Dole Food Company, Inc. (NYSE:DOLE) released its earnings report for the second quarter of its fiscal year this morning after the markets closed in New York. The company showed earnings of $0.28 per share for the period on revenue totaling $1.1 billion. On today’s market, stock in Dole Food Company, Inc. (NYSE:DOLE) trended slightly upward, finishing the day at $12.79 per share.
In the same three month period in 2012, Dole Food Company, Inc. (NYSE:DOLE) earned 80 cents per share on revenue totaling $1.7 billion. Analysts following the company were expecting the company to show earnings per share of 12 cents this time around, while putting up revenue of $1.1 billion for the period.
A new Dole leaves investors less than impressed
Investors are getting a chance to get used to the new Dole Food Company, Inc. (NYSE:DOLE) this year after the company sold off its worldwide packaged foods business along with its Asia fresh produce business to Japanese investment house Itochu Corporation in September of last year. The new results, including the company’s awful performance in the fourth quarter of 2012, have not yet impressed the market.
Dole deals with debt, loses Asian market
Dole Food Company, Inc. (NYSE:DOLE) stock has gained just 11% since the start of 2013, lagging behind all of the major indices. The company used the $1.7 billion proceeds from the Itochi deal to pay down some of its large debt load, meaning that little was left for investment. The loss of a portion of the firm’s Asian business was also a hit to investors, who saw the business as a growth opportunity.
Dole Food Company, Inc. (NYSE:DOLE) will host a conference call to discuss this afternoon’s earnings report this afternoon at 4:45 Eastern Time. Investors and analysts will want to question the company on its strategies for dealing with the company’s debt load, and will be going through the firm’s guidance for the third quarter with a fine tooth comb.