Wednesday, 3 August 2005

Dean Foods Company Reports Second Quarter Results; Company Reports Second Quarter Adjusted Diluted Earnings of $0.53 Per Share

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Wednesday, 3 August 2005

DALLAS, Aug. 3 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that the company earned $0.52 per diluted share from
continuing operations for the quarter ended June 30, 2005, as compared to
$0.39 per diluted share from continuing operations in the second quarter of
2004. Net income from continuing operations for the second quarter of 2005
totaled $81.2 million, compared with $63.3 million in the prior year second
quarter.

On an adjusted basis (as defined below), diluted earnings from continuing
operations increased 36% to $0.53 per share, compared to $0.39 in last year’s
second quarter. Adjusted net income from continuing operations for the second
quarter was $82.7 million compared to $63.3 million in the second quarter of
2004.

“Our second quarter results demonstrate further progress toward meeting
our operational and strategic goals,” said Gregg Engles, chairman and chief
executive officer. “Our Dairy Group turned in another strong quarter, and
WhiteWave Foods posted significantly increased profitability. Additionally,
we successfully completed the spin-off of TreeHouse Foods, signed a definitive
agreement to divest our Marie’s dressings and Dean’s dips businesses, and
lowered our future interest expense through an amendment of our bank credit
facility.”

Net sales for the second quarter totaled $2.6 billion, on par with the
second quarter of 2004, primarily due to higher fluid dairy volumes and
increased sales at WhiteWave Foods, which were offset by the pass-through of
lower raw milk and butterfat costs in the Dairy Group.

Consolidated operating income from continuing operations in the second
quarter totaled $173.5 million versus $147.2 million in the second quarter of
2004. Adjusted second quarter operating income totaled $175.9 million, a
19.5% increase compared to $147.2 million in the second quarter of 2004. The
company’s adjusted second quarter 2005 operating margin was 6.71%, up
110 basis points versus the second quarter of the prior year. The increase in
the consolidated operating margin was primarily due to the positive impact of
lower raw milk and butterfat costs and increased profitability at WhiteWave
Foods. Included in operating income for the second quarter of 2005 is a
$3.9 million charge ($0.02 net of tax), which represents one half of the total
expense related to the accelerated vesting of stock units issued to key
employees in January 2003. The balance of this expense, or approximately
$0.02 per share net of tax, will be recognized in the third quarter of 2005.
The acceleration of these stock units occurred because the price of the
company’s common stock achieved a price appreciation target that represents an
increase of more than 50% from the stock price on the date of the grant.
Offsetting second quarter expenses is a gain of $4.5 million recorded in the
second quarter due to the favorable settlement of class action litigation
related to high-fructose corn syrup purchases made by the company in prior
years.

The company repaid $117.4 million of debt during the second quarter,
bringing total debt repayments for the year to $269.1 million. Long-term debt
as of June 30, 2005 was approximately $3.0 billion, including $56 million due
within one year that is reported as part of current liabilities. At the end
of the quarter, approximately $1 billion of the company’s senior credit
facility was available for future borrowings.

SEGMENT RESULTS

Dairy Group net sales for the second quarter were $2.2 billion, 2% lower
than the second quarter of 2004. The sales decrease was primarily due to the
pass-through of lower raw milk and butterfat costs, partially offset by a 4.1%
increase in fluid milk volumes. The Class I mover, which is an indicator of
the company’s raw milk costs, averaged $14.18 per hundredweight in the second
quarter of 2005, 22% lower than the same period in 2004.

Dairy Group operating income in the second quarter was $175.1 million, an
increase of 11% over last year. Operating margins increased 90 basis points
to 7.8% of sales due primarily to the positive impact of lower raw milk and
butterfat costs, and the receipt of the $4.5 million settlement from class
action litigation related to prior period high-fructose corn syrup purchases.

WhiteWave Foods reported second quarter net sales of $284.1 million, a 12%
increase compared to the second quarter of 2004. The increase was driven by
sales growth in the company’s core brands.

Operating income for WhiteWave Foods in the second quarter was
$28.7 million, an increase of 160% over the $11.0 million reported in the
second quarter of 2004. Operating margin for the second quarter of 2005 was
10.1%, an increase of 574 basis points compared to the prior year second
quarter. The improvement in operating margin was the result of sales growth,
increased manufacturing and distribution efficiency and lower year over year
marketing spending during the quarter.

RECENT DEVELOPMENTS

  • On June 27, the company completed the previously announced spin-off of
    its Specialty Foods division, now known as TreeHouse Foods. The newly
    created firm is headquartered in the Chicago, IL area and trades on
    the NYSE under the ticker symbol “THS”.
  • As part of management’s strategy to further focus the company on its
    core dairy and branded businesses, Dean Foods recently entered into an
    agreement to sell its Marie’s dressings and Dean’s dips businesses to
    Ventura Foods. Pending customary governmental antitrust review, the
    company expects the transaction to close in the third quarter. The
    sale is expected to be approximately $0.02 dilutive to the balance of
    the year.
  • During the quarter the company successfully amended its bank credit
    facility to reduce borrowing costs.
  • Subsequent to the end of the second quarter, the Company has made open
    market purchases of its common stock totaling 1.9 million shares
    for a total cost of $68.8 million. The Company has $49.2 million
    remaining under its current repurchase authorization.

OUTLOOK FOR THE REMAINDER OF 2005

“Our business outlook for the remainder of the year has improved. Based
on second quarter results that exceeded our expectations and continuing strong
business trends, we believe that operating performance for the year will be
better than our previous expectations,” said Engles. “We expect this
improvement in our business outlook to increase earnings per share by
approximately three cents. This increase is offset by approximately four
cents due to the dilution from the divestiture of Marie’s dressings and Dean’s
dips businesses and the acceleration of employee stock unit vesting. Our
expectations are now for earnings to range between $1.97 and $2.02 per share
in 2005. For the third quarter, we anticipate adjusted earnings from
continuing operations of between $0.49 and $0.51 per share.”

The company’s earnings guidance excludes the impact of facility closing
and reorganization costs and any non-recurring or one-time gains or losses.

RESULTS FOR SIX MONTHS ENDED JUNE 30, 2005

The company’s net sales from continuing operations increased 6% to
$5.2 billion for the six months ended June 30, 2005, compared with
$4.9 billion during the first six months of 2004. The increase was due to
sales growth at WhiteWave Foods and volume growth in the Dairy Group, which
was partially offset by the pass-through of lower raw dairy commodity costs.
Net income from continuing operations for the first half of the year totaled
$137.0 million, compared with $119.4 million in the first six months of 2004.
Diluted earnings per share from continuing operations for the six months ended
June 30, 2005 totaled $0.88, compared with $0.73 in the first six months of
2004.

On an adjusted basis (as defined below), net income from continuing
operations for the six months totaled $144.3 million, an increase of 16% over
$124.1 million in the same period of 2004. Adjusted diluted earnings per
share from continuing operations for the first six months of 2005 totaled
$0.92 compared with $0.76 in the first six months of 2004.

The company reported operating income for the six month period ended
June 30, 2005 of $306.9 million versus $278.9 million in the same period of
2004. Adjusted operating income for the first six months of 2005 totaled
$318.8 million, an increase of 11% versus $286.5 million in the same period of
last year. Adjusted operating income margins for the six months were 6.13%,
an increase of 29 basis points versus the prior year’s first six months.

ADJUSTMENTS TO HISTORICAL FINANCIAL STATEMENT

The company has adjusted its historical financial results for the year
2002 through the first quarter of 2005 to reflect the businesses contributed
to TreeHouse Foods as discontinued operations. These adjusted financial
results are included in a schedule titled, ‘Revised Historical Results to
Reflect TreeHouse Foods Spin-off,’ which is available at the investor
relations section of the company’s website at http://www.deanfoods.com .

COMPARISON OF ADJUSTED INFORMATION TO GAAP INFORMATION

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 below. 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 company management. Because the company cannot predict the
timing and amount of charges associated with non-recurring items or facility
closings and reorganizations, management does not consider these 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. These 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 and six month periods ended June 30, 2005
calculated according to GAAP and on an adjusted basis is attached.

For the quarter ended June 30, 2005, the adjusted results reported above
differ from the company’s results under GAAP by excluding a $2.4 million
charge ($1.5 million net of tax) primarily related to previously announced
reorganizations and facility closings, including consolidation of WhiteWave
Foods Company.

For the six months ended June 30, 2005, the adjusted results reported
above differ from the company’s results under GAAP by excluding

a) an $8.8 million charge ($5.4 million net of tax) related to
consolidation activities at WhiteWave Foods and previously announced
reorganizations and facility closings in the Dairy Group,

b) and a $3.1 million charge ($1.9 million net of tax) related to
severance payments made to the former president of WhiteWave Foods.

For the six months ended June 30, 2004, the adjusted results reported
above differ from the company’s results under GAAP by excluding a net
$7.6 million charge ($4.6 million net of income tax) related to Dairy Group
plant closings in Madison WI, South Gate CA, San Leandro CA, and Wilkesboro
NC, which was partly offset by a gain on the sale of a Dairy Group plant
closed in Hawaii in 2003.

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 http://www.deanfoods.com .

ABOUT DEAN FOODS

Dean Foods is one of the leading food and beverage companies in the United
States. Its Dairy Group is the largest processor and distributor of fresh
milk and other dairy products in the country, with products sold under more
than 50 familiar local and regional brands and a wide array of private labels.
The company’s WhiteWave Foods subsidiary is the nation’s leading organic foods
company. WhiteWave Foods markets and sells a variety of well-known dairy and
dairy-related products, such as Silk(R) soymilk, Horizon Organic(R) dairy
products and juices, International Delight(R) coffee creamers and LAND
O’LAKES(R) creamers and cultured products. Dean Foods Company also owns the
fourth largest dairy processor in Spain and the leading brand of organic dairy
products in the United Kingdom.

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
                                       June 30,                June 30,
                                   2005        2004        2005        2004

    Net sales                  $2,623,251  $2,623,914  $2,623,251  $2,623,914
    Cost of sales               1,961,319   2,027,254   1,961,319   2,027,254

      Gross profit                661,932     596,660     661,932     596,660

    Operating costs and expenses  486,040     449,444     486,040     449,444
    Facility closings and
     reorganization costs, net      2,438          11

      Operating income            173,454     147,205     175,892     147,216

    Interest expense               42,141      44,063      42,141      44,063
    Other income                     (228)       (185)       (228)       (185)

      Income from continuing
       operations before
       income taxes               131,541     103,327     133,979     103,338
    Income taxes                   50,321      39,991      51,257      39,995

    Income from continuing
     operations                    81,220      63,336      82,722      63,343
    Income from discontinued
     operations, net of tax         5,428      13,737

        Net income                $86,648     $77,073     $82,722     $63,343

    Basic earnings per share:
      Income from continuing
       operations                   $0.54       $0.40       $0.55       $0.40
      Income from discontinued
       operations                    0.03        0.09        0.00        0.00
        Net income                  $0.57       $0.49       $0.55       $0.40

        Basic average common
         shares (000's)           150,834     157,331     150,834     157,331

    Diluted earnings per
     share:
      Income from continuing
       operations                   $0.52       $0.39       $0.53       $0.39
      Income from discontinued
       operations                    0.03        0.08        0.00        0.00
        Net income                  $0.55       $0.47       $0.53       $0.39

        Diluted average common
         shares (000's)           157,220     163,634     157,220     163,634

     [A]  Adjusted results differ from results reported under GAAP by
          excluding income and expense related to discontinued operations,
          facility closings and reorganizations.  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]
                                   Six Months Ended        Six Months Ended
                                       June 30,                June 30,
                                   2005        2004        2005        2004

    Net sales                  $5,201,564  $4,902,496  $5,201,564  $4,902,496
    Cost of sales               3,919,240   3,732,543   3,919,240   3,732,543

      Gross profit              1,282,324   1,169,953   1,282,324   1,169,953

    Operating costs and
     expenses                     966,622     883,444     963,549     883,444
    Facility closings and
     reorganization costs, net      8,828       7,584

      Operating income            306,874     278,925     318,775     286,509

    Interest expense               84,560      86,559      84,560      86,559
    Other income                     (338)     (1,659)       (338)     (1,659)

      Income from continuing
       operations before
       income taxes               222,652     194,025     234,553     201,609
    Income taxes                   85,605      74,593      90,234      77,535

    Income from continuing
     operations                   137,047     119,432     144,319     124,074
    Income from discontinued
     operations, net of tax        15,798      26,881

        Net income               $152,845    $146,313    $144,319    $124,074

    Basic earnings per share:
      Income from continuing
       operations                   $0.91       $0.76       $0.96       $0.79
      Income from discontinued
       operations                    0.11        0.17        0.00        0.00
         Net income                 $1.02       $0.93       $0.96       $0.79

         Basic average common
          shares (000's)          150,331     156,718     150,331     156,718

    Diluted earnings per share:
      Income from continuing
       operations                   $0.88       $0.73       $0.92       $0.76
      Income from discontinued
       operations                    0.10        0.17        0.00        0.00
         Net income                 $0.98       $0.90       $0.92       $0.76

         Diluted average common
          shares (000's)          156,442     163,149     156,442     163,149

     [B]  Adjusted results differ from results reported under GAAP by
          excluding income and expense related to discontinued operations,
          facility closings and reorganizations.  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       Six Months Ended
                                         June 30,                June 30,
                                     2005        2004        2005        2004
    GAAP diluted earnings per
     share from continuing
     operations                     $0.52       $0.39       $0.88       $0.73

    Adjustments:
      Facility closings and
       reorganization costs, net     0.01                    0.03        0.03
      Other nonrecurring
       operating costs                                       0.01

    Adjusted diluted earnings
     per share                      $0.53       $0.39       $0.92       $0.76


                             Segment Information
                            (Dollars in thousands)

                                         GAAP                ADJUSTED [C]
                                  Three Months Ended      Three Months Ended
                                        June 30,               June 30,
                                   2005        2004        2005        2004
    Net sales
      Dairy Group              $2,234,653  $2,280,575  $2,234,653  $2,280,574
      WhiteWave Foods Company     284,076     253,495     284,076     253,495
      Corporate / Other           104,522      89,844     104,522      89,845
        Total                  $2,623,251  $2,623,914  $2,623,251  $2,623,914

    Segment operating income
     (loss)
      Dairy Group                $175,068    $157,938    $175,069    $157,938
      WhiteWave Foods Company      28,667      11,030      28,667      11,030
      Corporate / Other           (27,843)    (21,752)    (27,844)    (21,752)
       Subtotal                   175,892     147,216     175,892     147,216
    Facility closings and
     reorganization costs, net     (2,438)        (11)
       Total operating income    $173,454    $147,205    $175,892    $147,216


                                         GAAP                ADJUSTED [C]
                                   Six Months Ended       Six Months Ended
                                       June 30,                June 30,
                                   2005        2004        2005        2004
    Net sales
      Dairy Group              $4,431,101  $4,244,118  $4,431,101  $4,244,118
      WhiteWave Foods Company     562,827     485,889     562,827     485,889
      Corporate / Other           207,636     172,489     207,636     172,489
        Total                  $5,201,564  $4,902,496  $5,201,564  $4,902,496

    Segment operating income
     (loss)
      Dairy Group                $324,848    $297,833    $324,848    $297,833
      WhiteWave Foods Company      38,108      23,585      41,181      23,585
      Corporate / Other           (47,254)    (34,909)    (47,254)    (34,909)
       Subtotal                   315,702     286,509     318,775     286,509
    Facility closings and
     reorganization costs, net     (8,828)     (7,584)
        Total operating income   $306,874    $278,925    $318,775    $286,509

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



                              DEAN FOODS COMPANY

                           Condensed Balance Sheet
                            (Dollars in Thousands)

                                                  June 30,        December 31,
    ASSETS                                          2005              2004

    Cash and cash equivalents                      $32,305           $27,407
    Other current assets                         1,351,957         1,409,675
      Total current assets                       1,384,262         1,437,082

    Property, plant & equipment                  1,850,192         1,821,719

    Intangibles & other assets                   3,850,750         3,869,009

    Assets of discontinued operations                  ---           628,558

        Total Assets                            $7,085,204        $7,756,368


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Total current liabilities                     $953,907        $1,050,175

    Long-term debt                               2,930,887         3,110,716

    Other long-term liabilities                    833,718           820,297

    Liabilities of discontinued operations             ---           111,581

    Stockholders' equity:
      Common stock                                   1,515             1,492
      Additional paid-in capital                 1,368,236         1,308,172
      Retained earnings                          1,021,125         1,359,632
      Other comprehensive income                   (24,184)           (5,697)
         Total stockholders' equity              2,366,692         2,663,599

        Total Liabilities and
         Stockholders' Equity                   $7,085,204        $7,756,368



                              DEAN FOODS COMPANY

                      Condensed Statement of Cash Flows
                            (Dollars in Thousands)

                                                   Six Months Ended June 30,
    Operating Activities                             2005              2004
      Net income                                  $152,845          $146,313
      Income from discontinued operations          (15,798)          (26,881)
      Depreciation and amortization                109,445           103,766
      Deferred income taxes                         22,969            32,429
      Loss (gain) on disposition of assets             585            (1,532)
      Tax savings on equity compensation            12,697            15,298
      Write-down of impaired assets                    697             2,175
      Changes in current assets and liabilities     54,127          (212,718)
      Other                                         (2,449)              917
         Net cash provided by continuing
          operations                               335,118            59,767
         Net cash provided by discontinued
          operations                                31,912            65,490
         Net cash provided by operating
          activities                               367,030           125,257

    Investing Activities
      Additions to property, plant and equipment  (144,268)         (155,774)
      Cash outflows for acquisitions                (1,702)         (350,176)
      Proceeds from sale of fixed assets             5,281             7,420
         Net cash used in continuing operations   (140,689)         (498,530)
         Net cash used in discontinued operations   (7,631)           (9,287)
         Net cash used in investing activities    (148,320)         (507,817)

    Financing Activities
      Proceeds from the issuance of debt            16,722           478,688
      Repayment of debt                           (285,796)         (155,775)
      Issuance of common stock, net of expenses     47,390            52,474
      Redemption of common stock                       ---            (5,163)
      Other                                         (3,281)           (1,140)
         Net cash provided (used) in continuing
          operations                              (224,965)          369,084
         Net cash provided (used) in
          discontinued operations                   11,153            (3,594)
         Net cash provided (used) in financing
          activities                              (213,812)          365,490

    Increase (decrease) in cash and cash
     equivalents                                     4,898           (17,070)
    Beginning cash balance                          27,407            46,037

    Ending cash balance                            $32,305           $28,967


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

SOURCE Dean Foods Company
CONTACT: Barry Sievert, Senior Director, Investor Relations of Dean
Foods Company, +1-214-303-3437
Web site: http://www.deanfoods.com

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