Dean Foods Co. (NYSE: DF) reported fourth-quarter and full-year 2015 results before markets opened Monday. For the quarter, the largest milk producer in the U.S. posted adjusted diluted earnings per share (EPS) of $0.36 on revenues of $2.02 billion. In the same period a year ago, the company reported EPS of $0.08 on revenues of $2.4 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.34 and $2.07 billion in revenues.

For the full year, Dean Foods reported EPS of $1.23 and revenues of $8.12 billion, compared with a net loss of $0.14 and revenues of $9.5 billion in 2014.

For the first quarter the company forecast adjusted EPS in a range of $0.32 to $0.42, compared with a consensus estimate of $0.32 on revenues of $1.94 billion.

CEO Gregg Tanner said:

The fourth quarter marked the successful completion of a very strong year. I’m very pleased with the sequential improvement we saw in our operational and financial performance from Q3 to Q4. I believe the 2015 financial results demonstrate that we’re driving the right initiatives and agenda. As I look to the future, I believe our financial position and the momentum of our strong operating performance will allow us to continue to grow our business and create shareholder value.

Chief Financial Officer Chris Bellairs added:

We delivered $246 million of free cash flow and $404 million of adjusted EBITDA on a full year basis. On an all cash netted basis, our total leverage has improved to 1.89 times net debt to EBITDA. This highlights our ability to rapidly reduce leverage on the strength of our free cash flow while investing in our business and returning cash to our shareholders.

Fluid milk volumes remained essentially flat sequentially from a 1% decline in the third quarter to a 1.1% decline in the fourth quarter on an unadjusted basis. On this same basis, Dean Foods’ share of U.S. fluid milk volumes decreased 50 basis points sequentially and 90 basis points year over year to 34.7%.

Shares closed Friday at $20.47, down about 1.3% on the day, in a 52-week range of $14.56 to $21.17. The stock traded up about 7% in Monday’s premarket at $21.90, a new 52-week high if it holds. The consensus price target on the stock is $20.64.

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