)     (2,873)        (253)     (2,873)

      Income before income
       taxes                     462,376     573,560      523,785     516,628
    Income taxes                 177,002     217,857      199,688     195,766

        Net income              $285,374    $355,703     $324,097    $320,862


    Basic earnings per share:
        Net income                 $1.85       $2.45        $2.10       $2.21

        Basic average common
         shares (000's)          154,636     145,201      154,636     145,201

    Diluted earnings per share:
        Net income                 $1.78       $2.27        $2.02       $2.05

        Diluted average
         common shares
         (000's)                 160,705     160,696      160,705     160,696

     [B]  Adjusted results differ from results reported under GAAP by
          excluding income and expense related to facility closings,
          reorganizations, the sale of operations, the early extinguishment of
          debt and litigation settlements.  More information about these items
          is included in the earnings release under the heading "Comparison of
          Adjusted Information to GAAP Information."



                              DEAN FOODS COMPANY

                Earnings per Share Summary and Reconciliation

                                  Three Months Ended      Twelve Months Ended
                                     December 31,            December 31,
                                   2004        2003        2004         2003
    GAAP diluted earnings per
     share                         $0.64       $0.54        $1.78       $2.27

    Adjustments:
      Facility closings and
       reorganization costs,
       net                          0.02        0.03         0.13        0.04
      Costs related to early
       extinguishment of debt                                0.13
      Gain on litigation
       settlement                  (0.02)                   (0.02)
      Gain on sale of
       operations                              (0.01)                   (0.26)

    Adjusted diluted earnings
     per share                     $0.64       $0.56        $2.02       $2.05



                             Segment Information
                            (Dollars in thousands)

                                Three Months Ended      Twelve Months Ended
                                   December 31,            December 31,
                                 2004        2003        2004         2003
    Net sales
      Dairy Group             $2,197,642  $2,054,111   $8,646,387  $7,542,102
      Branded Products Group     334,326     212,518    1,188,401     713,425
      Specialty Foods Group      174,329     179,845      676,768     684,207
      Corporate / Other           84,778      63,844      310,729     244,882
        Total                 $2,791,075  $2,510,318  $10,822,285  $9,184,616

    Segment operating income
     (loss)
      Dairy Group               $153,483    $161,856     $594,462    $641,020
      Branded Products Group      52,044      23,095      118,400      33,575
      Specialty Foods Group       18,953      25,055       68,426     101,292
      Corporate / Other          (22,079)    (20,843)     (85,599)    (66,834)
        Subtotal                 202,401     189,163      695,689     709,053
    Facility closings and
     reorganization costs,
     net                          (6,070)     (8,334)     (34,695)    (11,787)
    Other operating income         5,777       2,827        5,899      68,719
        Total operating
         income                 $202,108    $183,656     $666,893    $765,985



                              DEAN FOODS COMPANY

                           Condensed Balance Sheet
                            (Dollars in Thousands)

                                               December 31,      December 31,
    ASSETS                                         2004              2003

    Cash and cash equivalents                      $27,572           $47,143
    Other current assets                         1,568,852         1,353,738
      Total current assets                       1,596,424         1,400,881

    Property, plant & equipment                  1,946,992         1,773,555

    Intangibles & other assets                   4,212,952         3,818,100

        Total Assets                            $7,756,368        $6,992,536


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Total current liabilities                   $1,106,426        $1,170,393

    Long-term debt                               3,116,032         2,611,356

    Other long-term liabilities                    872,773           667,974

    Stockholders' equity:
      Common stock                                   1,492             1,550
      Additional paid-in capital                 1,308,172         1,498,025
      Retained earnings                          1,359,632         1,074,258
      Other comprehensive income                    (8,159)          (31,020)
         Total stockholders' equity              2,661,137         2,542,813

        Total Liabilities and
         Stockholders' Equity                   $7,756,368        $6,992,536



                              DEAN FOODS COMPANY

                      Condensed Statement of Cash Flows
                            (Dollars in Thousands)

                                              Twelve Months Ended December 31,
    Operating Activities                            2004              2003
      Net income                                   $285,374         $355,703
      Depreciation and amortization                 223,547          191,885
      Deferred income taxes                         143,136          143,267
      Write-off of deferred financing
       costs                                         32,613
      Gain on sale of operations                                     (66,168)
      Tax savings on equity compensation             18,527           26,380
      Write-down of impaired assets                  12,921            8,757
      Changes in current assets and
       liabilities                                 (193,427)        (127,094)
      Other                                           4,965          (10,428)
              Net cash provided by operations       527,656          522,302

    Investing Activities
      Net additions to property, plant
       and equipment                               (356,136)        (291,662)
      Cash outflows for acquisitions               (401,148)        (246,573)
      Net proceeds from divestitures                                  89,950
      Proceeds from disposal of fixed assets         10,713           12,112
              Net cash used in investing
               activities                          (746,571)        (436,173)

    Financing Activities
      Proceeds from the issuance of debt          1,659,014          349,680
      Repayment of debt                          (1,220,797)        (322,691)
      Issuance of common stock, net of
       expenses                                      67,946           95,270
      Redemption of common stock                   (297,018)        (199,521)
      Other                                          (9,801)          (7,620)
              Net cash provided (used) in
               financing activities                 199,344          (84,882)

    Increase (decrease) in cash and cash
     equivalents                                    (19,571)           1,247
    Beginning cash balance                           47,143           45,896

    Ending cash balance                             $27,572          $47,143

     Contact:  Barry Sievert
               Senior Director, Investor Relations
               (214) 303-3437

               Cory Olson
               Senior Vice President and Treasurer
               (214) 303-3645

SOURCE Dean Foods Company

Barry Sievert
Senior Director, Investor Relations
+1-214-303-3437
or
Cory Olson
Senior Vice President and Treasurer
+1-214-303-3645,
both of Dean Foods Company

http://www.prnewswire.com

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