Big boost in net income while revenue also climbs as group is “significantly ahead of own expectations”

Dole saw a year-on-year increase in both revenue and net income through the third quarter of 2022, as the fresh fruit segment performed strongly.

GB Dole bananas Costco

Revenue increased from US$1.9bn to US$2.3bn compared with the same period of 2021, primarily driven by the impact of revenue from Legacy Dole following the acquisition by Dole plc.

On a like-for-like basis, revenue increased 5 per cent, or US$116.2m, with growth in all segments with the exception of fresh vegetables.

Adjusted EBITDA increased to US$73m and on a pro-forma comparative basis it increased 25.7 per cent, primarily due to an increase in the fresh fruit segment as a result of higher pricing of bananas and strong performance in the commercial cargo business.

Adjusted net income was US$13.5m, compared with US$6m last year or US$2.4m on a pro-forma basis.

“We are pleased with the strong results delivered for the third quarter of 2022, which were significantly ahead of the prior year and ahead of our own expectations,” said Carl McCann, executive chairman.

”The broad diversification of our product offering, and the wide geographic footprint of our vertically integrated business provides us with a strong foundation for continued growth.

”As we move towards the end of the financial year, we are now targeting adjusted EBITDA within our previously guided range but at the lower end,” he added.

Our talented and dedicated people are our greatest asset, and we thank them for their significant contributions during the past year.”