Shares of Dean Foods Co. plummeted 32% in premarket trading Tuesday, after the milk and dairy products seller reported a wider-than-expected second-quarter loss and sales that rose less than analyst projections, amid volume pressure and an “accelerated decline” in the conventional white milk category.
The net loss widened to $64.5 million, or 70 cents a share, from $40.1 million, or 44 cents a share, in the same period a year ago.
Excluding non-recurring items, the adjusted loss per share was 36 cents, compared with the FactSet loss consensus of 13 cents a share. Sales fell 5.5% to $1.84 billion, below the FactSet consensus of $1.88 billion.
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