Dole Posts $53.3-Million Profit for First Quarter

Dole Food Co. reported a first-quarter profit of $53.3 million, which included a $31-million pretax gain from the partial spinoff of its Castle & Cooke Homes Inc. unit in March.

Dole, a Westlake Village-based fruits and vegetables concern, had posted a year-earlier loss of $22.8 million because of an accounting change.

Excluding that change, the spinoff gain and other one-time items, Dole’s profit in the quarter ended March 27 was up 10%, to $29.5 million from $26.7 million.

Its first-quarter revenue edged up 2%, to $766.5 million from $753.3 million.

In March, Castle & Cooke Homes sold about 18% of its stock to the public, with Dole retaining the balance.