Dean Foods profit beats estimates; CFO to step down

Thu Nov 8, 2012 7:34am EST

Nov 8 (Reuters) - Dean Foods Co reported a better-than-expected quarterly profit as gross margins improved, and the dairy company said it had appointed a new chief financial officer.

Dean Foods said Chris Bellairs will take over as CFO from Shaun Mara who is stepping down.

The company reported net income $36.4 million, or 20 cents per share, for the third quarter, compared with a net loss of $1.5 billion, or $8.39 per share, a year earlier.

Excluding items, it earned 33 cents per share.

Sales fell 8 percent to $3.1 billion.

Analysts were expecting earnings of 26 cents per share, on revenue of $3.23 billion, according to Thomson Reuters I/B/E/S.

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