Dole presents strong Q1 results

Dole posts strong Q1 results

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Dole posts strong Q1 results

Dole plc, one of the world's largest producers of fruit and vegetables, has announced strong first-quarter financial results showing gradual growth. 

From January to March this year, the company generated revenue of $1.99 billion,  a year-on-year increase of 1%. Net income rose from $3.4 million to $20.5 million.

The company’s fresh fruit segments increased revenues by 6.5% or $49.1 million. 

Related article: Dole posts “satisfactory” 2022 results despite challenging operating conditions

According to Dole, “Revenue was positively impacted by higher worldwide pricing of bananas and pineapples, as well as worldwide increases in volumes of bananas sold, partially offset by lower volumes of pineapples sold.”

Dole indicated that this year has brought along a positive outlook, with an operating environment full of opportunities and challenges.

“We have continued to see positives for our business, with the strengthening Euro relative to the US Dollar, more stable fuel prices, and continued signs of inflation moderating in certain areas. However, we are also seeing headwinds with interest rates remaining high and other unusual currency movements,” said Dole in the statement. 

Carl McCann, executive chairman, commented regarding the positive results: "We are pleased to have started the year strongly and to have delivered Adjusted EBITDA growth in the first quarter.

During the quarter, the company announced an agreement to sell its Fresh Vegetables division to Fresh Express. It says it is continuing to work through the regulatory process for the sale of this business.

“We believe the Group is well-positioned for growth and continue to target Adjusted EBITDA of $350.0 million for the full year," McCann adds.

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