Fresh produce company Dole has reported slightly higher revenues and earnings for the first quarter of 2023 and said it is well positioned for growth for the full year.
Dole said its revenues for the three months to the end of March rose by 1% to $1.989 billion while its adjusted EBITDA increased 9.3% to reach $100.4m.
During the quarter, Dole announced a deal to sell its Fresh Vegetables division to Fresh Express for $293m. It said today that it continues to work through the regulatory process for the sale of this business.
Dole said today that the operating environment so far in 2023 continues to bring with it both new opportunities and new challenges.
"We see signs of improved logistical efficiencies in several areas, which is helping to bring more stability after a period of severe supply chain disruption," the company said.
"We have also seen some unusual weather events, and as we progress through the second quarter, we are closely monitoring the impact of unprecedented rains this year in California, which continue to impact the vegetable and berry crops in that region," it added.
It also said it was continuing to see positives for the business, with the strengthening euro relative to the dollar, more stable fuel prices and continued signs of inflation moderating in certain areas.
"However, we are also seeing headwinds with interest rates remaining high and other unusual currency movements," it added.
Carl McCann, the company's executive chairman, said he believes the group is well-positioned for growth and continue to target adjusted EBITDA of $350m for the full year.
