Dole plc today released its financial results for the three months ended March 31, 2023.
Highlights for the three months ended March 31, 2023:
- Announced in January 2023 our agreement to sell our Fresh Vegetables division to Fresh Express, for gross proceeds of approximately $293.0 million. Following this agreement, the results of this division are reported separately as discontinued operations in our first quarter financial statements
- First quarter Revenue of $2.0 billion, an increase of 1.0%
- First quarter Adjusted EBITDA1 of $100.4 million, an increase of 9.3%
- First quarter Adjusted Net Income of $32.3 million and Adjusted Diluted EPS of $0.34
Financial Highlights - Unaudited
Commenting on the results, Carl McCann, Executive Chairman, said: "We are pleased to have started the year strongly and to have delivered Adjusted EBITDA growth in the first quarter. During the quarter, we announced an agreement to sell our Fresh Vegetables division to Fresh Express. We are continuing to work through the regulatory process for the sale of this business."
"We believe the Group is well-positioned for growth and continue to target Adjusted EBITDA of $350.0 million for the full year."
Group Results - First Quarter
Revenue increased 1.0%, or $18.9 million, primarily due to strong performance in the Fresh Fruit and Diversified EMEA segments, offset partially by the Diversified Americas segment. On a like-for-like basis3, revenue was 3.7%, or $72.8 million, ahead of prior year.
Adjusted EBITDA increased 9.3%, or $8.5 million, primarily driven by strong Fresh Fruit performance, offset partially by headwinds in the Diversified Americas segment. On a like-for-like basis, Adjusted EBITDA increased 9.9%, or $9.1 million.
Adjusted Net Income decreased $8.2 million, predominantly due to higher interest expense. Adjusted Diluted EPS for the three months ended March 31, 2023 was $0.34 compared to $0.43 in the prior year.
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For more information:
Brian Bell
Ogilvy
Tel.: +353 87 2436 130
brian.bell@ogilvy.com