Dean Foods Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Re-Affirms Earnings Guidance for the Full Year of Fiscal 2018
Dean Foods Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced net sales of $1,980,507,000 compared to $1,995,686,000 for the same period a year ago. Operating income was $15,345,000 compared to $4,051,000 for the same period a year ago. Income before income taxes was $842,000 compared to loss before income taxes of $13,556,000 for the same period a year ago. Net loss was $265,000 compared to $9,759,000 for the same period a year ago. Net cash provided by operating activities was $38,953,000 compared to $27,556,000 for the same period a year ago. Payments for property, plant and equipment was $16,508,000 compared to $8,372,000 for the same period a year ago. Adjusted net income was $12,875,000 or $0.14 per diluted share compared to $11,994,000 or $0.13 per diluted share for the same period a year ago. Adjusted EBITDA was $67,056,000 compared to $73,676,000 for the same period a year ago. Free cash flow provided by continuing operations was $22,445,000 compared to $19,184,000 for the same period a year ago. Adjusted operating income was $32 million compared to $36 million for the same period a year ago. Capital expenditures totaled $17 million for the three months ended March 31, 2018. The company ended first quarter with net debt of $884 million, down from $902 million in the prior quarter. This decrease was primarily facilitated by positive quarterly free cash flow. Free cash flow was up $3 million versus prior year primarily due to improved operating results combined with lower restructuring costs.
The company reaffirmed its full-year 2018 adjusted diluted earnings per share range of $0.55 to $0.80. Full-year free cash flow and capital expenditure guidance remains unchanged.