Financial Performance - Revenue for the year ended December 31, 2023, was $8.245 billion, an increase of 2.8% compared to $8.024 billion in 2022[6] - Net income for 2023 was $155.7 million, a 39.3% increase from $111.8 million in 2022, with diluted EPS rising to $1.30 from $0.91[6] - Adjusted EBITDA for the year was $385.1 million, reflecting a growth of 6.9% from $360.4 million in the previous year[6] - Total revenues for the year ended December 31, 2023, were $8,245,268, an increase from $8,024,403 in 2022, representing a growth of 2.75%[42] - Gross profit for the year ended December 31, 2023, was $694,170, compared to $599,878 in 2022, reflecting a year-over-year increase of 15.73%[42] - Net income attributable to Dole plc for the year ended December 31, 2023, was $124,063, up from $86,496 in 2022, indicating a growth of 43.5%[42] - Basic net income per share attributable to Dole plc for the year was $1.31, compared to $0.91 in 2022, marking a 43.96% increase[42] - The company reported an operating income of $272,158 for the year ended December 31, 2023, compared to $175,265 in 2022, reflecting a significant increase of 55.4%[42] - Adjusted EBITDA for the year ended December 31, 2023, was $385,118,000, up from $360,396,000 in 2022, indicating a 6.8% increase[47] - The adjusted operating income for the year ended December 31, 2023, was $235,715 thousand, compared to $219,060 thousand in 2022, indicating a year-over-year increase of 7.6%[58] Cash Flow and Debt Management - Free Cash Flow from Continuing Operations was $220.6 million for 2023, benefiting from strong Adjusted EBITDA performance[29] - Net Debt decreased by $204.2 million to $818.3 million as of December 31, 2023[6] - Cash and cash equivalents increased to $275,580 as of December 31, 2023, from $228,840 in 2022, representing a growth of 20.4%[43] - Net cash provided by operating activities from continuing operations was $298,605,000, down from $323,612,000 in the previous year, a decrease of 7.7%[45] - The company reported a net cash used in financing activities of $229,998,000, compared to $173,396,000 in 2022, an increase of 32.7%[45] - Total gross debt decreased to $1,093,836,000 from $1,251,253,000, a reduction of about 12.6%[63] - Net debt improved to $(818,256,000) from $(1,022,413,000), indicating a decrease of approximately 19.9%[63] Segment Performance - Revenue in the Diversified Fresh Produce - EMEA segment increased by 14.8%, or $111.3 million, driven by inflation-justified price increases[17] - Adjusted EBITDA in the Diversified Fresh Produce - EMEA segment increased by 44.1%, or $10.0 million, due to strong performance across the segment[18] - The Fresh Fruit segment generated revenue of $3.135 billion for the year ended December 31, 2023, up from $3.047 billion in 2022[61] - The Diversified Fresh Produce - EMEA segment reported revenue of $3.432 billion for the year ended December 31, 2023, compared to $3.152 billion in 2022[61] - The Diversified Fresh Produce - Americas & ROW segment saw a decrease in revenue to $1.800 billion for the year ended December 31, 2023, down from $1.966 billion in 2022[61] Capital Expenditures and Future Guidance - Capital expenditures for 2023 were $78.0 million, focusing on farm renovations and IT investments[27] - For fiscal year 2024, capital expenditure from continuing operations is guided to be in the range of $110 - $120 million[34] - The target for 2024 is to deliver full year Adjusted EBITDA in line with 2023 on a like-for-like basis[31] Dividends and Shareholder Returns - Dole plc declared a cash dividend of $0.08 per share for Q4 2023, payable on April 4, 2024[35] Non-GAAP Measures and Adjustments - Dole plc's adjusted financial measures, including Adjusted EBIT and Adjusted EBITDA, are presented to assist investors in evaluating core operating performance[67] - The company emphasizes the importance of non-GAAP measures for consistent performance comparison across reporting periods[67] - Adjusted earnings per share and net debt calculations exclude certain items to provide a clearer picture of financial health[71] - The company is unable to provide a reconciliation for projected FY'24 results without unreasonable efforts, indicating potential uncertainty in future guidance[73]

DUBLIN--(BUSINESS WIRE)--Dole plc (NYSE: DOLE) (“Dole” or the “Group”) has today announced that it has reached an agreement to sell its 65% equity stake in Progressive Produce LLC (“Progressive Produce” or the “Company”) to PTF Holdings, LLC (“PTF Holdings”), the parent company of Pacific Trellis Fruit, LLC (“Pacific Trellis Fruit”). PTF Holdings is a portfolio company of Arable Capital Partners, LLC (“Arable”). Dole will receive gross cash proceeds of $120.25 million from this sale. Progressive Produce, l ...

Dole Fresh Vegetables is recalling certain salad kits over concerns that they may be contaminated with potentially harmful bacteria.The California-based company is pulling a limited number of Dole-branded and private-label salad kits from the market because they were processed on the same line as the cheese that has been recalled from manufacturer Rizo-Lopez Foods, according to a recall notice posted by the Food and Drug Administration (FDA). Dole said salad kits sold under its brand name and the President ...

MONTEREY, Calif.--(BUSINESS WIRE)--Dole Fresh Vegetables, Inc. is voluntarily recalling from the market a limited number of Dole-branded and private label salad kits described below, which were processed on the same line as a cheese that has been recalled by the manufacturer, Rizo-Lopez Foods, for the possible presence of Listeria monocytogenes. (https://www.fda.gov/safety/recalls-market-withdrawals-safety-alerts/rizo-lopez-foods-inc-voluntarily-recalls-dairy-products-because-possible-health-risk) Listeria ...

DUBLIN--(BUSINESS WIRE)--Dole plc (NYSE: DOLE) will announce its financial results for the fourth quarter and full year of 2023 on Thursday, February 29, 2024, prior to the market opening. The company’s management will host a webcast and conference call on the same day at 08:00 a.m. Eastern Time. A presentation to accompany the discussion will be uploaded to the company website along with a press release and other supplemental financial information. The live webcast and a replay after the event can be acc ...

Scott Olson/Getty Images News Quick Overview It is a new trading week and to kick things off we are picking a relatively under-covered stock in the consumer staples sector, but a common sight in the fruit and juice aisles of many supermarkets, Dole plc (NYSE:DOLE). This is a brand that some of us grew up with over the last few decades, and thinking about it brings back memories of the smell of orange and pineapples. However, in February 2024 does it make for a good investment? Our thesis today is that this ...

Dole plc. (NYSE:DOLE) Q3 2023 Earnings Conference Call November 16, 2023 8:00 AM ET Company Participants James O'Regan - Head of Investor Relations Rory Byrne - Chief Executive Officer Jacinta Devine - Chief Financial Officer Johan Linden - Chief Operating Officer Conference Call Participants Christopher Barnes - Deutsche Bank Adam Samuelson - Goldman Sachs Gary Martin - Davy Operator Welcome to the Dole plc Third Quarter 2023 Earnings Conference Call and Webcast. Today's conference is being broadcast live ...

Table of Contents Background and Certain Defined Terms 1 Forward-Looking Statements 1 PART I - FINANCIAL INFORMATION Item 1. Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 2 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2023 and September 30, 2022 3 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2023 and Se ...

Financial Data and Key Metrics Changes - Group revenue increased by 4.4% driven by higher pricing, with adjusted EBITDA rising by 9.7% to $123 million, achieving an adjusted EBITDA margin of 5.7% compared to 5.5% in Q2 2022 [41][42] - Adjusted net income decreased by $4.1 million to $48.4 million, with adjusted diluted EPS at $0.51 compared to $0.55 in Q2 2022 [46] - Interest expense increased approximately $9 million year-over-year to $19.8 million due to rising interest rates [62] Business Line Data and Key Metrics Changes - Fresh Fruit segment delivered strong results with revenue increasing by 4.1%, primarily driven by higher banana and pineapple pricing, while volumes of bananas sold increased globally [60] - Diversified Fresh Produce Americas and Rest of World segment saw a revenue decrease of 6.8% year-on-year due to lower volumes and challenges in the berries category, with adjusted EBITDA for this division decreasing by 16.4% [48] - Diversified Fresh Produce EMEA reported a revenue increase of 7.7% driven by higher pricing, with a like-for-like revenue increase of 6% [82] Market Data and Key Metrics Changes - The company noted a healthier supply and demand balance in the first half of the year, allowing for better pricing in Europe and improved selling conditions in non-core markets [53] - North American operations continued to perform well despite intense competition, with the launch of Dole Golden Selection Pineapple being well received [54] - The company is monitoring the impact of El Nino climatic conditions on production, particularly in Central and South America [64] Company Strategy and Development Direction - The principal strategic priorities for 2023 include completing the sale of the Fresh Vegetables business, focusing on cost control and operating efficiencies, and accelerating growth in core business areas [66] - The company is actively looking for bolt-on acquisition opportunities to support growth plans while managing costs and driving synergies across segments [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering a stronger second half than in 2022, despite uncertainties from external factors such as weather and geopolitical issues [21][54] - The company is targeting an adjusted EBITDA for 2023 of at least $350 million, reflecting a positive outlook based on first-half performance [65] Other Important Information - Capital expenditure for Q2 was $21 million, with expectations for 2023 CapEx to be around $110 million [49] - The company declared a dividend of $0.08 for the second quarter, continuing its commitment to return cash to shareholders [63] Q&A Session All Questions and Answers Question: Can you provide guidance on free cash flow as a percentage of EBITDA or net income? - Management indicated that free cash flow conversion has been erratic and is working on providing clearer guidance [7][10] Question: Should we expect more acquisitions in the Diversified space? - Management confirmed that small bolt-on acquisitions are ongoing and will continue to solidify their market position [12][26] Question: What impact do you expect from the European heat wave? - Management does not anticipate a material impact from the heat wave on operations [19][110] Question: How do you expect to manage working capital moving forward? - Management emphasized a focus on inventory management and working capital improvements [8][17] Question: What is the expected EBITDA headwind from potential supply disruptions? - Management noted that historical impacts from El Nino have been significant, but they are better prepared now with improved practices [96][100]

Table of Contents | Background and Certain Defined Terms | 1 | | --- | --- | | Forward-Looking Statements | 1 | | PART I - FINANCIAL INFORMATION | | | Item 1. Financial Statements | 1 | | Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 | 2 | | Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2023 and June 30, 2022 | 3 | | Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Six Mon ...