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January 2, 2013
11:39 EDTDOLEDole Food sees FY13 pro forma adjusted EBITDA $150M-$170M
Dole said in a press release from earlier: “Despite the tightening global supply, we continue to see aggressive contract negotiations in the North American banana market even though costs are higher, with some importers seeking to buy market share,” said C. Michael Carter, Dole’s Executive Vice President and General Counsel. “While right-sizing initiatives for the new Dole will partially offset these impacts, our current expectation is that pro forma 2013 Adjusted EBITDA for the new Dole, including 2013 planned cost savings in the $20M range, will be in the $150 - $170M range, with income from continuing operations, net of income taxes, in the $45 - $60M range, assuming no major market changes. The fresh fruit business of the new Dole is continuing to experience declining earnings in a continued difficult economic environment.”
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