Dole plc has reported a 3.7% year-on-year increase in like-for-like revenue, to $2 billion, in the first quarter of its financial year.
This performance was driven by the strong performance of its fresh fruit and diversified EMEA segments.
Adjusted EBITDA increased 9.3% during the quarter, to $100.4 million, while adjusted net income decreased by $8.2 million, due to higher interest expense.
Carl McCann, executive chairman of Dole said, "We are pleased to have started the year strongly and to have delivered adjusted EBITDA growth in the first quarter. During the quarter, we announced an agreement to sell our Fresh Vegetables division to Fresh Express.
"We are continuing to work through the regulatory process for the sale of this business. We believe the group is well-positioned for growth and continue to target adjusted EBITDA of $350.0 million for the full year."
The fresh fruit segment saw revenue up 6.5%, boosted by higher worldwide pricing of bananas and pineapples, as well as worldwide increases in the volumes of bananas sold. It was partially offset by lower volumes of pineapples sold.
In the EMEA, the diversified fresh produce unit saw revenue growth of 0.9%, driven by inflation-justified price increases across the segment.
It was offset partially by an unfavourable impact of $53.4 million from foreign currency translation
In the Americas and ROW, revenue dropped 8.8% due to a challenging quarter for berries and grapes.
However, it was partially offset by continued strong performance in potatoes and onions in North America.
© 2023 European Supermarket Magazine – your source for the latest fresh-produce news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.