Dean Foods Co. says its net income fell 43 percent in the first quarter and is suspendeding its full-year earnings forecast.
The food and beverage company is also cutting 350 to 400 jobs from its Fresh Dairy Direct-Morningstar unit in an attempt to lower costs.
Its shares careened almost 23 percent lower in morning trading.
The company says its private label milk business was hurt by lower-priced competitors appealing to budget-conscious shoppers.