said its third-quarter earnings fell 29% from a year ago.
The company also took a charge for administrative errors in stock options grants in 1997 and 2000.
The Dallas-based company earned $70.79 million, or 51 cents a share, for the latest quarter, compared with $99.38 million, or 64 cents a share, for the year-ago period. Adjusted for discontinued operations income, earnings rose 20% to $74.5 million, or 54 cents a share. Analysts polled by Thomson First Call were expecting earnings of 56 cents a share for the quarter.
Third-quarter revenue fell 2% to $2.5 billion, reportedly owing to the pass through of lower dairy input costs. Analysts were expecting a revenue of $2.6 billion.
The company estimated earnings in the range of $2.10 to $2.12 a share for 2006 and expects 11%-13% growth in earnings for 2007. Analysts expect $2.14 a share for 2006 and $2.40 a share in 2007.
Consolidated operating income rose 22% to $168.7 million.
By segment, dairy group revenue fell 3% to $2.2 billion and WhiteWave foods revenue rose 5% to $314 million for the quarter.
Shares fell $2.19 to $39.96.
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