Dole’s Return to Profit Sends Stock12 Percent HigherFriday, March 16, 2012
Shares of Dole Food Co. gained more than 12 percent Friday after the company announced it had returned to profitability in the fourth quarter.
The Westlake Village fruit grower reported earnings of $4 million (5 cents a share), compared to a loss of $36 million (-41cents) in the same quarter a year earlier. Revenue fell 1 percent to $1.54 billion.
Analysts polled by FactSet on average expected a loss of 13 cents a share.
Chief Executive David DeLorenzo said in a statement that various cost cuts helped the company improve earnings even as foreign exchange rates turned against the company.
Dole shares closed at $11.63, or a gain of $1.16, on the Nasdaq.