Dole plc reports rise in Q3 profit and revenue
Fresh fruit and vegetables company Dole, which went public in July, reported a rise in third-quarter profit and revenue despite inflationary pressures, supply chain congestion and labor shortages.
Pro-forma net income rose to $29.9 million from $18.6 million in the year-ago period.
Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion.
Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North America and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North America and volume growth in pineapples.
Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes.
For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion.
Carl McCann, Executive Chairman, said: “Dole plc has delivered a strong performance for the first nine months of 2021 in the context of inflationary pressures across our North American and European markets during the third quarter."
"With industry-wide supply chain congestion and labor shortages, our diversified business model has proven itself to be responsive and resilient. We are very pleased with the response of our divisions and people in the face of these challenges and are confident in our ability to meet our full year outlook.”