ANALYSTS PREDICT LOSS FOR DOLE CO.Byline: Gregory J. Wilcox Daily News Staff Writer Bad weather and international financial turmoil will take a sizeable bite out Verb 1. bite out - utter; "She bit out a curse" let loose, let out, utter, emit - express audibly; utter sounds (not necessarily words); "She let out a big heavy sigh"; "He uttered strange sounds that nobody could understand" of Dole Food Co. Inc.'s profits when it reports fourth quarter results today. The consensus of five brokers surveyed by Boston-based First Call is that Dole will lose 14 cents a share during the 1998 fourth quarter, down from 38 cents in the like period a year ago. Analysts' estimates have the loss ranging from 8 cents to 15 cents a share, First Call said. For the year, the Westlake Village company, the world's largest fresh fruit producer and marketer, is expected to earn $1.84 per share versus $2.65 a year ago. Weak demand as a result of financial upheaval in Asia and Russia are also expected to have contributed to depressed earnings for Dole, said Chuck Hill, research director at First Call. The company tracks 17 big food companies, and the entire sector has been rocked by international developments. ``Earnings for companies in that index are expected to be down 5 percent. Dole has some problems of its own, but the industry as a whole is not doing particularly well this quarter,'' Hill said. Dole has already signaled that it would experience turbulence during the quarter. In December, the company said it would take a $100 million charge during 1998's last quarter to cover costs associated with damage wrought to its Central American Central America A region of southern North America extending from the southern border of Mexico to the northern border of Colombia. It separates the Caribbean Sea from the Pacific Ocean and is linked to South America by the Isthmus of Panama. banana plantations and Honduran beverage operations by Hurricane Mitch Hurricane Mitch was one of the deadliest and most powerful hurricanes on record in the Atlantic basin, with maximum sustained winds of 180 mph (290 km/h). The storm was the thirteenth tropical storm, ninth hurricane, and third major hurricane of the 1998 Atlantic . At that time, Dole said that it expected a fourth quarter operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of between $3 million to $6 million, or 5 cents to 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Dole draws more than $200 million a year for distributing and bottling soft drinks in Honduras for Coca-Cola Co. That operation and Dole's fruit harvesting operations were shuttered shut·ter n. 1. One that shuts, as: a. A hinged cover or screen for a window, usually fitted with louvers. b. for three weeks after Hurricane Mitch pounded the area at the end of October. Dole calculates it will take two years to repair damage to its plantations. In January, Dole said an additional $20 million charge would be necessary after freezing temperatures in late December devastated dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. citrus crops. |
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