Fruit and vegetable producer and distributor Dole plc, reports a 1.5% increase in fresh fruit revenue during the second quarter of 2024, with a value of $851 million – an increase of $12 million from last year.
The uptick was primarily driven by higher banana volumes in Europe and North Africa, increased banana prices, and a higher volume of plantains sold.
Adjusted earnings before interests, taxes, depreciation, and amortization (EBITDA) show an increase of 7.3% driven by higher revenue and lower fruit sourcing costs.
Diversified fresh produce revenue in Europe, the Middle East, and Africa also increased, a 3.2% boost mainly driven by strong performance in the UK, Ireland and Spain, and an increment in acquisitions. On a like-for-like basis, revenue increased by $30.2 million.
The company saw a decrease in revenue in diversified fresh produce in the Americas, primarily due to the sale of Progressive Produce in March 2024.
The 65% equity stake sale of Progressive Produce LLC, a subsidiary of Dole plc, to PTF Holdings, caused a 14.7% decrease of $61.6 million, although, on a like-for-like basis, adjusted EBITDA increased by 36.4% primarily due to improved performance in their North American and seasonal timing differences in South America.
In the report’s statement about the rest of the year, Dole states that the company is pleased to “have consolidated a strong start of the year with very good performance in the second quarter,” which put them in an excellent position for the rest of the year.
