Dole, the Dublin-based fresh produce distributor, experienced a boost in sales during the second quarter of this year. The company’s fresh fruits division, specifically pineapples and bananas, performed exceptionally well, leading to increased profitability.
Financial Performance
Dole reported a second-quarter profit of $42.28 million, or 44 cents a share, compared to $41.27 million, or 43 cents a share, in the same period last year. FactSet analysts had anticipated a profit of 33 cents a share. Adjusting for certain one-time items, adjusted earnings per share stood at 51 cents.
Despite falling short of analysts’ expectations, Dole’s revenue still grew by 4.4% to $2.14 billion. FactSet had forecasted revenue of $2.27 billion.
Strong Performance in Fresh Fruit Segment
The growth in Dole’s fresh fruit segment significantly contributed to the company’s positive results. Revenue increased due to higher prices and volumes of bananas and pineapples. Additionally, the company’s diversified fresh produce business in Europe, the Middle East, and Africa also experienced sales growth. However, sales declined in the Americas due to lower volumes.
Potential Challenges in Key Growing Regions
Dole highlighted potential disruptions in key growing regions in Central and South America due to El Niño conditions in the second half of this year and into 2024.
TechBerry
Happy Galaxy
Forex Cyborg
Forex Fury
FXgoodway