November 2, 2009
Garelick Parent Posts Q3 Profit Increase
By Matthew L. Brown
Dean Foods, the Dallas-based parent of Franklin's Garelick Farms dairy posted net income of $49.7 million for the third quarter compared to $37.8 million the prior year.
The 32 percent profit increase was despite net sales that decreased by 13 percent compared to last year as a result of lower dairy commodity costs and smaller sales volumes at the company's WhiteWave-Morningstar unit.
The sales decrease was offset by growth related to Dean's acquisition of Fresh Dairy Direct.
Operating income increased from $132 million to $137 million year-over-year and the company finished the quarter with cash and equivalents of $39 million, compared to $36 million a year ago.
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