said its first-quarter earnings fell 14.1% due to restructuring charges.
The Dallas-based food and beverage company earned $52.8 million, or 37 cents a share, in the quarter, compared with $61.5 million, or 39 cents a share, a year ago. Adjusted for facility closings, reorganization costs and other items, the company earned 40 cents a share. Analysts polled by Thomson First Call were expecting earnings of 40 cents a share in the most recent quarter.
Earnings from continuing operations rose 3.2% to $52.8 million.
First-quarter revenue rose 1.2% to $2.6 billion with strong sales growth at the Dairy Group and WhiteWave Foods, partially offset by the pass through of lower dairy commodity costs. Analysts were expecting revenue of $2.53 billion.
The company expects to earn 52 cents a share to 54 cents a share in second quarter and reaffirmed its earnings guidance of $2.10 a share to $2.15 a share in 2006. Analysts are expecting earnings of 54 cents a share in second quarter and $2.14 a share in 2006.
"Our Dairy Group again outpaced the industry, growing fluid milk volumes by 3.4%. Sales of our key brands at WhiteWave Foods continue to grow at a robust pace, and our supply chain initiatives are driving significant operational improvements," the company said.
Sales from Dairy Group net sales increased $12 million to $2.20 billion in the first quarter of 2006. WhiteWave Foods reported first quarter net sales of $307 million, an 8% increase.
The board increased the company's repurchase authorization by $300 million.
Shares fell $1.80 to $37.99.
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