BANANA SLICES LIFT DOLE.Byline: Gregory J. Wilcox Staff Writer WESTLAKE VILLAGE - Cost-cutting measures in its banana operations helped Dole Food Co. Inc. boost its second-quarter income from ongoing operations by 20 percent, the company said Monday. Dole's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter totaled $45 million, or 81 cents a share, and beat Wall Street's estimate by a penny. That compares with income-continuing operations of $38 million, or 66 cents a share, in the 1999 second quarter. Second-quarter revenues at the Westlake Village-based multinational company totaled $1.3 billion, unchanged from the 1999 second quarter. ``I am pleased by the sustained improvements achieved by our businesses. Our fresh fruit, fresh vegetables and processed foods segments have again demonstrated double-digit earnings gains,'' David H. Murdock David Howard Murdock (1924-), with his net worth of 4.2 billion US Dollars, is the 204th richest person in the world. A high-school dropout, Murdock was drafted by the U.S. Army in 1943. , Dole's chairman and chief executive officer, said in a statement. Those gains ranged from 20 percent to 50 percent, the company said. During the quarter the company reported net income of $45.1 million, or 81 cents a share, vs. net income of $47.4 million, or 83 cents a share, in the 1999 second quarter. But last year's quarter reflected proceeds from an insurance settlement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc damage from Hurricane Mitch, which 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. Dole's South American operations 'South American' operation Surgical oncology A radical operation for 'frozen' pelvis, which consists of en bloc resection of the uterus and rectum. See Frozen pelvis. Cf 'All-American' and 'North American' operations. several years ago. The company also received an additional bit of good news on Monday when the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community gave partial backing to a plan to resolve a long-running trade dispute over bananas. Ministers supported a proposed transitional tariff quota system with import licenses allotted al·lot tr.v. al·lot·ted, al·lot·ting, al·lots 1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame. 2. on a first-come, first-served basis. It would apply to operators ready to bring bananas into Europe. Current European Union rules favor the continent's territories and former holdings in the Caribbean. Dole would welcome the change. ``A first-come, first-served proposition would be something that would be favorable to Dole,'' said company spokesman Kenneth Kay. Shares of Dole closed Monday at $15.688, up 0.125 cents. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion