Shares of Dean Foods Co. DF, -1.45% fell as much as 13% in premarket trade on Tuesday after the company reported earnings for the second quarter that were below Wall Street expectations. The company said it had net income of $91.37 million, or 19 cents per share, compared with $91.68 million, or 36 cents per share during the same quarter a year ago. Adjusted earnings per share were 21 cents, well below FactSet's consensus of 31 cents. Revenue hit $1.93 billion in the second quarter, up from $1.85 billion a year ago, but just below FactSet's consensus of $1.94 billion. "We faced a challenging and rapidly evolving retail environment," sad Dean Foods Chief Executive Ralph Scozzafava. "We experienced volume pressure from both a macro and competitive perspective that impacted our total volume performance with the quarter, and we anticipate this will carry forward for the remainder of 2017. Our financial results came in well below our expectations." Scozzafava said he was not satisfied with the company's results. The company lowered its per-share earnings expectations for the full year to be in the range of 80 cents to 95 cents, and plans to "aggressively address" its cost structure, cutting between $40 million to $50 million by the end of the year. Shares of Dean Foods are down more than 31% in the year to date, while the S&P 500 index is up nearly 11%.