Dole Warns of Disappointing Earnings

Dole Food Co. said its earnings are expected to be well below analyst forecasts for the fourth quarter because a glut of bananas in Europe hurt prices there. Westlake Village-based Dole said after the markets closed that it expects earnings from continuing operations of 2 cents to 4 cents a share. Analysts had expected earnings of 16 cents a share, according to a survey by First Call/Thomason Financial. In the year-ago quarter, Dole lost 13 cents a share from ongoing operations. The company also blamed a strong dollar, costs in its fresh-cut flower division and lower-than-expected commodity lettuce prices in North America for the expected weakness. Earnings in Dole’s main businesses are in line with or better than expectations, the company said. Dole shares fell 56 cents to close at $13.81 on the NYSE.