Dole Food Co. Inc. reported on Thursday that it narrowed its loss in the third quarter, but it still missed analysts’ estimates, which it blamed on poor weather conditions and unfavorable foreign exchange rates.
The Westlake Village distributor of fresh and packaged produce reported a net loss of $13.6 million (-16 cents a share), compared to a loss of $47 million (-54 cents) in the same period a year earlier. Revenue fell 6 percent to $1.96 billion.
Analysts estimates were for earnings of 14 cents a share on revenue of $2.07 billion, according to Thomson Financial Network.
Chief Executive David De Lorenzo said the company experienced several challenges during the quarter, including rough climactic conditions for growing produce at its plantations.
However, the company benefited from the $1.7 billion sale of its packaged food and Asian fresh produce unit to Itochu Corp., a Japanese trading firm. The sale will not be booked until the deal closes.
“We are pleased to say that this transaction is continuing on track, including the required regulatory approval process,” said De Lorenzo, in a prepared statement. “We remain optimistic that the sale will be completed by the end of this year.”
Shares lost 55 cents, or less than 5 percent, to close at $11.61 on the New York Stock Exchange.