Dole Food Company Reports Mixed Results (DOLE)

Dole Food Company Inc. DOLE reports Q3 earnings loss of $0.61 from continuing operations. Dole Food Company Inc. reports Q3 revenues of $1.99 billion versus consensus of $1.97 billion. Fresh vegetable sales were up 9%; packaged food sales were up 8%. David A. DeLorenzo, Dole's President and CEO said: "Despite challenging conditions in our fresh fruit segment, we reported strong financial results for the third quarter. 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.” He added, “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." Shares of DOLE are bid lower in the after-hours.