Total Produce's Post-Dole Acquisition Profits Surge
DUBLIN, IRELAND – After making headlines by acquiring 45 percent of Dole Food Company earlier this winter—with an option to acquire an additional six percent—Total Produce announced robust growth throughout its operations—including a 43.5 percent increase in pre-tax profits.
“Total Produce has delivered very positive results in 2017. Total revenue has increased by 13.9 percent to €4.29 billion (USD $5.24 billion) with an 11.7 percent increase in adjusted earnings per share to 13.48 cent,” said Carl McCann, Chairman of Total Produce. “The Group announced on 1st February 2018 that it had acquired a 45 percent stake in Dole Food Company for $300 million, subject to regulatory approval. It represents a very significant step in the history of Total Produce and a continuation of its successful acquisition and expansion strategy.”
Highlights from the company’s preliminary statement include:
- Total Revenue up 13.9% to €4.29 billion (USD $5.24 billion)
- Adjusted fully diluted EPS up 11.7% to 13.48 cent (USD 16 cents)
- Adjusted EBITDA up 10.1% to €104.4 million (USD $1.27 million)
- Adjusted EBITA up 13.3% to €83.5 million (USD $101.99 million)
- Profit before tax up 43.2% to €72.5 million (USD $88.55 million)
- Total dividend up 10.0%
In addition to the high-profile Dole investment this February, the company noted benefits from a transaction this past March—in which Total Produce acquired an additional 30 percent of the Oppenheimer Group (Oppy); altogether, Total Produce acquired a 65 percent interest in Oppy for €43.8 million ($53.4 million). Total Produce also noted investments in Progressive Produce, Keystone Fruit Marketing, and The Fresh Connection.
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