Fruit giant Dole doubles revenue on back of merger with Total Produce

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Fruit giant Dole doubles revenue on back of merger with Total Produce via IrishTimesBiz

A total of 30 types of fruit and vegetables will be banned from having any plastic wrapping, including bananas, pears, lemons, oranges and kiwis. Photograph: iStockDublin-headquartered Dole Foods, which merged with Total Produce last year to become the largest supplier of fresh fruit and vegetables in the world, saw revenue double to $2.4 billion in the second quarter of 2022. The increase was primarily driven by the impact of revenue from the legacy Dole business following the merger, it said.

On a pro forma basis, revenue, however, fell by 4.2 per cent or $102.3 million primarily due to negative foreign currency translation movements of $112.2 million and a net unfavourable impact of $69 million from acquisitions and divestitures. The “pro forma” figures calculated as if the merger had occurred on January 1st, 2020, in order to give an insight into trends.

Despite the strong figures, the group was forced to downgrade its full-year earnings expectations on the back of a slower-than-expected return to operating profitability of its “Fresh Vegetables” segment and the translation impact from the strengthening dollar. “The global economic environment remains uncertain and complex and we are currently seeing positive trends along with some further challenges for the remainder of the year,” the company said.

 

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