Produce giant Dole posts $100m in pre-tax earnings so far this year

Dole said revenue was 'positively impacted' by the higher pricing of bananas and pineapples. 

Irish-based fruit and vegetable giant Dole has posted pre-tax earnings of over $100m (€92.46m) during the first three months of the year, an increase of 9.2%, financial results show.

Dole is one of the largest producers of fresh produce in the world operating in 30 countries and employing 37,400 people. 

During January to March this year, the company generated revenue of $1.99bn — an increase of 1% compared to the same period in 2022. 

Dole’s adjusted earnings, before interest, taxes, depreciation, and amortisation (EBITDA) were taken into account, came to $100.4m up from $91.9m last year. The company’s adjusted net income came to $32.3m.

Carl McCann, executive chairman of Dole plc, said they are pleased that the company has “started the year strongly” and that it is “well positioned” to reach its target of adjusted EBITDA of $350m (€323.6m) for the full year.

The increase in revenue was attributed to the strong performance in the company’s fresh fruit and diversified European, Middle East, and Africa (EMEA) division.

Revenue at the fresh fruit division increased by $49.1m.

“Revenue was positively impacted by higher worldwide pricing of bananas and pineapples, as well as worldwide increases in volumes of bananas sold, partially offset by lower volumes of pineapples sold,” the company said.

However, the company did see a fall in revenue in its Americas and Rest of World segment dropping €40.9m.

In January, the company agreed to sell its Fresh Vegetables division to Fresh Express, a subsidiary of Chiquita Holdings, for $293m (€270.91m). The transaction is expected to close subject to regulatory approval.

In February, Dole was the subject of a ransomware cyber attack which it estimates cost them $10.5m of which $4.8m was related to continuing operations.