The US milk processor Dean Foods Co announced fourth quarter sales and profits which are lower-than-expected as raw milk prices remained high.
According to the company, raw milk prices in US increased by 18% in the quarter ended Dec. 31, reports Reuters.
Net sales increased 4.3% to $2.40bn in the fourth quarter while net income was $5.3m or 6 cents per share, as against a loss of $37.7m or 40 cents per share, in the previous year.
Loss on early retirement of debt for the quarter was $1.44m, as against $63.38m previous year.
Dean Foods CFO Chris Bellairs said: " Full year results are reflective of just how difficult an operating environment we've been in, but after another quarter of sequentially improving gross profit and operating income per gallon, and with what we're seeing so far this year, we believe that we have the business headed in the right direction."
