Dole released its financial results for the third quarter ended September 30, 2021.
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Pro Forma Revenue for the third quarter increased 0.3% to $2.3 billion. The increase was driven by growth in the Fresh Vegetables and Diversified Fresh Produce Americas and ROW divisions, offset by decreases in Fresh Fruit and Diversified Fresh Produce EMEA.
Pro Forma Revenue increased 4.5% to $7.1 billion for the first nine months of 2021. The increase in year to date Pro Forma Revenue was driven by growth in the Diversified Fresh Produce Americas and ROW, Diversified Fresh Produce EMEA and the Fresh Vegetables divisions.
Pro Forma Adjusted EBITDA for the third quarter decreased 35.4% to $59.7 million compared to the prior year period. The decrease was predominantly driven by EBITDA decreases in Fresh Vegetables due to weak markets in our Fresh Packed Vegetables business and inflationary headwinds in Value Added Salads, as well as EBITDA decreases in the Fresh Fruit division due to ongoing supply chain impacts following last year’s hurricanes, and inflationary pressure which contributed to higher costs of production during the quarter.
Pro Forma Adjusted EBITDA for the first nine months of 2021 increased 12.6% to $337.7 million. The increase has been driven by EBITDA increases in the Fresh Fruit division following a strong first half of the year, and from the Diversified Fresh Produce EMEA division. This was partially offset by EBITDA decreases in the Fresh Vegetables division due primarily to weakness in our Fresh Packed Vegetables business from an oversupplied market as well as inflationary pressures in Value Added Salads, and in Diversified Fresh Produce Americas and ROW, due to the impact of adverse weather events in Chile at the outset of the year and against a strong comparator.
Pro Forma Adjusted Net Income for the third quarter decreased 88.1% to $3.7 million, driven by the reduction in Pro Forma Adjusted EBITDA.
Pro Forma Adjusted Net Income for the first nine months of 2021 increased 22.5% to $131.6 million, driven by the increase in Pro Forma Adjusted EBITDA, offset by an increase in depreciation charges and increase in earnings attributable to non controlling shareholders. ■