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 (UNKNOWN:UNKNOWN) 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.
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