Dole, the world’s largest producer of fresh fruit and vegetables, has posted a 57% increase in net income from continuing operations for its second quarter, which it attributed to higher volume sales globally.
The company yesterday (3 August) posted US$33m net income for the quarter ended 19 June, up 57% on the same period of the previous year.
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It reported $113m adjusted EBITDA for the period compared to $143m for the same period of 2009.
For the quarter, the company posted $1.74bn revenue, up on the $1.71bn it posted for the same period last year.
During the quarter it recorded a $7m tariff refund associated with the June 2010 EU banana tariff settlement agreements. The company estimates that the EU banana tariff settlement agreements will benefit fiscal 2010 EBIT by approximately $16m at current exchange rates.
Dole president and CEO David DeLorenzo said: “Our fresh fruit operations improved over the first quarter, but continued to be negatively impacted by weak market conditions in Europe and Asia. We also reduced net debt by $51m in the second quarter.”
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