Dole Food Company – DOLE – Second quarter Adjusted EBITDA was in line with expectations

Dole Food Company, Inc. (NYSE:DOLE) announced financial and operating results for the second quarter ended June 16, 2012. DOLE reported second quarter of 2012 Adjusted EBITDA of $132 million compared to $161 million in the second quarter of 2011. GAAP income from continuing operations for the second quarter of 2012 was $66 million, or $0.74 per share, compared to $83 million, or $0.94 per share, in the second quarter of 2011. Comparable Income from continuing operations for the second quarter of 2012 was $71 million, or $0.80 per share, compared to $89 million, or $1.01 per share, in the second quarter of 2011

For the first half of 2012, Adjusted EBITDA was $203 million compared to $272 million in the first half of 2011. GAAP income from continuing operations for the first half of 2012 was $83 million, or $0.94 per share, compared to $85 million, or $0.96 in the first half of 2011. Comparable Income from continuing operations for the first half of 2012 was $84 million, or $0.95 per share, compared to $135 million, or $1.53 per share, in the first half of 2011.

“We are pleased that our second quarter Adjusted EBITDA was in line with expectations,” said David A. DeLorenzo, Dole’s President and CEO. “As anticipated, banana earnings were weaker primarily due to lower pricing in North America. The positive steps we have taken to restructure our European operations have partially offset the impacts of weaker currencies in Europe. Fresh vegetables Adjusted EBITDA was higher compared to last year, with incremental earnings from last year’s berry acquisition and continuing improvement in our packaged salads business. Earnings in our packaged foods segment were lower than last year, as expected, due to the launch of our national advertising campaign to support our new Fruit Smoothie Shakers^® and Frozen Fruit Single-serve cups.”

DOLE Revenues

DOLE Revenues decreased 10% to $1.7 billion during the second quarter ended June 16, 2012, primarily as a result of the divestitures of two of our fresh fruit subsidiaries (German subsidiary and Dole Spain). Excluding 2011 revenues of $199 million from these divested businesses as well as second quarter 2012 sales of $26 million from the fourth quarter 2011 berry business acquisition, second quarter sales were comparable. Fresh fruit revenues, excluding the impact from the divestitures, decreased 4% primarily as a result of lower banana pricing in North America, as well as unfavorable foreign currency exchange movements in Europe. These factors were partially offset by higher volumes of bananas and other fresh fruit sold in Asia. Fresh vegetables revenues increased 11%, primarily due to higher sales of fresh berries resulting from the berry acquisition and higher sales of packaged salads, partially offset by lower pricing for fresh-packed vegetables. Excluding revenues from the acquired business, fresh vegetables sales increased 2%. Packaged foods revenues increased 7%, primarily due to higher sales of frozen fruit and healthy snacks in North America and improved pricing worldwide, partially offset by lower volumes of packaged fruit sold in North America and Europe.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.