Dole Expects Charges Over Hurricane Damage
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Dole Food Co., the world’s top marketer of fresh produce, said it expects to take fourth-quarter charges of about $50 million to $70 million because of damage to its Central American crops from Hurricane Mitch.
Westlake Village-based Dole has about 40,000 acres of bananas in Honduras, Guatemala and Nicaragua, as well as sugar and palm oil production. The banana crop represents about 25% of Dole’s worldwide food production, the company said.
The banana crop has been damaged to varying degrees and will require significant rehabilitation, the company said. It is too early to assess all damage and the impact on worldwide banana prices, Dole said.
Prior to the hurricane, Dole was expected to earn 13 cents in the fourth quarter.
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