Slide Presentation

Dole Food Company, Inc.

Earnings Call and Webcast

Second Quarter 2011

July 28, 2011

EXHIBIT 99.2

Beth Potillo

Treasurer

Forward-Looking Statements

Some of the information presented contains forward-looking

statements that involve a number of risks and uncertainties.

Forward-looking statements, which are based on

management’s current expectations and describe the

company’s future plans, strategies and expectations, are

generally identifiable by the use of terms such as “anticipate,”

“will,”

“expect,”

“believe,”

“shall,”

or similar expressions. The

potential risks and uncertainties that could cause the

company’s actual results to differ materially from those

expressed or implied herein include weather-related

phenomena; market responses to industry volume pressures;

product and raw materials supplies and pricing; electrical

power supply and pricing; changes in interest and currency

exchange rates; economic crises; quotas, tariffs and other

governmental actions; and international conflict.

Non-GAAP Financial Measures

EBIT before discontinued operations, Adjusted EBITDA and Comparable Income (loss) from continuing operations (total and

per share) are measures commonly used by financial analysts in evaluating the performance of companies. EBIT before

discontinued operations is calculated from net income by adding interest expense and income tax expense, and subtracting

income from discontinued operations, net of income taxes, and gain on disposal of discontinued operations, net of income

taxes. Adjusted EBITDA is calculated from EBIT before discontinued operations by: (1) adding depreciation and amortization;

(2) adding the net unrealized loss or subtracting the net unrealized gain on foreign currency and bunker fuel hedges and the

cross currency swap which do not have a more than insignificant financing element present at contract inception; (3) adding the

net loss or subtracting the net gain on the long-term Japanese yen hedges; (4) adding the foreign currency loss or subtracting

the foreign currency gain on the vessel obligations; (5) adding the net unrealized loss or subtracting the net unrealized gain on

foreign denominated instruments; and (6) subtracting the gain on asset sales. Due to the fact that the long-term Japanese yen

hedges had more than an insignificant financing element at inception, the liability is treated similar to a debt instrument and the

associated cash flows are classified as a financing activity. As a result, both the realized and unrealized gains and losses from

these hedges are subtracted from or added back to EBIT before discontinued operations when calculating Adjusted EBITDA.

Comparable Income (loss) from continuing operations is calculated from income (loss) from continuing operations by adding

charges for restructuring and long-term receivables, net of income taxes, adding the net unrealized loss or subtracting the net

unrealized gain on foreign currency and bunker fuel hedges and the cross currency swap, net of income taxes, adding the net

loss or subtracting the net gain on the long-term Japanese yen hedges, net of income taxes, adding the foreign currency loss

or subtracting the foreign currency gain on the vessel obligations, net of income taxes, adding the net unrealized loss or

subtracting the net unrealized gain on foreign denominated instruments, net of income taxes, and subtracting gain on asset

sales, net of income taxes. These items have been adjusted because management excludes these amounts when evaluating

the performance of Dole. Net debt is calculated as total debt less cash and cash equivalents.

EBIT before discontinued operations, Adjusted EBITDA and Comparable Income (loss) from continuing operations (total and

per share) are not calculated or presented in accordance with U.S. GAAP and are not a substitute for net income attributable to

Dole Food Company, Inc., net income, income from continuing operations, cash flows from operating activities or any other

measure prescribed by U.S. GAAP. Further, EBIT before discontinued operations, Adjusted EBITDA and Comparable Income

(loss) from continuing operations (total and per share) as used herein are not necessarily comparable to similarly titled

measures of other companies. However, Dole has included these three measures herein because management believes that

they are useful performance measures for Dole and are frequently used by securities analysts, investors and others in the

evaluation of Dole.

David A. DeLorenzo

Chief Executive Officer

($ millions)

Packaged foods

Fresh vegetables

Fresh fruit

Note: Graph does not include Corporate

Q2 Results

126

$25

$50

$75

$100

$125

$150

$175

2011

2010

$153

$113

Q2 Adjusted EBITDA increased $40 million ( 36%)

Fresh fruit increased $43 million (

52%)

Improved global banana markets, increased volumes in North America and Asia

Lower shipping and distribution costs in Europe resulting from 2010 restructuring activity

Higher fruit costs worldwide and higher shipping costs in North America and Asia

Vegetables decreased $4 million

Higher product costs in fresh-packed vegetables

Price improvements in berries and celery more than offset by weak iceberg lettuce prices

Increased promotional spending ($3 million) in packaged salads; packaging cost increases more than offset

by other cost savings and price increases

Packaged foods increased $2 million

Higher pricing, partially offset by higher product costs and unfavorable FX movement in Thailand and the

Philippines

Fresh Fruit: 2Q11 Review

Latin America

–

Severe weather conditions throughout Latin America continued to

impact supply, causing an increase in third-party fruit prices

Europe

–

Reduced

2011

banana

volumes

( 23%

for

the

first

half)

–

Lower shipping and distribution costs, partially offset by higher fruit

and packaging costs

North America

–

Volumes up slightly for first half

–

Higher fruit, packaging and shipping costs

Asia

–

Demand in Asia and Middle East strong

–

YTD volumes up 3%, prices up 9%

Revenue increased 12%

Adjusted EBITDA increased $43 million, or 52%

Restructuring on track:

Q2 cost savings of $8 million

Fresh Vegetables: 2Q11 Review

Fresh-packed vegetables

Higher product costs

Improved prices in berries and celery were more than

offset by weak iceberg lettuce prices

Packaged salads

$3 million higher marketing costs associated with

coupon promotion

Increased retail volumes by 6.9%

Revenue increased 4%

EBITDA declined to $8 million

Packaged Foods: 2Q11 Review

FRUIT BOWLS in 100% juice

driving category revenue growth

Unit & dollar market shares

are up

Dole YTD $ sales up over 6.6%

Category growth of 1%

More new products introduced

in Q3

Revenue increased 9%

Adjusted EBITDA increased $2 million to $32 million

U.S. Dollar Market Shares

Product

2011*

2010*

Canned

pineapple

59.5% #1

58.7%

Canned

pineapple juice

57.3% #1

58.0%

Fruit Bowls

49.3% #1

44.8%

*Source: IRI Syndicated Data Total US for the second quarter ended June 18, 2011 and June 19, 2010

Successful new product

introductions

Higher prices partially offset

by higher product costs

New!

Fruit Smoothie Shakers

-10-

Introducing Dole Fruit Smoothie Shakers:

The revolutionary new smoothie that makes the perfect smoothie-shop style smoothie

without

blender.

Simply

add

Juice

and

shake

for

about

minute.

Dole Fruit Smoothie Shakers are:

•

All-Natural

•

Made with Real Fruit and Yogurt with Live & Active Cultures

•

Contain No Artificial Ingredients

•

Low Fat (2 grams of fat per smoothie)

•

Delivers protein, vitamin C, fiber, and vitamin B

Product

4 oz. fine cut fruit and yogurt beads in a re-sealable plastic cup

(makes an 11 oz. prepared smoothie)

Available in 3 varieties:

•

Strawberry

•

Strawberry Banana

•

Mixed Berry

New!

Single Serve Frozen Fruit Cups

-11-

Introducing Dole Frozen Fruit Cups:

Dole all natural frozen fruit now available in convenient, single serve cups perfect for

snacking anytime/anywhere or use as an easy pre-portioned topping or ingredient

Each cup:

•

Delivers

full

serving

fruit

•

under

calories

•

contains

added

sugar

Product

Two 3 oz. clear plastic cups in a sleeve

Available in 3 varieties:

•

Sliced Strawberries

•

Blueberries

•

Pineapple

Summary

Positive momentum of Q1 continued into second quarter,

with first half performance well ahead of plan

Improved global banana markets

Continued success of new packaged foods product

introductions

Full year 2011 performance expected to be significantly

better than 2010, despite weaker third quarter

Joseph S. Tesoriero

Chief Financial Officer

Comparable Income from Continuing Ops.

($ millions, except per share data)

See Appendix for definition of non-GAAP measures

The line items

presented

here

have

been

adjusted

consistent

with

the

purpose

calculating

Comparable

Income from

continuing operations, and thus are non-GAAP measures.

Q2 2011

Q2 2010

2011

2010

Revenues, net

1,915.7

1,741.5

3,601.8

3,347.4

Cost of products sold

(1,655.2)

(1,539.6)

(3,134.7)

(2,973.1)

Gross Margin

260.5

201.9

467.1

374.3

SMG&A expenses

(130.3)

(119.8)

(255.7)

(233.6)

Operating Income

130.2

82.1

211.4

140.7

Other, net

4.8

7.6

9.1

8.3

EBIT before disc. ops.

135.0

89.7

220.5

149.0

Interest expense

(34.9)

(37.1)

(70.3)

(78.2)

Earnings before taxes

100.1

52.6

150.2

70.8

Income taxes

(13.6)

(8.9)

(19.0)

(12.0)

Comparable Income from cont. ops.

$ 86.5

$ 43.7

$ 131.2

$ 58.8

$ 0.98

$ 0.50

$ 1.49

$ 0.67

Comp. Income from cont. ops. per share

Quarter Ended

Half Year Ended

Segment Revenues

Packaged foods

Fresh

vegetables

Fresh fruit

($ millions)

2,540

2,347

525

499

537

501

$1,000

$2,000

$3,000

$4,000

2011

2010

$3,602

$3,347

Half Year

Quarter

$1,916

$1,741

Revenue in all segments increased

Fresh fruit

Improved global banana markets and higher banana volumes in North

America and Asia

Higher volumes of Chilean deciduous fruit

Vegetables

Packaged salads had higher prices, volumes and better mix

Fresh-packed vegetables had better pricing

Packaged foods

Higher pricing worldwide

Note: Numbers may not foot due to rounding.

1,365

1,224

279

268

272

249

$500

$1,000

$1,500

$2,000

2011

2010

Segment Adjusted EBITDA

Packaged foods

Fresh

vegetables

Fresh fruit

($ millions)

207

135

$50

$100

$150

$200

$250

$300

2011

2010

$198

$259

Half Year

Quarter

126

$25

$50

$75

$100

$125

$150

$175

2011

2010

$153

$113

Fresh fruit

Improved global banana markets, increased volumes in North America and Asia

Lower shipping and distribution costs in Europe resulting from 2010 restructuring activity

Higher fruit costs worldwide and higher shipping costs in North America and Asia

Vegetables

Higher product costs in fresh-packed vegetables

Price improvements in berries and celery more than offset by weak iceberg lettuce prices

Increased marketing spend ($3 million) in packaged salads; packaging cost increases more than offset by

other cost savings and price increases

Packaged foods

Higher pricing, offset by higher product costs and unfavorable FX movement in Thailand and the Philippines

Higher marketing investment to support introduction of FRUIT BOWLS in 100% juice

Q&A

Appendix

Reconciliation of Net Income to EBIT before Discontinued

Operations and Adjusted EBITDA

($ millions)

June 18, 2011

June 19, 2010

June 18, 2011

June 19, 2010

Net income

Discontinued operations, net

(1)

Interest expense

Income taxes

EBIT before discontinued operations

131

174

146

Depreciation and amortization

Net unrealized (gain) loss - derivatives

Net gain on long-term Japanese yen hedges

(5)

(4)

Foreign currency (gain) loss - vessel obligations

(5)

Net unrealized (gain) loss - foreign instruments

(1)

(6)

Gain on asset sales

(1)

(3)

Adjusted EBITDA

153

113

259

198

Quarter Ended

Half Year Ended

Adjusted Q2 EBITDA by Segment

($ millions)

Fresh

Packaged

Corporate/

Fresh Fruit

Vegetables

Foods

Other

Total

Quarter Ended June 18, 2011

EBIT before disc. ops.

110

(8)

131

Net unrealized (gain) loss - derivatives

Net gain on long-term Japanese yen hedges

(5)

Foreign currency (gain) loss - vessel obligations

Net unrealized (gain) loss - foreign instruments

Gain on asset sales

Sub total

112

(13)

129

Depreciation and amortization

Adjusted EBITDA

126

(13)

153

Fresh

Packaged

Corporate/

Fresh Fruit

Vegetables

Foods

Other

Total

Quarter Ended June 19, 2010

EBIT before disc. ops.

(21)

Net unrealized (gain) loss - derivatives

Foreign currency (gain) loss - vessel obligations

Net unrealized (gain) loss - foreign instruments

(2)

(1)

Gain on asset sales

(1)

Sub total

(12)

Depreciation and amortization

Adjusted EBITDA

(12)

113

Adjusted Q2 Half-Year EBITDA by Segment

($ millions)

Fresh

Packaged

Corporate/

Fruit

Vegetables

Foods

Other

Total

Half Year Ended June 18, 2011

EBIT before disc. ops.

177

(56)

174

Net unrealized (gain) loss - derivatives

Net gain on long-term Japanese yen hedges

(4)

Foreign currency (gain) loss - vessel obligations

Net unrealized (gain) loss - foreign instruments

Gain on asset sales

Sub total

180

(23)

212

Depreciation and amortization

Adjusted EBITDA

207

(22)

259

Fresh

Packaged

Corporate/

Fruit

Vegetables

Foods

Other

Total

Half Year Ended June 19, 2010

EBIT before disc. ops.

111

(37)

146

Net unrealized (gain) loss - derivatives

Foreign currency (gain) loss - vessel obligations

(5)

Net unrealized (gain) loss - foreign instruments

(6)

Gain on asset sales

(3)

Sub total

105

(29)

148

Depreciation and amortization

Adjusted EBITDA

135

(28)

198

Non-GAAP Financial Measures

COMPARABLE RESULTS (NON-GAAP)

Non-GAAP Financial Measure Reconciliation

Quarter Ended

Half Year Ended

($ thousands)

18-Jun-11

19-Jun-10

18-Jun-11

19-Jun-10

Net income (loss)

83,033

33,472

85,078

56,234

(Income) loss from discontinued operations, net of income taxes

(29)

(327)

(231)

(674)

Gain on disposal of discontinued operations, net of income taxes

(339)

Interest expense

34,837

37,138

70,307

78,188

Income taxes

13,518

9,067

18,658

12,242

EBIT

131,020

79,350

173,473

145,990

Depreciation & amortization

24,045

23,755

47,398

50,022

Net unrealized (gain)/loss on derivative instruments

2,281

11,858

32,617

15,637

Net (gain) loss on Japanese yen hedges

(4,966)

(4,284)

Foreign currency exchange (gain)/loss on vessel obligations

130

2,539

(5,093)

Gain on asset sales

(11)

(950)

(11)

(2,921)

Net unrealized FX (gain)/loss on foreign denominated borrowings

555

(1,386)

7,447

(5,998)

Sub Total

(2,011)

9,603

38,308

1,625

Adjusted EBITDA

153,054

112,708

259,179

197,637

After tax adjustments

Net unrealized (gain)/loss on derivative instruments

2,160

11,834

32,246

15,608

Net (gain) loss on Japanese yen hedges

(4,966)

(4,284)

Foreign currency exchange (gain)/loss on vessel obligations

130

2,539

(5,093)

Gain on asset sales

(11)

(815)

(11)

(2,710)

Net unrealized FX (gain)/loss on foreign denominated borrowings

544

(1,328)

7,439

(5,990)

Sub Total

(2,143)

9,773

37,929

1,815

Charges for restructuring and long-term receivables

5,947

761

8,702

1,370

Total

3,804

10,534

46,631

3,185

Comparable income from continuing operations

86,469

43,679

131,139

58,745

Comparable net income attributable to Dole Food Company Inc.

85,570

42,855

129,437

57,659

Earnings per share - Diluted:

Comparable income from continuing operations

0.98

0.50

1.49

0.67

Comparable net income attributable to Dole Food Company Inc.

0.97

0.49

1.47

0.66

Statements of Operations

June 18, 2011

June 19, 2010

June 18, 2011

June 19, 2010

Revenues, net

1,915,725

1,741,522

3,601,829

3,347,396

Cost of products sold

(1,657,519)

(1,540,722)

(3,136,862)

(2,974,389)

Gross margin

258,206

200,800

464,967

373,007

Selling, marketing and general and

administrative expenses

(130,233)

(120,490)

(254,963)

(235,080)

Charges for restructuring and long-term

receivables

(5,947)

(762)

(8,702)

(1,370)

Gain on asset sales

950

2,921

Operating income

122,037

80,498

201,313

139,478

Other income (expense), net

4,337

(5,496)

(35,014)

(889)

Interest income

1,166

1,516

2,484

3,118

Interest expense

(34,837)

(37,138)

(70,307)

(78,188)

Income from continuing operations before

income taxes and equity earnings

92,703

39,380

98,476

63,519

Income taxes

(13,518)

(9,067)

(18,658)

(12,242)

Earnings from equity method investments

3,480

2,832

4,690

4,283

Income from continuing operations

82,665

33,145

84,508

55,560

Income from discontinued operations,

net of income taxes

327

231

674

Gain on disposal of discontinued operations,

net of income taxes

339

Net income

83,033

33,472

85,078

56,234

Less: Net income attributable to

noncontrolling interests

(1,267)

(1,151)

(2,272)

(1,760)

Net income attributable to

Dole Food Company, Inc.

81,766

32,321

82,806

54,474

Quarter Ended

Half Year Ended

(In thousands)

Balance Sheets

June 18, 2011

January 1, 2011

ASSETS

Cash and cash equivalents

$238,884

$170,147

Restricted cash and deposits

5,994

51,108

Receivables, net of allowances

809,642

751,265

Inventories

790,763

734,966

Prepaid expenses and other assets

65,169

67,909

Deferred income tax assets

40,361

36,810

Assets held-for-sale

133,371

86,050

Total current assets

2,084,184

1,898,255

Investments

96,814

87,914

Property, plant and equipment, net of accumulated depreciation

912,935

943,030

Goodwill

407,247

Intangible assets, net

699,277

701,081

Other assets, net

208,720

219,463

Total assets

$4,409,177

$4,256,990

LIABILITIES AND EQUITY

Accounts payable

$562,790

$521,330

Liabilities related to assets held-for-sale

22,098

—

Accrued liabilities

557,177

642,481

Current portion of long-term debt, net

8,013

7,348

Notes payable

28,080

31,922

Total current liabilities

1,178,158

1,203,081

Long-term debt, net

1,545,036

1,564,325

Deferred income tax liabilities

254,095

244,324

Other long-term liabilities

520,915

428,476

Commitments and contingencies

Shareholders’ equity

Preferred stock

—

Common stock

Additional paid-in capital

781,227

776,918

Retained earnings

153,889

71,083

Accumulated other comprehensive loss

(48,892)

(55,921)

Equity attributable to shareholders of Dole Food Company, Inc.

886,313

792,169

Equity attributable to noncontrolling interests

24,660

24,615

Total equity

910,973

816,784

Total liabilities and equity

$4,409,177

$4,256,990

(In thousands)