Dole Food Reports Mixed Q4 Earnings

Shares of Dole Food NYSE: DOLE) are trading higher in the after-hours following the release of the company's Q4 earnings results. Currently, shares are bid $10.21, at $10.41; they ended the regular session higher by 1.12%, at $9.97. Dole Food reported Q4 adjusted EPS of ($0.02) on revenues of $1.54 billion; the Street was looking for ($0.10) per share on revenues of $1.57 billion. Revenues decreased 1.3% year over year. "We are very pleased with Dole's strong fourth quarter earnings. Adjusted EBITDA of $53 million in the quarter was a 70% improvement over the previous year as a result of solid performances in each of our operating segments," said David A. DeLorenzo, Dole's President and CEO. "The cost reduction programs set forth in the past two years have helped improve earnings despite increasing input costs and the strength of foreign currencies. Going forward, we continue to be encouraged by consumer acceptance of our new product introductions as well as the strength of our core products. We are also pleased to report that we have entered into an agreement to sell our distribution company in Germany. This pending sale is in line with our continuing plan to divest non-core assets, and will further our goal to reduce debt and improve operating margins." Dole Food Company, Inc. is a producer, marketer and distributor of fresh fruit and fresh vegetables. The company operates in three business segments: fresh fruit, fresh vegetables and packaged foods.