Daily Journal masthead

Dean Foods declines after company says chairman resigned and 2nd-quarter sales disappoint

bug
Share/Save/Bookmark

DALLAS — Shares of Dean Foods skidded Monday after the milk company said its chairman had stepped down and then reported disappointing second-quarter sales.

After the market closed on Friday, the Dallas-based company said Chairman Tom Davis had resigned from its board of directors. Dean Foods said Davis' departure was effective immediately and did not disclose a reason or name a replacement.

Davis, the CEO of investment firm Concorde Group, had been non-executive chairman of Dean Foods since May 2013 and has been a director since March 2001.

Before the market opened on Monday Dean Foods Co. reported second-quarter net income of $26.5 million, or 28 cents per share. It took a loss a year earlier. Excluding one-time items the company said it earned 33 cents per share. Its revenue fell 16 percent to $2.01 billion.

Analysts expected a profit of 26 cents per share and $2.08 billion in revenue, according to Zacks Investment Research.

The company's shares dropped 60 cents, or 3.3 percent, to $17.13 in late trading.

Dean Foods said it expects to earn between 17 cents and 27 cents per share in the third quarter. FactSet says analysts expect 21 cents per share on average.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DF at http://www.zacks.com/ap/DF

_____

Keywords: Dean Foods, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.