On Tuesday, Dean Foods Co (NYSE: DF) announced its third-quarter financial results. Based on the results, the company lowers its guidance for full-year 2017.
For the third quarter, net sales dropped from $1.96 billion for the same period last year to $1.94 billion, beating analysts’ estimates of $1.98 billion. Net income for the third quarter decreased from $14.53 million, or $0.16 per share, for the same period last year, to $1.38 million, or $0.02 per share. Adjusted earnings per share was also down from $0.37 to $0.20 per share.
In addition, total volume across all products decreased 6.6% to 608 million gallons for the third quarter, compared to the number for the same period last year.
In the statement, the company lowered its guidance for full-year 2017. Adjusted earnings per share were expected to be in the range of $0.80 to $0.90, which was previously expected to be in the range of $0.80 to $0.95 per share.
“Our overall performance in the third quarter came in-line with our internal expectations. We improved overall execution in the quarter despite incurring some incremental costs due to the hurricanes in both Florida and Texas as we continued to service our customers from sister plants,” Ralph Scozzafava, the Chief Executive Officer of the company, said in the statement on Tuesday.
“We continue to make strong progress against our cost savings initiatives and are in the early stages of a significant enterprise-wide cost productivity program to secure incremental savings in 2018 and ongoing. Importantly, we have recently won some new business for 2018 behind solid sales execution through the quarter,” he said.