Dole plc today released its financial results for the three months and year ended December 31, 2023.
Highlights for the year ended December 31, 2023:
- Strong full year results achieved following a year of good momentum for the Group
- Revenue of $8.2 billion, an increase of 2.8%
- Net income of $155.7 million, an increase of 39.3%, and Diluted EPS of $1.30
- Adjusted EBITDA1 of $385.1 million, an increase of $24.7 million, or 6.9%
- Adjusted Net Income of $118.1 million and Adjusted Diluted EPS of $1.24
- Free Cash Flow from Continuing Operations of $220.6 million
- Net Debt of $818.3 million, a reduction of $204.2 million
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Carl McCann, Executive Chairman, said: "2023 was a year of positive development for the Group. We are very pleased with our strong full year results, delivering Adjusted EBITDA growth of 6.9% and reducing our net debt by over $200 million.
Earlier this week, we announced an agreement to sell our 65% equity stake in Progressive Produce to Arable Capital Partners. The proceeds from this sale will be used to further strengthen our financial position and increase our focus on our core activities.
We believe our business is well positioned to deliver another good result in 2024, and at this early stage of the year, our target is to deliver full year Adjusted EBITDA in line with 2023 on a like-for-like basis.
Our results in 2023 would not be possible without the efforts of our people, and we extend thanks to everyone for their continued dedication and contributions during this past year."
Group Results - Fourth Quarter
Revenue increased 1.5%, or $29.7 million, primarily due to a positive impact from foreign currency translation of $33.4 million, a net positive impact from acquisitions and divestitures of $12.2 million and an increase in revenue in the Diversified EMEA segment on a like-for-like basis3. Excluding the impact of foreign currency translation and acquisitions and divestitures, on a like-for-like basis, Group revenue decreased 0.8%, or $15.9 million, driven partially by lower revenue in the Diversified Americas segment.
Adjusted EBITDA decreased 0.8%, or $0.7 million, primarily driven by a decrease for the Fresh Fruit segment against a very strong prior year comparative, partially offset by a strong performance in the Diversified EMEA segment. On a like-for-like basis, Adjusted EBITDA decreased 2.0%, or $1.5 million.
Adjusted Net Income decreased $2.4 million, predominantly due to the decreases in Adjusted EBITDA and higher interest expense. Adjusted Diluted EPS was $0.16 compared to $0.18 in the prior year.
For more information: 
Brian Bell
Ogilvy
Tel.: +353 87 2436 130
Email: [email protected]