Dole plc today released its financial results for the three months ended March 31, 2024.
Highlights for the three months ended March 31, 2024:
- Strong first quarter Group results with growth across all segments
- Revenue of $2.1 billion, an increase of 6.6%
- Net Income of $65.4 million, an increase of 219.5%
- Adjusted EBITDA1 of $110.1 million, an increase of 9.7%
- Adjusted Net Income of $40.6 million and Adjusted Diluted EPS of $0.43
- Completed the sale of 65% equity stake in Progressive Produce for gross proceeds of $120.3 million and gain of $74.0 million
Commenting on the results, Carl McCann, Executive Chairman, said: "We are pleased to deliver a strong result for the first quarter of 2024, with revenue growth of 6.6% and Adjusted EBITDA increasing 9.7% to $110.1 million.
"We successfully completed the sale of our 65% equity stake in Progressive Produce in March and used the net proceeds to strengthen our financial position by reducing our long-term debt by $100 million. At the end of the quarter, our net debt was $776 million.
"Our strong start to the year positions us well to deliver another good result in 2024. For the full year, we are maintaining our target to deliver Adjusted EBITDA in line with 2023 on a like-for-like basis. Adjusting for the sale of Progressive Produce, this implies an Adjusted EBITDA target of at least $360 million."
Group Results - First Quarter
Revenue increased 6.6%, or $132.2 million, due to strong operational performance across all segments and a $12.8 million favorable impact of foreign currency translation, partially offset by a net negative impact from acquisitions and divestitures of $13.3 million. On a like-for-like basis3, revenue was 6.7%, or $132.6 million, ahead of prior year.
Net Income increased 219.5% or $45.0 million, due to strong operational performance across the Group, as well as the gain on the sale of Progressive Produce of $74.0 million, offset partially by an impairment of goodwill of $36.7 million.
Adjusted EBITDA increased 9.7%, or $9.7 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments. On a like-for-like basis, Adjusted EBITDA increased 10.8%, or $10.8 million.
Adjusted Net Income increased $8.3 million, predominantly due to increases in Adjusted EBITDA as noted above and lower depreciation and interest expense, partially offset by higher tax expense. Adjusted Diluted EPS for the three months ended March 31, 2024 was $0.43 compared to $0.34 in the prior year.
For more information:
James O'Regan
Dole plc
Tel.: +353 1 887 2794
Email: [email protected]