Top U.S. dairy company Dean Foods Co. reported a higher-than-expected quarterly profit and raised its full-year forecast as it benefits from strong sales across all its segments and cost cuts.
Shares of the Dallas-based company rose 8 percent in premarket trade on Wednesday. They had closed at $12.72 on Tuesday on the New York Stock Exchange.
The company now expects full-year adjusted earnings of $1.10 to $1.20 per share, up from its prior outlook 87 to 95 cents per share.
First-quarter net income rose to $37.9 million, or 20 cents per share, from $25.3 million, or 14 cents per share, last year.
On an adjusted basis, Dean Foods earned 31 cents per share.
Revenue rose about 5 percent to $3.21 billion.
Analysts on average had expected earnings of 21 cents per share on revenue of $3.13 billion, according to Thomson Reuters I/B/E/S.