Details from third quarter earnings report
The net loss attributable to the company for the third quarter was $16 million, or 17 cents per share, compared to a profit of $415.1 million, or $4.35 per share, a year earlier.
The dairy product producer, however, only lost 3 cents per share, significantly less than the consensus analyst estimate of 13 cents, according to Thomson Reuters.
Moreover, net sales rose 8% to $2.37 billion, which was marginally above the consensus analyst estimate of $2.35 billion.
Dean Foods Co (NYSE:DF) also projected an adjusted profit of 5-15 cents per share for the fourth quarter of 2014.
Statement from Dean Foods CEO
Cost-cutting measures taking effect
The company also noted that it expected a reduction in production and distribution costs due to the 12 recent plant closures and other cost-cutting measures.
“The company’s cost reduction efforts are finally starting to show up in results,” Key Banc Capital Markets analyst Akshay Jagdale commented in a note to investors.
Dallas-based Dean Foods Co (NYSE:DF) has been striving to reduce costs by closing facilities and cutting jobs. The firm withdrew its full-year profit forecast back in August, after slashing it in May.