Dean Foods Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales were $1,934,997,000 against $2,018,009,000 a year ago. Operating income was $32,931,000 against $70,350,000 a year ago. Income from continuing operations before income taxes was $18,899,000 against $55,218,000 a year ago. Net income was $52,318,000 against $32,831,000 a year ago. Diluted income per common share was $0.57 against $0.36 a year ago. Adjusted EBITDA was $87,310,000 against $111,952,000 a year ago. Net income from continuing operations per diluted share was $0.54 and adjusted net income from continuing operations per diluted share was $0.25.

For the full year, the company reported net sales were $7,795,025,000 against $7,710,226,000 a year ago. Operating income was $83,262,000 against $263,668,000 a year ago. Income from continuing operations before income taxes was $21,243,000 against $202,651,000 a year ago. Net income was $61,588,000 against $119,929,000 a year ago. Diluted income per common share was $0.67 against $1.31 a year ago. Net cash provided by continuing operations for the twelve months ended December 31, 2017, totaled $145 million. Free cash flow provided by continuing operations, which is defined as net cash provided by continuing operations less capital expenditures, was $38 million for the twelve months ended December 31, 2017, a $75 million decrease as compared to the prior year period. Capital expenditures totaled $45 million for the fourth quarter of 2017 and $107 million for the full year 2017. Adjusted EBITDA was $331,133,000 against $454,471,000 a year ago. Net debt was $902,359,000 for the year ended December 31, 2017. Full year net income from continuing operations per diluted share was $0.52 and adjusted net income from continuing operations per diluted share was $0.80.


Full year 2018 adjusted diluted earnings are expected to be $0.55 to $0.80 per diluted share. The company expects free cash flow performance of $30 million to $50 million as fund these strategic investments and expect full year capital expenditures in the range of $135 million to $160 million.

The company expects the first quarter earnings to be disproportionately lower than the fourth quarter of 2017.