Profits dipped almost 36 per cent at Dole, the Dublin-headquartered fruit and veg giant in the three months to the end of September, largely due to the sale of its fresh vegetables division and higher fruit costs.
The New York-listed group said revenues grew 10.5 per cent to $2.3 billion, compared with the same three-month stretch in 2024. However, net income dropped from $21.5 million to $13.8 million.
The fall was due to a $10.2 million loss from its discontinued fresh vegetables business, related to a $14.7 million loss on the disposal of the business to Californian agricultural investment firm Arable Capital Partners earlier this year.
Meanwhile, adjusted earnings in its fresh fruit division fell by 36.7 per cent to $163.2 million, which Dole said was primarily driven by higher banana costs.
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The rise in costs is related to higher overall sourcing costs in the market after Tropical Storm Sara hit Honduras in late 2024, Dole said.
“We also experienced higher fruit sourcing costs in pineapples, partially driven by climatic conditions, higher sourcing costs in plantains and lower profits in commercial cargo,” the company said on Monday.
Carl McCann, executive chairman of Dole, said the group expects to deliver full-year adjusted earnings “at the upper end” of its targeted $380 million to $390 million range.
Arising from the sale of the fresh vegetables division, the board has authorised a $100 million share buyback programme, Mr McCann added.
“We are pleased to report a good outcome for the third quarter of 2025,” he said. “Our diversified fresh produce segments delivered excellent results, partially offsetting an anticipated decline in fresh fruit in the quarter.”
Dole was formed in 2021 through the merger of Dublin-based Fyffes spin-out Total Produce and US-anchored Dole Food Company.
The group’s share price edged 0.7 per cent higher on Monday after publication of the results.
