Dairy products maker Dean Foods Co. said that its fourth-quarter profit rose, driven by acquisitions and increased prices for raw milk and butterfat.



Net income rose to $98.9 million from $86.5 million a year ago. Excluding items related to facility closings, reorganizations, the sale of operations and litigation settlements, year-ago earnings per share totaled 56 cents. Revenue rose 11 percent to $2.79 billion from $2.5 billion.

The company said that results were helped by the acquisition of Horizon Organic and Ross-Swiss Dairies. Sales for its new White Wave Foods segment -- which combines Dean's White Wave company, Dean National Brands and the newly acquired Horizon Organic -- rose 57 percent to $334 million. Butterfat prices were up 53 percent, and raw milk costs were up 2 percent. Costs for these products were passed along to the customer, Dean said.



For the full year, Dean Foods reported net income of $285.4 million, or $1.78 per share, down from $355.7 million, or $2.27 per share, a year ago. Excluding items, earnings per share were $2.02 and $2.05, respectively. Sales rose to $10.82 billion from $9.18 billion. The company had forecast earnings of $2.02 to $2.05 per share. Analysts projected $2.03 per share on revenue of $10.77 billion.



Looking forward, Dean Foods expects full-year earnings of $2.20 to $2.30 per share on revenue of $10.6 billion.



Source: Company Release