US-based Dean Foods has reported a net loss attributable to the company of $9m for the first quarter of 2014, against the profit of $496m in Q1 2013.
On an adjusted basis, first quarter net loss attributable to the company was $5m. Operating income totaled $5m, compared to $30m in the same quarter last year.
The company's net sales of Q1 2014 were $2.3m, same as net sales in the corresponding quarter a year ago.
Dean Foods chief executive officer Gregg Tanner said the company reported first quarter results that were below its previously articulated adjusted diluted earnings per share guidance range of approximately break-even with $0.03 of potential risk or benefit.
"Turning to the forward outlook, we expect the second quarter to be particularly difficult given historically high raw milk costs, continued overlaps of the RFP driven volume loss, and category declines that may be worse than recent run rates.
"However, as we lap the most difficult challenges and our cost reduction efforts continue to take hold, we expect results to strengthen in the back half and exceed 2013 performance in the third and fourth quarters," Tanner added.
