August 7/Karachi, Pakistan -- Dole Food Company Inc. (DOLE) announced positive financial and operating results for the second quarter ended June 19, 2010. Dole reported 2Q 2010 income from continuing operations of $33 million as compared with $21 million in 2009, and Adjusted EBITDA of $113 million compared to $143 million in 2Q 2009. Earnings per share from continuing operations for the second quarter were $0.38 per share. Adjusting for unrealized gains and losses from hedging activities, currency movement on foreign denominated instruments, as well as gains on asset sales, comparable earnings per share from continuing operations were $0.49.
David A. DeLorenzo, Dole's president and CEO said, "We are pleased to announce another strong quarter despite a challenging economic climate. Our packaged salads business realized higher volumes and pricing, as well as lower costs. Our packaged foods portfolio also performed well, with improved earnings, even with Easter sales falling in the first quarter of the year. Consumers continued to embrace our new product offerings, with the rollout of our Fruit Crisps and Real Fruit Bites exceeding distribution goals. Our fresh fruit operations improved over the first quarter, but continued to be negatively impacted by weak market conditions in Europe and Asia. We also reduced net debt by $51 million in the second quarter."
In 2Q 2010, Dole recorded a tariff refund of $7 million associated with the June 2010 EU banana tariff settlement agreements. Dole estimates that the EU banana tariff settlement agreements will benefit fiscal 2010 EBIT by approximately $16 million at current foreign exchange rates.
From the August 9, 2010, Prepared Foods' Daily News
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