updated 5/10/2010 10:10:34 AM ET 2010-05-10T14:10:34

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.

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