Dole narrows loss in quarter
November 23, 2010
WESTLAKE VILLAGE, CALIF. — Dole Food Co. narrowed its loss during the third quarter ended Oct. 9, to $49 million. This compared with a loss of $53 million during the same quarter of the previous year. Revenue for the quarter was $1,989 million, up 3% from $1,938 million during the same quarter of the previous year.
“Despite challenging conditions in our fresh fruit segment, we reported strong financial results for the third quarter,” said David A. DeLorenzo, president and chief executive officer. “Adjusted EBITDA increased $16 million to $101 million, and we reduced net debt by $25 million during the quarter and $71 million year-to-date. The strong turnaround in our fresh vegetables segment continued during the third quarter, with adjusted EBITDA growing by $10 million on higher pricing and volumes. Our packaged foods segment also continued to perform well, with successful new product introductions and year-to-date results ahead of last year.”
For the nine months ended Oct. 9, Dole had income of $7 million, down 90% from $72 million during the same period of the previous year. During the nine months the company had revenue of $5,336 million, up 2% from $5,249 million.