Suiza Foods' profits decline

Advertiser Staff

Suiza Foods Corp., the biggest U.S. dairy and owner of Hawai'i's Meadow Gold Dairies, said third-quarter profit fell 5.7 percent and fourth-quarter earnings will be less than expected because of losses at a partly owned packaging maker and raw milk costs.

Net income fell to $29.4 million, or 95 cents a share, from $31.2 million, or $1.01, a year earlier. The company expects to earn $1.08 to $1.12 a share in the fourth quarter, less than the $1.17 average estimate of analysts surveyed by Thomson Financial/First Call.

Dallas-based Suiza said sales to restaurants and hotels have dropped since the Sept. 11 terrorist attacks.