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UPDATE: Dean Foods stock slides 7.7% after company posts wider-than-expected loss as sales fall short

Ciara Linnane

Dean Foods Co. shares slid almost 8% in premarket trade Tuesday, after the company posted a wider-than-expected loss for the first quarter as sales fell short of estimates. The company said it had a net loss of $62 million, or 67 cents a share, in the quarter, wider than the loss of $265,000, or breakeven, posted in the year-earlier period. The company's adjusted loss per share came to 41 cents, compared with a FactSet consensus for a loss of 27 cents a share. Sales fell to $1.795 billion from $1.981 billion, below the $1.897 billion FactSet consensus. The company, with a portfolio that includes DairyPure, Land o Lakes and a venture with Organic Valley dairy products, said the loss was on track with its internal full year plan and cost-cutting program. "We have made significant progress integrating our operating model, right-sizing our cost structure and introducing innovative new products," Chief Executive Ralph Scozzafava said in a statement. "As a result of these actions, we expect to deliver positive free cash flow for full year 2019." The company is exploring potential strategic options to accelerate its business transformation, he said. Shares have fallen 80% in the last 12 months, while the S&P 500 has gained 10%.