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Fresh Produce

Dole Confident About 2023 After 'Strong' Second-Quarter Performance

By Dayeeta Das
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Dole Confident About 2023 After 'Strong' Second-Quarter Performance

Dole plc has reported year-on-year revenue growth of 4.4% to $2.1 billion in the second quarter of its financial year, driven by 'strong' performance in its Fresh Fruit and Diversified EMEA segments.

On a like-for-like basis, revenue increased by 3.8%, or $77.9 million, compared to the second quarter of 2022, the company added.

Carl McCann, executive chairman of Dole plc, added, "We are very pleased with the strong result for the second quarter, delivering adjusted EBITDA growth of 9.7%. 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 $350.0 million."

Divisional Performance

The Fresh Fruit division saw revenue growth of 4.1% during the quarter due to higher worldwide pricing of bananas and pineapples and growth in banana sales volumes.

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Adjusted EBITDA increased 16.9%, positively impacted by solid revenue performance.

It was partially offset by higher costs in fruit sourcing, shipping, packaging and handling, as well as by lower commercial cargo activity.

The Diversified Fresh Produce – EMEA unit reported revenue growth of 7.7%, driven by price increases across the segment and a positive impact from acquisitions worth $15.9 million.

Adjusted EBITDA increased 10.8%, as it demonstrated strong performance across the segment, particularly within the Spanish, Dutch, Irish and Czech businesses, as well as by a favourable impact from acquisitions.

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The Diversified Fresh Produce – Americas & ROW division reported a 6.8% decline in revenue due to lower volumes across the segment.

It was partially offset by continued strong performance of potatoes and onions in North America and price increases across the segment.

Adjusted EBITDA decreased 16.4% due to a challenging quarter for berries.

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