Dole Plantation Hawaii

Dole has released its results for the fourth quarter and full-year of 2021, describing the 12-month period as 'transformational' for the company.

In July of last year, Total Produce completed the acquisition of the remaining 55 per cent of Dole Food Company to create Dole plc, a move that has seen the group 'increase significantly in scale and geographical footprint'.

Indeed, since the acquisition, Dole's revenue increased 113.7 per cent, adjusted EBITDA 56.5 per cent and total assets 147.5 per cent.

“2021 marked a transformational year for the group following the acquisition of the remaining 55 per cent of DFC by Dole plc and the subsequent IPO of the group on NYSE,' said executive chairman Carl McCann. 'Our scale and footprint have increased significantly and we are well positioned to deliver long term sustainable growth.

'The group delivered a strong performance for the full year of 2021, with growth across key metrics in line with guidance,' he continued. 'Our diversified business model has continued to provide resilience within a challenging macroeconomic environment, while our strategic asset base and multi-continental sourcing model provide a competitive advantage.

'Our people have once again been the driver of this strong performance and we thank them for their dedication and determination.'

McCann said that, for the 2022 financial year, Dole was targeting revenue in the range of US$9.6bn to US$9.9bn and adjusted EBITDA of US$370m to US$380m.

'The year on year expected reduction in adjusted EBITDA is primarily due to the significant impact of the value added salads product recall and temporary plant closures,' he explained.

'We are monitoring the ongoing geopolitical situation in Ukraine and Russia; however, it is difficult to predict today what impact this may have on the macroeconomic environment and our business.'

The full fourth quarter and full-year results can be found here