Dole Food
The 10-second takeaway
For the quarter ended Oct. 6 (Q3), Dole Food missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped and GAAP loss per share contracted.
Gross margins grew, operating margins dropped, net margins grew.
Revenue details
Dole Food booked revenue of $1.96 billion. The four analysts polled by S&P Capital IQ expected revenue of $2.07 billion on the same basis. GAAP reported sales were 6.2% lower than the prior-year quarter's $2.09 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS details
EPS came in at -$0.06. The three earnings estimates compiled by S&P Capital IQ anticipated $0.14 per share. GAAP EPS were -$0.17 for Q3 compared to -$0.56 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
Margin details
For the quarter, gross margin was 9.0%, 30 basis points better than the prior-year quarter. Operating margin was 0.7%, 30 basis points worse than the prior-year quarter. Net margin was -0.8%, 150 basis points better than the prior-year quarter.
Looking ahead
Next quarter's average estimate for revenue is $1.53 billion. On the bottom line, the average EPS estimate is $0.23.
Next year's average estimate for revenue is $6.94 billion. The average EPS estimate is $1.32.
Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 94 members out of 102 rating the stock outperform, and eight members rating it underperform. Among 20 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 17 give Dole Food a green thumbs-up, and three give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Dole Food is outperform, with an average price target of $15.17.
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