Adjusted Ebitda increased 19% to $101m compared to $85m in the third quarter of 2009. Dole also reported a loss from continuing operations of $53m or ($0.61) per share. Comparable Income from continuing operations for the third quarter of 2010 was $31m or $0.35 per share.
David A DeLorenzo, Dole’s president and CEO, said: “Despite challenging conditions in our fresh fruit segment, we reported strong financial results for the third quarter. Adjusted Ebitda increased $16m to $101m and we reduced net debt by $25m during the quarter and $71m year-to-date.
“The strong turnaround in our fresh vegetables segment continued during the third quarter, with adjusted Ebitda growing by $10m on higher pricing and volumes. Our packaged foods segment also continued to perform well, with successful new product introductions and year-to-date results ahead of last year.
“During the quarter, we began implementation of our plans to downsize and restructure our European banana operations. These one-time restructuring actions are expected to result in direct savings of approximately $34m in 2011. We believe our restructuring efforts will reduce our costs, improve our profitability and generally better align our operations with the current European market.”
Source: Dole Food Company
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