Dole reports increase in revenues

03/15/2012 04:45:00 PM
Tom Karst

Trending with sales increases of fruits, vegetables and packaged foods, Dole Food Co. revenues in fiscal year 2011 rose 5%, the Westlake, Calif.-based company reported March 15.

For the year ending Dec. 31, Dole revenues increased 5% to $7.2 billion, according to a company news release.

A 5% increase in fruit sales was credited to improved pricing of bananas worldwide and increased shipments of fruit to North America and Asia, according to the news release.

Fresh vegetable revenues for 2011 climbed 2% on the strength of improved pricing for packaged salads, the release said. Improved performance in packaged salads were partially offset by weak pricing for iceberg lettuce, the release said.

Higher berry sales, linked to the fourth-quarter acquisition of Winter Haven, Fla.-based SunnyRidge Farms Inc., helped offset lower sales of fresh-packed vegetables, according to the release.

Dole reported comparable income from continuing operations for fiscal year 2011 was $121 million or $1.38 per share, compared with $40 million or $0.46 per share in 2010. For the fourth quarter of 2011, Dole reported a loss of $2 million or ($0.02) per share, an improvement compared with the loss of $31 million or ($0.35) per share in the fourth quarter of 2010.

For fiscal year 2011, Dole said earnings, before interest, taxes, depreciation and amortization totaled $386 million, up from $364 million in 2010. For the fourth quarter, earnings were $53 million, up 70% compared with the fourth quarter of 2010, according to the news release.

“Going forward, we continue to be encouraged by consumer acceptance of our new product introductions as well as the strength of our core products,” David DeLorenzo, Dole’s president and chief executive officer said in the release.



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