Fresh fruit drives strong results for Dole

Dole has posted its results for the second quarter and first half of the year, with revenue climbing 4.4 per cent year-on-year to US$2.14bn. This was attributed by Dole to a strong performance in the Fresh Fruit and Diversified EMEA segments, offset partially by its Diversified Americas segment.

Net income for the quarter rose 8.1 per cent to US$52.3m, while adjusted EBITDA stood at US$122.7m, up from US$111.8m last year. Adjusted net income fell to US$48.4m from US$52.4m in the second quarter of 2022, predominantly due to higher interest expense.

Executive chairman Carl McCann said: “We are very pleased with the strong result for the second quarter, delivering adjusted EBITDA growth of 9.7 per cent. This result is due to the dedication and efforts of all our people across the group. As we progress through the second half of the year, our performance for the first six months gives us confidence in achieving our targeted Adjusted EBITDA for the full year of at least US$350m.”

For the first half of 2023, Dole saw revenue rise to US$4.13bn from US$4bn, while net income was US$72.8m, compared with US$51.8m in H1 2022. Adjusted net income in the first half was US$80.1m, down from US$92.9m.

”In the first half of 2023, we have seen the benefit of improved logistical efficiencies in several areas, which is helping to bring more stability to our core fruit business,” the group said. “Partially offsetting this benefit has been the anticipated reduction in commercial cargo activity. As we look out into the second half of the year and towards 2024, there is the potential for disruption in many of the key growing regions in Central and South America due to the onset of El Niño climatic conditions.”