Dole Blames Loss on Weaker Euro, Fuel Costs
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Dole Food Co. in Westlake Village, the world’s biggest seller of fresh fruit, reported a loss in its fiscal third quarter because of the Euro’s decline against the dollar and higher fuel costs.
The loss from operations narrowed to $1.3 million, or 2 cents a share, from $1.9 million, or 3 cents a share a year earlier. Sales in the quarter ended Oct. 7 rose 1.8% to $1.44 billion from $1.41 billion, the company said in a statement.
Dole said in September that earnings would be hurt by the Euro, which has fallen 15% this year, reducing the amount that Dole gets when sales of bananas and other fruits in Europe are converted into dollars.
Coupled with increased fuel costs, the weaker Euro offset cost savings from the closing of banana operations in Nicaragua and Venezuela.
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