Dole Food Company Inc.’s shares gained heavy trading Friday after the fruit and vegetable company said it is considering its strategic alternatives, including a possible spin-off of parts of its business.

THE SPARK: Dole Food said late Thursday that it had started a strategic review of its business. The company said this may include a full or partial separation of parts of its business through a spin-off or other transaction.

The news came as Dole reported a jump in its first-quarter net income to $17.2 million, or 19 cents per share, from $2 million, or a penny per share, last year. After adjusting for a number of special items, the company’s income from continuing operations fell to $13 million, or 15 cents per share, for the quarter versus $46.5 million, or 53 cents per share, in the prior year’s period.

Dole’s revenue fell 4 percent to $1.63 billion. The company’s revenue and profitability was hurt by lower banana distribution sales in Europe and an oversupply of vegetables that drove down prices.

The quarter’s results missed average analyst expectations for profit of 31 cents per share on revenue of $1.66 billion, according to data provider FactSet

THE BIG PICTURE: Dole’s business is always subject to the volatility of food prices, but that pressure has intensified over the past few years as commodity prices have swung wildly.

The company has cut costs over the past two years to control its financial picture. It also has been trying to sell some of its non-core assets in the hopes of reducing its debt and improving its operating margins. That included a recent agreement to sell a distribution company in Germany.

By engaging outside help to review its strategic alternatives, Dole is showing that it is focused on improving its financial picture.