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Dole Decides Against Sale, Expects Higher Earnings

March 30, 2000|From Bloomberg News

Dole Food Co., the world's largest producer of fresh fruit, said Wednesday it decided not to sell the company and expects first-quarter earnings to top analysts' estimates. Its shares rose 10% on the news.

A review by Goldman, Sachs & Co., hired in January to explore alternatives, found that a sale wouldn't result in shareholders "receiving the full intrinsic value of the company's business," Dole said.

Westlake Village-based Dole said it's likely to report that quarterly per-share earnings rose to 60 to 65 cents, from 52 cents in the year-earlier period. Cost cutting has helped its banana business, while its North American citrus business has continued to recover from a freeze in California. Analysts expected Dole to earn 49 cents.

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