logo
Plus   Neg
Share
Email

Dole Food Posts Q4 Loss - Update

Fruits and vegetable producer Dole Food Co. Inc. (DOLE), Tuesday reported a loss for the fourth quarter from a profit last year, hurt mainly by costs related to divestiture of two businesses and lower revenues as a consequence. Following the news, shares of Dole slipped a near five percent in after-hours trade on the Nasdaq..

Westlake Village, California-based Dole Foods reported a loss of $210 million for the fourth quarter, compared to a profit of $4 million last year.

Last September, Dole Food agreed to sell its worldwide packaged foods and Asia fresh produce businesses to Japanese trading company Itochu Corp. (ITOCY) for $1.69 billion in cash. The consummation of the sale will be on April 1, 2013.

Following the sale, Dole will have two lines of businesses classified as continuing operations, while the worldwide packaged foods and Asia fresh are accounted as discontinued operations.

Fourth-quarter loss from continuing operations was $88 million or $0.99 per share, compared to income from continuing operations of $6 million or $0.06 per share last year.

The latest quarter results include Itochu transaction related costs of $40 million.

Comparable loss was $52 million or $0.59 per share, compared to comparable income of $4 million or $0.05 per share last year.

On average, four analysts polled by Thomson Reuters expected a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Chief Operating Officer Michael Carter said, "Fiscal 2012 results for both Dole's continuing operations and its discontinued operations were lower compared to 2011 mainly due to banana market conditions and non-recurring charges for ITOCHU transaction related costs, provisions for certain previously-disclosed legal-related matters, and charges related to Typhoon Bopha in Asia."

Dole's revenues from continuing operations dropped to $888 million from $962 million last year.

Four analysts had a consensus revenue estimate of $1.30 billion for the quarter.

DOLE closed Tuesday's trading at $11.73, up $0.07 or 0.60%. The stock slipped $0.43 or 4.52% in after hours.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of Airbus Group SE were losing around 2 percent in the morning trading in Paris after the Aerospace and defense major reported Friday a sharp decline in its first-quarter profit as revenues were hurt by weak deliveries. Further, the company confirmed its forecast for fiscal 2018 adjusted EBIT, a key earnings metric. Bill Harris, Co-founder and former CEO of Paypal, claims Bitcoin to be the greatest scam in history. Harris wrote his opinion on Bitcoin in an opinion piece was published in Recode. "In my opinion, it's a colossal pump-and-dump scheme, the likes of which the world has never seen," Harris said. Amazon.com Inc. (AMZN) Thursday reported a first-quarter profit that more than doubled from a year ago, driven largely by a huge 46 percent growth in revenues. Shares of the online retailer gained 6 percent in extended session. Seattle, Washington-based Amazon reported first-quarter profit of $1.63...
Follow RTT