Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Dole Food (NYSE: DOLE) fell 10% today after reporting disappointing fourth-quarter results.
So what: Revenue fell 8% to $888 million in the quarter, and adjusted loss from continuing operations was $0.59 per share. Analysts expected $1.3 billion in revenue, but that probably included operations sold on April 1. They also expected a loss of just a penny per share.
Now what: The revenue shortfall isn't as alarming as if first appears versus estimates, but the trajectory is troubling. The company is going through a major restructuring, and it doesn't appear to be going well right now. I don't see a reason to bet on this produce supplier until it gets its house in order and completes its full restructuring.
Interested in more info on Dole Food? Add it to your watchlist by clicking here.
