Dean Foods misses by $0.14, misses on revs (1.68)
- Reports Q1 (Mar) loss of $0.41 per share, excluding non-recurring items, $0.14 worse than the S&P Capital IQ Consensus of ($0.27); revenues fell 9.3% year/year to $1.8 bln vs the $1.9 bln S&P Capital IQ Consensus.
- "The first quarter was a productive period setting the stage for the sequential improvement in our performance that we expect to achieve throughout 2019. Adjusted operating loss is on-track with our internal full year plan and marked an improvement from the fourth quarter of 2018 but was significantly down compared with the year-ago period. Our results improved in each month of the first quarter and we are encouraged by the underlying trends that we are seeing in operations. While we continue to overlap certain customer volume that exited our system last year, we believe we have passed the inflection point as the transformative actions implemented over the past 12 months through our enterprise-wide cost productivity plan are taking hold."
- "We have the right plan that we are actively executing, which will improve our financial results. This plan will continue to drive and guide our actions throughout 2019 and beyond. We have made significant progress integrating our operating model, right-sizing our cost structure and introducing innovative new products. As a result of these actions, we expect to deliver positive free cash flow for full year 2019. Importantly, we are turning the corner and expect to generate positive quarterly free cash flow for the second quarter. While our results demonstrate that our efforts are beginning to achieve the desired results, there is still much more work to do. The refinancing of our revolving credit facilities in the first quarter provides us with the resources necessary to drive our commercial initiatives and continue to execute our enterprise-wide cost productivity plan. As previously announced, we are also exploring potential strategic alternatives to accelerate our business transformation and enhance value for our shareholders, our company and all other stakeholders