Revenue Growth Boosts Dole’s Profits

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Dole Food Co. said its second quarter net income more than doubled on revenue growth for both its fresh and packaged fruit and vegetable products.

The Westlake Village company late Thursday reported net income of $83 million (94 cents per share), compared with $34 million (38 cents) in the same quarter last year.

Revenue rose 10 percent to $1.9 billion. Sales in the fresh fruit division, the company’s largest unit, were up 11 percent, and sales of fresh vegetables rose 4.1 percent. Packaged food sales grew 9.2 percent.

Excluding one-time items, net income was $86 million (98 cents). Analysts surveyed by Thomson Reuters expected adjusted per-share profit of 66 cents on revenue of $1.82 billion.

“We are extremely pleased with the continued improvement of our financial results in the second quarter,” Chief Executive David DeLorenzo said in a statement “Each of our operating segments benefited from improved pricing and higher volumes, and in addition our fresh fruit segment also benefitted from our restructuring program.”

DeLorenzo warned that third quarter earnings likely would be off due to current lower banana prices in Europe, and a settlement that inflated results in the year-earlier quarter.

Shares on Friday closed up 59 cents, or 4 percent, to $14.19 on the New York Stock Exchange.

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