Dole’s Earnings Slip on Banana Oversupply
- Share via
Dole Food Co. saw its third-quarter earnings tumble 75% as a result of an oversupply of bananas and continued weakness in the fresh vegetable market.
The Westlake Village food and real estate concern had net income of $1.29 million in the quarter that ended Oct. 8, down from its $5.1-million profit a year earlier. Its quarterly revenue increased 8%, to $1.08 billion from $1.01 billion.
In the first nine months of the year, Dole earned $66.7 million, a 32% decline from its $98-million profit in the same period of 1993. Its nine-month revenue was $2.89 billion, up 10% from $2.64 billion.
Dole Chairman and Chief Executive David Murdock said the company is evaluating its fresh vegetable business, particularly lettuce, because of the weak market conditions in North America.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
