Dean Foods (DF) Q2 2. Results - Earnings Call Transcript. Dean Foods Co. Scozzafava - Dean Foods Co. Christopher J. Bellairs - Dean Foods Co. Analysts. John Joseph Baumgartner - Wells Fargo Securities LLCFarha Aslam - Stephens, Inc.

Judy E. Hong - Goldman Sachs & Co. Akshay Jagdale - Jefferies LLCAmit Sharma - BMO Capital Markets (United States)Kenneth B. Goldman - JPMorgan Securities LLCAlexia Jane Howard - Sanford C. Bernstein & Co. LLCChristopher Growe - Stifel, Nicolaus & Co., Inc. Matthew C. Grainger - Morgan Stanley & Co. LLCRobert Moskow - Credit Suisse Securities (NYSE: USA) LLCOperator.

Good morning and welcome to the Dean Foods Second Quarter 2. Earnings Conference Call. Please note that today's call is being recorded and it is also being broadcast live over the Internet on Dean Foods' corporate website.

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This broadcast is the property of Dean Foods. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of the company is strictly prohibited. At this time, I'd like to turn the call over, for opening remarks, to the Vice President, Investor Relations and Corporate Finance, Ms. Sherri Baker. Please, go ahead. Sherri Baker - Dean Foods Co.

Thank you, Latoya, and good morning, everyone. Thanks for joining us on our second quarter 2. This morning, we issued an earnings press release, which is available along with a slide presentation in the Investor Relations section on our website at deanfoods. A replay of today's call will be available on our website beginning this afternoon. Before we begin, we would like to advise you that all forward- looking statements made on today's call are intended to fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1.

These statements are based on current expectations and projections and involve risks and uncertainties that may cause actual results to differ materially from our forward- looking statements. Information concerning those risks is contained in the company's filings with the SEC. In addition, we will be discussing operating and financial results on an adjusted basis. A reconciliation of these non- GAAP measures referenced during today's discussion to their most directly comparable GAAP measures can be found in today's earnings press release on our website. Participating with me in the prepared section of today's call are Ralph Scozzafava, our Chief Executive Officer; and Chris Bellairs, our Chief Financial Officer. Ralph will start us off with a review of our second quarter performance, as well as an update on our strategic initiatives.

Chris will then offer some additional perspective on our financial results before turning the call back over to Ralph for comments on the forward outlook and other closing remarks. We will then open the call to your questions. With that, I will turn the call over to Ralph for his opening remarks.

Ralph? Ralph P. Scozzafava - Dean Foods Co. Thank you, Sherri, and good morning, everyone. This morning, we reported second quarter adjusted diluted earnings of $0. For the quarter, we reported adjusted operating income of $4.

Second quarter adjusted EBITDA was roughly $8. In Q2, we faced a challenging and rapidly evolving retail environment. We experienced volume pressure, from both a macro and competitive perspective, that impacted our total volume performance within the quarter, and we anticipate that this will carry forward for the remainder of 2. Download Divx Wolf Warrior 2 (2017) Movie on this page. Our Q2 financial results came in well below our expectations, and we're not satisfied with our performance and we're determined to improve our execution. Despite some progress to- date, we're experiencing a decline in our base volume greater than our previous expectations. In response to these challenges, we're accelerating and expanding an aggressive set of commercial and cost productivity initiatives to address these factors that impact us on a volume and mix basis. I'd like to dissect what's driving our recent performance and how it will impact our full year guidance in further detail.

Importantly, I also want to cover what our organization is doing to mitigate these headwinds. So let's start with volume. Volume softness continues to weigh on the broader food industry. And the emphasis of specific retailers on private label within certain segments showed growth in Q2. For Dean Foods, this created a challenging environment on both volume and mix.

In the second quarter, total Dean Foods' volume of 6. As private label performed ahead of the category, our branded white milk volume in all channels was down nearly 6% year- over- year, with declines in measured channels outpacing the nearly flat volume in non- measured channels.

Despite these headwinds, we continue to see growth in our flavored milk volume, which is up 1% versus year ago. Particularly in the private label white milk space, we experienced some customer losses at a higher rate than expected.

As milk production continues to grow across many areas of the country, we're seeing surplus volume and supply that's changing some recent pricing dynamics in the category, driving aggressive pricing that we believe just isn't sustainable long- term. For Dean Foods, this has resulted in fluid milk volume losses that will contribute to a higher than planned year- over- year decline in total volume. For at least the balance of the year, we expect total volume decline in the mid- single- digit range. However, we're actively pursuing new volume within the normal flow of new business opportunities. We recently won a significant private label bid with a major customer, and expect that volume to come online in our plants later this year.

The benefit of that volume will fall predominantly in 2. In order to remain competitive in this environment and begin to mitigate the deleverage we're experiencing from these declines, we're also aggressively taking out cost, both within our supply chain and across our SG& A lines, to make us even more competitive. I'll address our broader plans on the cost front shortly. In the second quarter, we experienced a year- over- year increase in ice cream volume of 9%, driven primarily by volumes associated with our Friendly's acquisition. The ice cream category saw softer sales in packaged ice cream, declining close to 3% versus year ago. Similar to the fluid milk category, we're also seeing ice cream competitors invest in price on a regional basis, despite the rise in underlying commodity cost versus last year. After a record Q1, our Friendly's business experienced some volume softness due to supply issues within the second quarter.

We've now rectified these issues and are back to supplying our customers at our normal high service levels. It's also important to call out that our recent Friendly's Ice Cream innovation is performing well, particularly with the cake line growing at an impressive rate of 4. So, similar to the overall retail landscape, we saw softness in the milk category relative to last year. Fluid milk sales data published by the USDA through May shows a Q2 quarter- to- date category decline of 2. Within IRI- based data, second quarter fluid milk sales experienced a 2.

In the second quarter, our share of the fluid milk category decreased 3. As we evaluate brand performance, we must review dollar share metrics in addition to volume.

Within IRI- based data, Dairy. Pure dollar share retail is down versus year ago, primarily as a result of the declines in volume. However, dollar share is up 1. Q1, aided by our recent pricing actions and solid underlying velocity performance.

On a dollar velocity basis, we outperformed the category in both white and flavored milk in the second quarter. In Q2, private label margin over milk of $1.

But we're still seeing levels below the historic normal range, most likely due to retailers' continued investment in private label milk promotions. Keep in mind, those pricing promotions typically used by the retailer to drive traffic into their stores are funded by the retailer.

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