Dublin-headquartered Dole plc has doubled its revenue to $2.4 billion in the second quarter of 2022 from $1.2 billion (€2.4 billion) in the same period last year.
According to the company's latest financial results, this growth was driven by the impact of its merger with Total Produce.
On a like-for-like basis, revenue increased 3.2%, or $78.7 million, with all segments witnessing growth except its Fresh Vegetables division.
On a pro-forma basis, the company’s revenue decreased by 4.2%, or $102.3 million
According to the fruit firm this was was due to negative foreign currency translation movements of $112.2 million and a net unfavourable impact of $68.8 million from acquisitions and divestitures.
Merger
Commenting on the results, Carl McCann, executive chairman said, “One year ago we created Dole plc, the global leader in fresh produce, following the merger of Total Produce and Dole Food Company. The enhanced scale and diversification of our vertically integrated business enabled us to deliver strong results for the second quarter of 2022, in line with our expectations.
"Due to a slower than anticipated return to full operating profitability in our Fresh Vegetables segment and the translation impact from the strengthening US Dollar, we are now targeting Adjusted EBITDA in the range of $330 million to $350 million for the full year, a reduction of approximately 5.5% from prior guidance."
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