Dole Grows its Revenues for 2021 by 48.5%


Dole has reported higher profits and earnings for 2021 after a transformational year for the company. 

Dole said its revenues for the year to the end of December jumped by 48.5% to $6.5 billion compared to 2020, while adjusted EBITDA increased by 15.3% to $290.1m

Last July, Total Produce acquired the remaining 55% of Dole Food Company to create Dole plc.

Following the deal, Dole said it had increased significantly in scale, and geographical footprint and Dole said its total assets increased by 147.5% to $4.7 billion.

It now has a strategic and valuable asset base, including over 114,000 acres of owned land and other land holdings, over 160 distribution and manufacturing facilities, 75 packing houses, 12 cold storage facilities, five salad manufacturing plants and 13 owned vessels.

Carl McCann, Dole's executive chairman, said that 2021 marked a transformational year for the group following the acquisition of the remaining 55% of DFC by Dole plc and the subsequent IPO of the group on Wall Street.

Mr McCann said the company's scale and footprint had increased significantly, and it is well-positioned to deliver long term sustainable growth.

He noted that the Group delivered a strong performance for the full year of 2021, with growth across key metrics in line with guidance.

"Our diversified business model has continued to provide resilience within a challenging macroeconomic environment, while our strategic asset base and multi-continental sourcing model provide a competitive advantage," Mr McCann said.

For the 2022 financial year, he said the company is targeting revenue in the range of $9.6 billion to $9.9 billion and adjusted EBITDA of $370m to $380.0m.

"The year on year expected reduction in adjusted EBITDA is primarily due to the significant impact of the Value-Added Salads product recall and temporary plant closures," Mr McCann said.

"We are monitoring the ongoing geopolitical situation in Ukraine and Russia - however, it is difficult to predict today what impact this may have on the macroeconomic environment and our business," he added.

The Analysts consensus recommendation for the company is "Buy".

Four analysts are currently providing Refinitiv with estimates.

 In the last week there have been no earnings estimate revisions by analysts covering the company.    There was no change to the number of estimates.