Dean Foods lowers 2017 adjusted EPS outlook to 80c-95c, consensus $1.27
The company said, "As we look to the third quarter and the balance of 2017, our volume and mix challenges are occurring at a higher rate than planned. While we are on track to deliver our cost productivity estimate of $80 million to $100 million for the full year, our volume shortfall will drive lower financial results than our previous expectations. We are therefore reducing our full-year adjusted earnings per share guidance to $0.80 to $0.95 and expect full-year free cash flow in the range of $50 million to $75 million. In addition, we are aggressively addressing our cost structure and are targeting an incremental annual cost reduction between $40 million to $50 million across our general and administrative functions. We expect to complete this process by the end of this year,"