Dole plc today released its earnings in the third quarter that ending March 31, 2024.

Highlights from the 3 months that ended on March 31, 2024

• First quarter results are strong Group performance, with increased growth across every segment
• The revenue was $2.1 billion, a rise by 6.6 percent
• Net income of $65.4 million which is an rise by 219.5 percent
• The adjusted EBITDA ^1. in $110.1 million which is an improvement of 9.7 percent
• Adjusted Net Earnings of $40.6 million, and Adjusted Diluted Profit of $0.43
• Sold the 65% stake in equity of Progressive Produce for gross proceeds of $120.3 million, and a gain of $74.0 million

Speaking about the results Carl McCann, Executive Chairman of the company, stated: “We are pleased to report a solid performance in the very first quarter of 2024. We saw revenue increase of 6.6 percent and adjusted EBITDA rising 9.7 percent to $110.1 Million.

“We have successfully concluded the transaction to sell our equity stake of 65% within Progressive Produce in March and made use of the profits to improve our financial position, by decreasing our debt over the long term by 100 million. By the end of the period, our net credit was $776 million.

“Our solid start to the year is positioning for us to achieve a impressive performance in 2024. The full year is expected to be a success and beyond, we will continue to keep the goal of delivering adjusted EBITDA at a level that is comparable to 2023 on a comparable basis. In order to adjust for the sale of Progressive Produce, this implies that we have an adjusted EBITDA goal of at least $360 million. ”

Group Results – The First Quarter

Revenue grew by 6.6 percent, which is $132.2 million due to a strong performance in operations across all divisions as well as an $12.8 million positive effect of translating foreign currency, partly compensated by a negative effect from divestments and acquisitions that was $13.3 million. Based on a similarity model ³, the company’s revenue increased by 6.7 percent, or $132.6 million, which was higher than the last year’s.

Net Income grew by 219.5 percent, which is $45.0 million as a result of solid operational results across the Group in addition to an increase in the value of the selling of Progressive Produce of $74.0 million and partially offset by a loss of goodwill in the amount of $36.7 million.

Adjusted EBITDA rose 9.7 percent in the amount of $9.7 million. This was primarily driven by a stronger results within the Diversified Americas and Diversified EMEA segment. Comparatively adjusted EBITDA rose 10.8 percent equivalent to $10.8 million.

Adjusted Net Profit increased by $8.3 million, primarily because of increases in adjusted EBITDA as mentioned above, as well as lower interest and depreciation expense. This was partly offset by the higher taxes. Adjusted Diluted Earnings for the quarter that ended on the 31st March, 2024, was $0.43 in comparison to $0.34 the previous year.

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James O’Regan

Dole plc

Tel. : +353 1 887 2794

Email: joregan@totalproduce.com