US dairy company Dean Foods has reported that its net earnings increased to $167.5m for the fiscal 2012, compared to a loss of $1.58bn for the same period in 2011.
For the year ended 31 December 2012, the company reported 2% decline in net sales to $11.46bn, compared to $11.64bn in the previous year.
The net sales for the fourth quarter increased by 4% to $3.04bn, compared to $2.93bn in 2011, driven by strong sales in WhiteWave and pass-through of higher commodity costs at Fresh Dairy Direct. Net earnings for the quarter totaled $37m, compared to a loss of $10m in the earlier year.
Dean Foods chief executive officer Gregg Tanner said that the fourth quarter marked the successful conclusion of a very strong year.
"At Fresh Dairy Direct, our employees are to be commended for the results they delivered through continued focus on the fundamentals of the business, including volume performance, cost control and effective pricing," Tanner added.
In January 2013, Dean Foods completed the sale of its Morningstar Foods division to Canadian dairy company Saputo for $1.45bn.
