Net income soars at Dole on strong trading results

Dole has unveiled a positive set of results for the second quarter (Q2) of 2024, with net income climbing 68.4 per cent when compared with the year-earlier period to US$88.1m.

The group said that it enjoyed growth across all segments in Q2 on a like-for-like basis.

Revenue fell 0.8 per cent to US$2.1bn, primarily due to a net negative impact from acquisitions and divestitures of US$100.3m and a US$9.6m net unfavourable impact of foreign currency translation, although it increased 4.3 per cent on a like-for-like basis.

Adjusted EBITDA rose 2.2 per cent to US$125.4m, which Dole said was driven by a strong performance in its fresh fruit segment.

Fresh fruit revenue increased 1.5 per cent, or US$12.4m, primarily due to higher volumes of bananas in Europe and North America, higher worldwide pricing of bananas and higher volume of plantains sold, partially offset by lower volumes and pricing for pineapples.

“We are pleased to report another strong result for the second quarter of 2024, with adjusted EBITDA increasing 2.2 per cent to US$125.4m and 8.2 per cent on a like-for-like basis,” said executive chairman Carl McCann.

”Following the completion of our sale of Progressive Produce, we repaid US$100 million of our term loan facilities in April, and at the end of the quarter, our net debt was US$767.5m,” he said.

”Our strong first half of the year, and positive momentum within the business, positions us well to deliver a good result for the 2024 financial year.

”Today, we are pleased to raise our full year adjusted EBITDA target to at least US$370m,” he added, noting that forecasting remained “complex”.