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US: Dole Food announces 1st Q results

Dole Food Company, has announced financial and operating results for the first quarter ended March 24, 2012. Additionally, Dole announced that its Board of Directors and management have initiated a comprehensive strategic review of its businesses seeking to enhance shareholder value.

Dole reported first quarter 2012 Adjusted EBITDA of $71 million compared to $111 million in the first quarter of 2011. Comparable Income from continuing operations for the first quarter of 2012 was $13 million or $0.15 per share, compared to $47 million, or $0.53 per share in the first quarter of 2011. GAAP income from continuing operations for the first quarter of 2012 was $17 million, or $0.20 per share, compared to $2 million, or $0.02 in the first quarter of 2011 (see Exhibit 3).

"Our first quarter results were impacted by extraordinarily low prices in all of our major commodity vegetables," said David A. DeLorenzo, Dole's President and CEO. "Our packaged salads and fresh berries businesses had very strong results in the quarter, however, these gains were offset by the weaker performance in commodity vegetables. As anticipated, banana earnings were weaker due to lower pricing in North America and Europe, as well as higher fruit costs from Latin America, which more than offset a strong performance in Asia bananas. Our packaged foods segment performed well, with Adjusted EBITDA increasing by 10%. We are very pleased with the performance of our new Fruit Smoothie Shakers(R) and Frozen Fruit Single-serve Cups, and have launched significant marketing campaigns in support of these new products."

To read the full article click here.

Source: www.marketwatch.com

Publication date: 5/4/2012


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