1. Dole Food Company operates as a producer, marketer and distributor of fresh fruit and vegetables in three business segments: fresh fruit, fresh vegetables and packaged foods. The company engages in providing wholesale, retail and institutional customers food products bearing the DOLE trademark, worldwide.
Revenue for the second quarter of 2011 was $153 million, up 36% from the year-ago quarter. Net income for the period increased to $83 million from $33 million in the year-earlier quarter. As of June 18, cash and cash equivalents soared to $245 million from $180 million as of Jan. 1. Revenue from fresh fruit increased 12% on improved global banana markets, while revenue from packaged foods and fresh vegetables rose 9% and 4%, respectively.
For the third quarter of 2011, the operating earnings forecast is currently tracking favorably with the corresponding period last year, attributable to the $27 million container arbitration settlement the company received in 2010. For the full year, the company expects significant earnings improvement compared to 2010 levels.Of the seven analysts covering the stock, 29% rate it a buy and the rest rate it a hold. There are no sell ratings on the stock. The average 12-month price target of analysts polled by Bloomberg is $16.33, 40.9% greater than recent levels.
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