Fresh produce giant achieves revenue growth of 10.5 per cdnt to US$2.28bn in third quarter, with positive performance across all segments, though net income falls 35.7 per cent due to Fresh Vegetables division disposal
Dole has reported its financial results for the third quarter of the year, with revenue climbing 10.5 per cent – or 8.2 per cent on a like-for-like basis – to US$2.28bn.
The group said this growth was primarily due to positive operational performance across all segments and a favourable impact from foreign currency translation of US$56.1mn.
This was offset partially by a net negative impact from acquisitions and divestitures of US$8.6mn.
Net income, however, decreased 35.7 per cent year-on-year to US$13.8mn.
This decrease was due to a loss of US$10.2mn in discontinued operations (Fresh Vegetables) primarily due to a loss on disposal of the business of US$14.7mn (US$11.2mn, net of tax).
There was also an associated non-cash fair value charge of US$8.2mn on fixed assets excluded from the sale.
These decreases were partially offset by insurance proceeds of US$10mn recognised in the period, increases related to fair value adjustments of financial instruments and higher earnings in equity method investments, Dole said.
Adjusted EBITDA decreased 1.6 per cent, primarily driven by decreases in the Fresh Fruit segment, partially offset by strong performance in the Diversified Fresh Produce segments, as well as a favourable impact of foreign currency translation of US$2.4mn.
Adjusted Net Income decreased 16.7 per cent to US$15mn, predominantly due to the decreases in adjusted EBITDA and higher depreciation expense.
“We are pleased to report a good outcome for the third quarter of 2025,” said Carl McCann, Dole executive chairman.
”Our Diversified Fresh Produce segments delivered excellent results, partially offsetting an anticipated decline in Fresh Fruit in the quarter.
”The momentum within the overall business gives us confidence that our full year adjusted EBITDA should be at the upper end of our targeted range of US$380mn to US$390mn,” he confirmed.
”In August, we were pleased to successfully complete the sale of the Fresh Vegetables Division, providing us with greater flexibility in our capital allocation strategy.
”As part of this strategy, our board of directors has granted authorisation for the group to opportunistically repurchase up to US$100mn of its ordinary shares.”
The share repurchase authorisation forms part of a broader capital allocation strategy, Dole added, and ”reflects its commitment to driving long term sustainable shareholder value”.
