Fresh produce company Dole has reported higher revenues and earnings for the third quarter of 2022 - beating its own expectations.
Dole said its revenues for the three months to the end of September rose to $2.3 billion from $1.9 billion from the same time last year with growth across all of its divisons, apart from its Fresh Vegetables unit.
The company's adjusted EBITDA for the three month period rose to $73m from $54.9m on the back of higher pricing of bananas and a strong performance in its commercial cargo business.
Total Produce completed the acquisition of the remaining 55% of Dole Food Company, to create Dole plc, in July 2021.
In today's results statement, Dole said the global economic environment remains "dynamic", adding that it was seeing positive trends, along with some further challenges, as it moves through the final quarter of the financial year.
"Our focus remains on delivering operating efficiencies and being disciplined in our deployment of capital, while continuing to push for inflation-justified price increases," it said.
"Our scale and wide geographic footprint, along with our diverse portfolio of healthy and nutritious products, leaves us well positioned as we move towards 2023," it added.
"For the full year, we now expect adjusted EBITDA to be at the lower end of our previously guided range due to the ongoing challenges within our Fresh Vegetables segment, which has taken longer in its recovery, as well as the impact of the unusual supply chain challenges encountered in the third quarter at the end of the Chilean grape season in North America," it added.
Carl McCann, Dole's executive chairman, said the company was pleased with the strong results delivered for the third quarter of 2022, which were significantly ahead of the prior year and ahead of its own expectations.
"The broad diversification of our product offering, and the wide geographic footprint of our vertically integrated business provides us with a strong foundation for continued growth," Mr McCann said.
"As we move towards the end of the financial year, we are now targeting Adjusted EBITDA within our previously guided range but at the lower end," he added.
