Dole plc Q3 revenues, income jump from 2021

More News Today's Headline Top Stories
Dole plc Q3 revenues, income jump from 2021

Dole plc revenues for the third quarter of 2022 were $2.3 billion. This was up $400 million from $1.9 billion in revenues for 2021’s third quarter. 

On Nov. 17 Dole released its unaudited financial results for the three and nine months ended September 30, 2022. Net income totaled $46.6 million and diluted earnings per share were $0.42.  In the third quarter of 2021 Dole plc lost $21.6 million.

Carl McCann, Dole plc executive chairman, commented in the Nov. 17 press release: “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. 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.”

The increase was primarily driven by the impact of revenue from Dole Food Company, Inc. (Legacy Dole) following the acquisition by Dole plc . Compared on a pro-forma basis, revenue decreased by 1.7%, or $38.5 million, primarily due to negative foreign currency translation movements of $136.8 million and a net unfavorable impact of $17.9 million from acquisitions and divestitures. On a like- for-like basis, revenue increased 5.0%, or $116.2 million, with growth in all segments with the exception of Fresh Vegetables. 

Dole’s financial report indicated that Fresh Vegetables was negatively impacted by lower volumes, as well as by inflationary cost increases in freight, packaging materials, food ingredients and labor. Fresh Vegetables was also impacted by higher sourcing costs for vegetables due to weather-related events. These challenges in the value added salads business were partially offset by improved performance for fresh packed products.

Subscribe to our newsletter