Fruit and vegetable producer Dole has reported an adjusted EBITDA of $45.4 million (€40 million) for the third quarter of its financial year, down $7.4 million (€6.5 million) from $50.1 million (€44 million) in the same period last year.
Irish fresh-produce giant Total Produce completed the acquisition of a 45% equity stake in Dole Food Company on 31 July 2018.
The company’s performance was affected by an industry-wide safety notice – one not directly linked to Dole – and an oversupply that resulted in the low pricing of products.
Dole’s first-half EBITDA also fell by around $30 million, before the investment by Total Produce.
Dole recently sold its corporate headquarters for $50 million and registered a net gain of $7.3 million, which is not included in the adjusted EBITDA results.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
