Dole Faces Large 4th-Quarter Loss : Earnings: The expected dip would result from cost-cutting and a slump in banana prices. Full-year profit is expected to plunge to about $15 million.

Dole Food Co. expects to lose about $23 million in the fourth quarter because of special charges and a slump in banana prices.

The Westlake Village-based company, which has interests in fruit and vegetable production, real estate and resorts, also said its full-year profit will plunge to about $15 million from $134 million in 1991.

In the quarter ending Dec. 31, Dole said its earnings from operations would drop to about $4 million from $29 million a year earlier because of the weakness in its banana business. But Dole also is taking a $27-million charge in the quarter related to its overall cost-cutting efforts, which has included staff reductions and plant consolidations. That would indicate a $23-million net loss for the period, although the quarter has yet to end.

Dole said the restructuring would reduce its annual operating costs by about $100 million.

For all of 1992, Dole also will take a $50-million, non-cash charge related to an accounting change. Specifically, publicly held companies such as Dole are having to adopt new accounting methods for reporting the costs of future retiree medical benefits.

Excluding both that charge and the charge related to Dole’s cost-cutting program, the company’s earnings in 1992 would be about $92 million, down from the $134-million level the previous year.

David H. Murdock, Dole’s chairman and chief executive, said in a statement that although the company’s banana division would be profitable this year, “we expect the banana markets to continue to be difficult in 1993.”

“The ultimate impact of our aggressive cost-reduction program on operating results will depend on these markets and other factors, but our program will surely put us in a much better position to compete effectively in 1993 and beyond,” he said.

After Dole’s announcement last week, its stock fell sharply to $28.88 a share on the New York Stock Exchange.

But the stock quickly rebounded in subsequent days and closed Monday at $31.63 a share in Big Board composite trading.