US dairy company Dean Foods has swung to a profit of$36.44m in the third quarter of 2012,compared to a loss of$1.55bn in 2011,when the company incurred a$1.9bn goodwill impairment charge related to its Fresh Dairy Direct segment.
Net sales in the quarter ended 30 September 2012 declined 7.9%to$3.14bn,compared to$3.41bn in 2011.
Dean Foods chairman and CEO Gregg Engles said the company reported strong quarter results,driven by growth across each of the three operating segments.
"Our strong performance this year has created the flexibility to pursue important strategic actions like the recently completed initial public offering of The WhiteWave Foods Company,"Engles added.
In October 2012,the company spun off its WhiteWave-Alpro division,which offers a range of branded dairy,soya,and plant-based foods and beverages,in a$391m initial public offering.
Currently,it holds 87%stake in WhiteWave and is evaluating the sale of Morningstar dairy business in an estimated deal of more than$1bn.
For the first nine months of 2012,the company's net income totalled$130m,up from a loss of$1.56bn in 2011,while net sales rose 2.8%to$9.48bn.
Dean Foods increased its full year 2012 adjusted diluted earnings forecast to between$1.27 and$1.32 per share,compared to its earlier estimate of$1.18 to$1.28,and it expects fourth quarter adjusted diluted earnings per share to be between$0.27 and$0.32.
