Dole plc today released its financial results for the three and six months ended June 30, 2023. Highlights for the three months ended June 30, 2023:
- Second quarter Revenue of $2.1 billion, an increase of 4.4%
- Second quarter Net Income of $52.3 million, an increase of 8.1%
- Second quarter Adjusted EBITDA1 of $122.7 million, an increase of 9.7%
- Second quarter Adjusted Net Income of $48.4 million and Adjusted Diluted EPS of $0.51
Group Results - Second Quarter
Revenue increased 4.4%, or $90.3 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 3.8%, or $77.9 million, ahead of prior year.
Adjusted EBITDA increased 9.7%, or $10.9 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 9.2%, or $10.3 million.
Adjusted Net Income decreased $4.1 million, predominantly due to higher interest expense, offset by the increases in Adjusted EBITDA noted above. Adjusted Diluted EPS for the three months ended June 30, 2023 was $0.51 compared to $0.55 in the prior year.
Fresh Fruit
Revenue increased 4.1%, or $33.2 million. Revenue was positively impacted by higher worldwide pricing of bananas and pineapples and worldwide increases in volumes of bananas sold, partially offset by lower volumes of pineapples sold.
Adjusted EBITDA increased 16.9%, or $9.5 million. Adjusted EBITDA was positively impacted by strong revenue performance, partially offset by higher fruit sourcing costs and higher costs of shipping, packaging and handling, as well as by lower commercial cargo activity.
Diversified Fresh Produce – EMEA
Revenue increased 7.7%, or $65.8 million, primarily driven by inflation-justified price increases across the segment and a positive impact from acquisitions of $15.9 million. The impact of foreign currency translation was not material in the quarter. On a like-for-like basis, revenue was 6.0%, or $51.1 million, ahead of prior year.
Adjusted EBITDA increased 10.8%, or $4.2 million, primarily driven by strong performance across the segment, particularly within the Spanish, Dutch, Irish and Czech businesses, as well as by a favorable impact from acquisitions of $0.5 million, partially offset by weaker trading results in the South African business. On a like-for-like basis, Adjusted EBITDA was 10.0%, or $3.8 million, ahead of prior year.
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For more information: doleplc.com
