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Dean Foods swings to profit in Q3

Dean Foods Co. said its normalized net income for the third quarter came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 24 cents per share.

The per-share result swung to a profit from the prior-year loss of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.2 million, compared with a loss of $3.6 million in the year-earlier period.

The normalized profit margin climbed to 1.1% from negative 0.2% in the year-earlier period.

Total revenue decreased 14.3% on an annual basis to $2.03 billion from $2.37 billion, and total operating expenses fell 16.2% on an annual basis to $1.98 billion from $2.36 billion.

Reported net income totaled $20.6 million, or 22 cents per share, compared to a loss of $15.0 million, or a loss of 16 cents per share, in the prior-year period.