Dole posts 3.2% increase in revenue for second quarter

Tue 30/08/2022 by Richard Wilkinson

Dole’s results for the second quarter of 2022 show that its revenue for the three months up to June 30th of this year increased to US$2.4bn from US$1.2bn, primarily due to the impact of revenue from Legacy Dole following its acquisition by Dole plc.

On a like-for-like basis, revenue increased 3.2% (US$78.7m) with growth in all segments with the exception of fresh vegetables. However, comparing on a pro-forma basis shows that revenue fell by 4.2% (US$102.3m) mainly due to negative foreign currency conversion movements and a net unfavourable impact from acquisitions and divestitures.

Commenting on the results, executive chairman Carl McCann said: 

One year ago we created Dole plc, the global leader in fresh produce, following the merger of Total Produce and Dole Food Company. The enhanced scale and diversification of our vertically integrated business enabled us to deliver strong results for the second quarter of 2022, in line with our expectations. Due to a slower than anticipated return to full operating profitability in our Fresh Vegetables segment and the translation impact from the strengthening US dollar, we are now targeting adjusted EBITDA in the range of US$330m to US$350m for the full year, a reduction of approximately 5.5 per cent from prior guidance.

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