Reported by Star-Bulletin staff & wire
Monday, December 16, 1996
Reported by Star-Bulletin staff & wire
Monday, December 16, 1996
WESTLAKE VILLAGE, Calif. - Dole Food Co. shares fell about 8 percent today after the company said it expects fourth quarter earnings that fall well short of analysts' forecasts. Dole’s stock drops
on earnings newsMore than 2 million Dole shares traded on the New York Stock Exchange, where the stock fell $2.871/2 to close at $32.871/2. The trading volume today was nearly 10 times higher than the average daily volume over the past six months, according to Bloomberg Business News.
Dole, the world's largest producer and marketer of fresh fruit and vegetables, said it would shrink its money-losing dried fruit and nut business and and take a fourth-quarter restructuring charge of about $50 million.
The Westlake Village, Calif.-based company said the move is part of its previously announced plan to dispose of assets that do not meet its minimum return on investment requirement.
Dole said it expects earnings to double over the year-ago profit from continuing operations of about $5.82 million, or 9 cents a share. But that would be far less than the average estimate of 37 cents a share from four analysts surveyed by First Call Corp., according to Bloomberg.
Dole has extensive real estate and resort operations in Hawaii.
Fourth quarter earnings for Barnwell Industries Inc. more than doubled thanks in large part to increased natural oil and gas prices, the company said today. Barnwell’s profits up
with oil, gas pricesBarnwell earned $390,000, or 29 cents per share, for its fiscal fourth quarter which ended Sept. 30, up from $170,000, or 13 cents per share, in the year-earlier quarter.
For the year ending Sept. 30, the company earned $1.23 million, or 93 cents per share, up from $650,000, or 49 cents per share, last year.
Barnwell explores and drills for oil and gas in Canada. In Hawaii, the company drills water systems and develops land. Barnwell said its Canadian operations benefited from an 11 percent increase in gas and oil prices.
The company also cut expenses by 17 percent in the quarter.
Barnwell said it participated in the drilling of 27 successful oil and gas wells this year, up from 15 in the previous year.
In Hawaii, the company said it recently received approval from the state Land Use Commission to reclassify some of 1,000 acres of its lands on the Big Island for resort and residential development. These lands adjoin the newly opened Four Seasons Resort and golf course at Hualalai.