Dean Foods Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced net sales of $1,980,507,000 compared to $1,995,686,000 for the same period a year ago. Operating income was $15,345,000 compared to $4,051,000 for the same period a year ago. Income before income taxes was $842,000 compared to loss before income taxes of $13,556,000 for the same period a year ago. Net loss was $265,000 compared to $9,759,000 for the same period a year ago. Net cash provided by operating activities was $38,953,000 compared to $27,556,000 for the same period a year ago. Payments for property, plant and equipment was $16,508,000 compared to $8,372,000 for the same period a year ago. Adjusted net income was $12,875,000 or $0.14 per diluted share compared to $11,994,000 or $0.13 per diluted share for the same period a year ago. Adjusted EBITDA was $67,056,000 compared to $73,676,000 for the same period a year ago. Free cash flow provided by continuing operations was $22,445,000 compared to $19,184,000 for the same period a year ago. Adjusted operating income was $32 million compared to $36 million for the same period a year ago. Capital expenditures totaled $17 million for the three months ended March 31, 2018. The company ended first quarter with net debt of $884 million, down from $902 million in the prior quarter. This decrease was primarily facilitated by positive quarterly free cash flow. Free cash flow was up $3 million versus prior year primarily due to improved operating results combined with lower restructuring costs.

The company reaffirmed its full-year 2018 adjusted diluted earnings per share range of $0.55 to $0.80. Full-year free cash flow and capital expenditure guidance remains unchanged.