Dean Foods Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reaffirms Earnings Guidance for the Year 2017
Dean Foods Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's net sales were $1,995.686 million compared with $1,878.828 million a year ago. Operating income was $2.952 million compared with $78.539 million a year ago. Loss before income taxes was $13.556 million compared with income of $62.660 million a year ago. Net loss was $9.759 million or $0.11 per diluted share compared with net income of $39,201 million or $0.43 per diluted share a year ago. Net cash provided by operating activities was $27.556 million compared with $46.230 million a year ago. Payments for property, plant and equipment was $8.372 million compared with $17.067 million a year ago. Adjusted operating income was $34.774 million compared with $83.149 million a year ago. Adjusted net income was $11.994 million or $0.13 per diluted share compared with net income of $41.842 million or $0.45 per diluted share a year ago. Adjusted EBITDA was $73.676 million against $122.183 million a year ago. Bank EBITDA was $415.432 million. Net debt at March 31, 2017, was $868.198 million.
The company reaffirmed full year 2017, adjusted diluted earnings per share to be $1.35 to $1.55.