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Dole Foods rises after profitable quarter
March 16, 2012 / 2:31 PM / 6 years ago

Dole Foods rises after profitable quarter

(Reuters) - Shares of fruit and fresh vegetable distributor Dole Food Co Inc DOLE.N rose more than 12 percent on Friday, after the company swung to a fourth-quarter profit, helped by cost cuts.

Actress Helen Mirren (L) poses with David Murdock, chairman of Dole Food, at the premiere of her film 'The Tempest' in Hollywood December 6, 2010. REUTERS/Fred Prouser

The company, founded in the 1851, has been reducing costs to protect margins in the face of volatile demand for bananas, its biggest-selling item.

On Thursday, Dole Food said expense-reduction efforts helped the company post a quarterly profit despite increasing input costs.

However, Deutsche Bank cut its price target on the stock to $11 from $12 saying the North American banana market remains “challenging.”

Shares of the company were up $1.12 at $11.09 on Friday on the Nasdaq.

Reporting by Mihir Dalal in Bangalore; Editing by Saumyadeb Chakrabarty

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