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Milk Company Blames Earnings Miss on Consumers Switching to Water

  • Dean Foods falls as much 34% after wider-than-expected loss
  • Competition on all sides as company seeks strategic options
Milk Generic STX
Photographer: Daniel Acker/Bloomberg

Dean Foods Co., the biggest U.S. milk processor, is blaming water for some of its earnings miss.

The Dallas-based company, which replaced its chief executive officer weeks ago and has been exploring “strategic options” for months, fell as much as 34% after reporting a wider-than-expected second-quarter loss. Its bonds also fell to record lows.