Dole earnings up 36% in Q2

Most Read Today's Headline
Dole earnings up 36% in Q2

Dole Food Company has announced a 36% rise in earnings for the second quarter of 2011, driven largely by improved global banana markets and favorable exchange rate movements.

Dole president David DeLorenzo said full year earnings for the year were expected to improve significantly from 2010.

"We are extremely pleased with the continued improvement of our financial results in the second quarter, with operating income rising 52% to US$122 million and Adjusted EBITDA increasing 36% to US$153 million," he said  in a release

"Each of our operating segments benefitted from improved pricing and higher volumes, and in addition our fresh fruit segment also benefitted from our restructuring program.

"While first half performance was well ahead of plan, our third quarter earnings are expected to be below last year, due to the container settlement we received in 2010, and lower banana prices in Europe thus far this summer."

The company's total revenue for the  quarter rose 10%  year-on-year to US$1.9 billion, according to the company's quarterly report.

"Fresh fruit revenues increased 12% as a result improved global banana markets. In addition, favorable foreign currency exchange movements in Europe and Japan benefitted revenues," the report said.

"Packaged foods revenues increased 9% primarily due to higher pricing worldwide as well as higher volumes sold in North America and Asia. Fresh vegetables revenues increased 4% as a result of improved pricing and higher volumes sold of packaged salads."

Subscribe to our newsletter