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Dean Foods Announces Q2 2015 Financial Results

Dean Foods Announces Q2 2015 Financial Results

Monday, August 10th, 2015

Dean Foods has announced that its Chairman Tom Davis has unexpectedly resigned.

Tom Davis, Former Chairman, Dean Foods

This news comes on the heels of the announcement of its Q2 2015 financial report, which gave no details about the abrupt resignation.

Gregg Tanner, Chief Executive, Dean FoodsChief Executive Gregg Tanner, during his Dean Foods’ post-earnings call with investors, said, “[Davis] leaves at a time when we feel more optimistic than ever about the future of Dean Foods... I really have nothing further that I can add.”

According to Reuters, Davis had been on the company's board as an Independent Director since 2001, and became Non-Executive Chairman in May 2013 following Gregg Engles departure to WhiteWave Foods Co.

Dean Foods Product Line

In the company’s Q2 financial report, Chief Executive Officer Gregg Tanner commented on how pleased he was with the Dean Foods’ results despite the departure, saying, "Across our supply chain, we continued to execute our cost productivity agenda and utilize our scale to procure ingredients and packaging at industry leading levels, optimize our production network and reduce our logistics costs. From a commercial perspective, with the category showing signs of improvement, we continued to focus on striking the right balance between volume performance and price realization.”

For Q2 2015, net sales for the company reached just over $2 billion, down from nearly $2.4 billion in 2014.

Other highlights from Dean Foods’ report include:

  • Q2 net income per diluted share was $0.28 and adjusted net income per diluted share was $0.33.
  • Q2 adjusted results reflect the highest gross profit and per gallon operating income since 2012.
  • Financial results improved for the fourth consecutive quarter as price realization offset volume deleverage.
  • Stepped up advertising and marketing supports Q2 launch of DairyPure®, the first and largest fresh, white milk national brand.
  • Q3 adjusted diluted earnings are expected to be $0.17 to $0.27 per share.

Stay tuned as we continue to follow Dean Foods’ and its developing business strategies.

Dean Foods