Dole Food Company, Inc. Announces Second Quarter 2011 Results
WESTLAKE VILLAGE, Calif., Jul 28, 2011 (BUSINESS WIRE) --
Dole Food Company, Inc. (NYSE: DOLE) today announced its financial and operating results for the second quarter ended June 18, 2011. Adjusted EBITDA increased 36% to $153 million compared to $113 million in the second quarter of 2010. GAAP income from continuing operations for the second quarter of 2011 was $83 million, or $0.94 per share, compared to $34 million, or $0.38 per share, in the second quarter of 2010. Comparable Income from continuing operations for the second quarter of 2011 was $86 million, or $0.98 per share, compared to $44 million, or $0.50 per share, in the second quarter of 2010 (see Exhibit 2).
For the first half of 2011, Adjusted EBITDA increased 31% to $259 million. For the first half of fiscal 2011, GAAP income from continuing operations increased $29 million to $85 million, which represented a 50% increase to $0.96 per share. Comparable Income for the first half of 2011 increased $72 million to $131 million, which represented an increase of $0.82 per share to $1.49 per share (see Exhibit 2).
David A. DeLorenzo, Dole's President and CEO said, "We are extremely pleased with the continued improvement of our financial results in the second quarter, with operating income rising 52% to $122 million and Adjusted EBITDA increasing 36% to $153 million. Each of our operating segments benefitted from improved pricing and higher volumes, and in addition our fresh fruit segment also benefitted from our restructuring program. While first half performance was well ahead of plan, our third quarter earnings are expected to be below last year, due to the container settlement we received in 2010, and lower banana prices in Europe thus far this summer. For the full year 2011, we continue to expect significant improvement of our earnings as compared to 2010."
Selected Financial Data (Unaudited)
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