Dole Food Co., Inc. announced financial and operating results for the fourth quarter and full year ended Dec. 31, 2011. For the fourth quarter, Dole reported adjusted EBITDA of $53 million compared to $31 million for the fourth quarter of 2010. GAAP income from continuing operations for the fourth quarter of 2011 was $4 million, or $0.05 per share, compared to a loss of $36 million, or ($0.41) per share, in the fourth quarter of 2010. Comparable income from continuing operations for the fourth quarter improved to a loss of $2 million or ($0.02) per share versus a loss of $31 million or ($0.35) per share in the fourth quarter of 2010.
For the full year, Dole reported Adjusted EBITDA of $386 million compared to $364 million in 2010. Dole reported GAAP income from continuing operations for fiscal year 2011 of $42 million or $0.47 per share, compared to a loss of $34 million or ($0.39) per share in 2010. Comparable income from continuing operations for fiscal year 2011 was $121 million or $1.38 per share, compared to $40 million or $0.46 per share in 2010.
“We are very pleased with Dole’s strong fourth quarter earnings. Adjusted EBITDA of $53 million in the quarter was a 70 percent improvement over the previous year as a result of solid performances in each of our operating segments,” said David A. DeLorenzo, Dole’s president and CEO in a prepared statement. “The cost reduction programs set forth in the past two years have helped improve earnings despite increasing input costs and the strength of foreign currencies. Going forward, we continue to be encouraged by consumer acceptance of our new product introductions as well as the strength of our core products. We are also pleased to report that we have entered into an agreement to sell our distribution company in Germany. This pending sale is in line with our continuing plan to divest non-core assets, and will further our goal to reduce debt and improve operating margins.”
For fiscal 2011, revenues increased 5 percent to $7.2 billion. Higher sales were reported in all three of Dole’s operating segments. Fresh fruit sales increased 5 percent primarily as a result of improved local pricing worldwide for bananas and higher volumes of bananas sold in North America and Asia. In addition, favorable foreign currency exchange movements in Europe and Japan benefitted revenues. Packaged foods revenues increased 7 percent primarily due to higher sales across all major product lines. Fresh vegetables revenues increased 2 percent as a result of improved pricing for packaged salads, higher sales of berries due to the fourth quarter acquisition of SunnyRidge partially offset by lower sales of fresh-packed vegetables.