Dole Foods reports earnings drop of $5m
Dole Food has reported earnings before interest, taxation, depreciation, and amortisation (EBITDA) of $45.4m (€40m) for the three months to October 6th.
This represents decline on the $50.1m (€44m) EBITDA reported for the same period in 2017, according to a statement from Total Produce, which in July completed the acquisition of 45pc of Dole for $300m.
The year-on-year drop in earnings reflected a $7.4m EBITDA reduction in fresh vegetables, which had been impacted by an industry-wide safety notice linked to romaine lettuce – and not directly linked to Dole – and oversupply resulting in lower pricing.
Meanwhile Dole fresh fruit has performed strongly.
During the three months Dole sold its corporate headquarters for $50m, with an associated gain of $7.3m, which was not included in the EBITDA.
Total, a spin-out from Fyffes, and chaired by Carl McCann, has the option to fully acquire Dole in five years.