Dole Food Losing Money

Dole Food Losing Money

Dole Food Co. Inc. posted a loss for its fourth quarter on Monday due to higher operating costs and lower banana prices.

The company, based in Westlake, Calif., reported a loss of $38.2 million for the quarter that ended Jan. 1. That compares with net income of $14.9 million in the same quarter last year.

It said its results in the quarter were weighed by lower earnings in fresh fruit due to higher costs in Latin America and lower pricing in Asia bananas as compared to 2009.

Excluding restructuring costs and several one-time items, Dole posed a loss of $29.2 million, or 33 cents a share, in the latest quarter.

Revenue rose to $1.56 billion from $1.53 billion.

The company said bad weather hurt banana production in Latin America. It also said the temporary closure of the Iranian market drove down banana pricing in all Asian markets during the period.

Shares of Dole Food fell 83 cent, nearly 6 percent, to roughly $13.49 in after-hours trading following the release of the earnings report.