Dole Reports Big Rise in 4th-Quarter Earnings

Dole Food Co. reported a tenfold increase in its fourth-quarter earnings, but its full-year profit fell below its 1994 results.

In the three months that ended Dec. 30, the Westlake Village food concern earned $11.8 million, up from a $1.2-million profit a year earlier. Its revenue was $837.3 million, compared to $834.1 million in 1994’s final quarter.

For all of 1995, Dole reported net income of $23.3 million, down 66% from its $67.9-million profit the previous year. Its annual revenue rose 9%, to $3.8 billion from $3.5 billion.

Dole’s 1995 results included an after-tax loss of $96.5 million for discontinued operations. In December, Dole completed the spinoff of its real estate operations into a separate company. The 1995 results also reflected a higher tax rate from the sale of Dole’s juice business last year.

Without those factors, Dole’s earnings from operations grew last year because of improved results from its banana, fresh and processed pineapple, and pre-cut salad businesses.