Dean Foods Company (DF) reported a higher-than-expected net loss for the fourth quarter of 2018 but revenues came in ahead of expectations. Shares rose 1.3% in premarket hours on Wednesday.
Net sales totaled $1.93 billion, relatively flat compared to the prior-year period.
Net loss attributable to Dean Foods Company was $260.1 million, or $2.85 per share. This compares to a net income of $52.3 million, or $0.57 per share, in the year-ago period. Adjusted EPS from continuing operations was $0.50.
Dean Foods said it has started a review of strategic alternatives to increase shareholder value. The alternatives might include, among others, the disposition of certain assets, the formation of a joint venture, a strategic partnership or even a sale of the company. As the company reviews these alternatives, it has decided to suspend financial guidance.
Dean Foods stated that it has successfully refinanced credit facilities and also decided to suspend its quarterly dividend to enhance financial flexibility.
Capital expenditures totaled $47 million in the fourth quarter. Total outstanding debt at December 31, 2018 was approx. $887 million.
Dean Foods’ rival Campbell Soup Company (CPB) reported second-quarter 2019 results on Wednesday, with both revenue and earnings topping estimates.
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