Dean Foods: S&P Intraday Gainer
The S&P 500 was falling nearly 19 points, or 1.4%, to 1344 with worries about the Spanish banking system and ongoing political uncertainty in Greece driving the pullback.
Shares of Dean Foods were up 6.7% to $13.57 after the Dallas-based food and beverage company reported first-quarter net income of $37.9 million, or 20 cents a share, up from year-earlier earnings of $$25.3 million, or 14 cents a share.
On an adjusted basis, excluding certain items, the company earned $57 million, or 31 cents a share. Sales totaled $3.21 billion for the quarter.The performance topped Wall Street's consensus estimate for earnings of 21 cents a share on sales of $3.13 billion. Dean Foods also raised its full-year earnings guidance to a range of $1.10 to $1.20 a share from a prior projection for a profit of 87 to 95 cents a share. Shares of Dean Foods hit a 52-week high Wednesday morning of $14.09. The stock's 52-week low of $7.83 was set on Sept. 6. Dean Foods' stock trades at an estimated price-to-earnings ratio for next year of 12.03 times; the average for food products companies is 17.74X. For comparison, Ralcorp (RAH) has a higher forward P/E of 17.19X. Seven of the 13 analysts who cover Dean Foods rate it at hold. Five analysts give the stock a buy rating and one rates it at sell. The stock has risen 19.29% year to date. --Written by Alexandra Zendrian in New York.
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