Adjusted diluted earnings per share were $0.34, an increase of 21% from $0.28 per adjusted diluted share in the prior year’s third quarter.
“We’re reporting another strong quarterly performance with continued solid operating income and earnings per share growth,” said Gregg Engles, chairman and CEO. “These strong results highlight the key advantages of our business, including a national footprint that provides an unmatched ability to service customers, as well as unique cost savings opportunities. This breadth is complemented by strong branded and private label positions across the refrigerated case, with key offerings in the fastest growing on-trend product segments.”
Net income for the third quarter totaled $49.7m, compared with $37.8m in the prior year’s third quarter – an increase of 32%. Solid operating income growth at Fresh Dairy Direct and WhiteWave-Morningstar and lower interest expense offset increases in Corporate and Other expenses to drive 43% growth in adjusted net income for the third quarter to $62.2m, up from $43.5m in the third quarter of 2008.
Due to lower average debt balances, interest expense in the quarter totalled $59.5m, compared to $74.7m in the third quarter of 2008.
Source: Dean Foods
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