Dole(DOLE) - 2024 Q3 - Quarterly Report

Revenue Performance - For the three months ended September 30, 2024, net revenues increased by $19.7 million (1.0$2,062.4 million compared to $2,042.7 million in the same period of 2023[165]. - For the nine months ended September 30, 2024, net revenues increased by$134.9 million (2.2%) to $6,307.9 million compared to$6,173.0 million in the same period of 2023[166]. - Total consolidated revenue for the three months ended September 30, 2024, increased by 1.6% to $2.062 billion compared to$2.043 billion for the same period in 2023[198]. - Total consolidated revenue for the nine months ended September 30, 2024, increased by 2.2% to $6.308 billion compared to$6.173 billion for the same period in 2023[198]. - Fresh Fruit segment revenue for the three months ended September 30, 2024, rose by 6.6% or $49.6 million to$798.8 million, driven by higher worldwide volumes and pricing of bananas and pineapples[201]. - Fresh Fruit segment revenue for the nine months ended September 30, 2024, increased by 3.7% or $87.3 million to$2.474 billion, driven by higher worldwide volumes and pricing of bananas and pineapples[203]. - Diversified Fresh Produce – EMEA revenue for the three months ended September 30, 2024, increased by 5.1% or $43.3 million to$899.6 million, aided by strong performance in Ireland, the U.K., and the Netherlands[206]. - Diversified Fresh Produce – EMEA revenue for the nine months ended September 30, 2024, increased by 5.0% or $128.0 million to$2.698 billion, supported by strong performance in Ireland and the U.K.[208]. Income and Expenses - The operating income for the three months ended September 30, 2024, decreased by $29.4 million (38.1$47.7 million compared to $77.1 million in the same period of 2023[165]. - The net income attributable to Dole plc for the three months ended September 30, 2024, decreased by$30.9 million (68.2%) to $14.4 million compared to$45.3 million in the same period of 2023[165]. - The total cost of sales for the three months ended September 30, 2024, increased by $22.1 million (1.2$1,898.4 million compared to $1,876.3 million in the same period of 2023[171]. - Other income (expense), net decreased to an expense of$4.5 million for the three months ended September 30, 2024, primarily due to increased net unrealized losses on foreign currency borrowings[178]. - Income tax expense for the three months ended September 30, 2024 was $15.5 million on$28.4 million of income, reflecting a 54.8% effective tax rate, compared to a 20.6% effective tax rate in the prior year[181]. - Net income attributable to noncontrolling interests decreased to $10.4 million for the nine months ended September 30, 2024, down from$25.0 million in the prior year, primarily due to goodwill impairment and the sale of the Progressive Produce business[191]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for the three months ended September 30, 2024, decreased by 3.1% or $3.1 million to$82.1 million compared to $85.2 million in the prior year[200]. - Fresh Fruit Adjusted EBITDA for the three months ended September 30, 2024, decreased by 4.9$2.2 million to $42.9 million, primarily due to higher shipping costs and lower volumes of pineapples sold[202]. - Diversified Fresh Produce – EMEA Adjusted EBITDA for the three months ended September 30, 2024, decreased by 13.1$4.6 million to $30.4 million, impacted by higher one-off IT charges and lower supply of certain categories[207]. - Total consolidated Adjusted EBITDA for the nine months ended September 30, 2024, increased by 3.5$9.3 million to $317.6 million compared to$308.3 million in the prior year[200]. - Diversified Fresh Produce – EMEA Adjusted EBITDA decreased by 1.9% ($1.9 million) to$99.0 million, primarily due to declines in the Netherlands and the U.K., partially offset by strong performance in the Nordics and South Africa[209]. - Adjusted EBITDA for Diversified Fresh Produce – Americas & ROW increased by 70.7% ($3.6 million) to$8.8 million, driven by improved performance in North American berries and avocados[211]. - Adjusted EBITDA for the nine months ended September 30, 2024, increased by 31.0% ($8.4 million) to$35.6 million, driven by seasonal timing differences and strong performance in North American commodities[214]. Cash Flow and Liquidity - Cash flow from operating activities was $106.2 million for the nine months ended September 30, 2024, down from$157.1 million in the prior year, attributed to seasonal impacts and higher outflows from receivables and inventories[217]. - Cash flows provided by investing activities increased to $60.7 million for the nine months ended September 30, 2024, primarily due to proceeds from the sale of the Progressive Produce business[218]. - Cash used in financing activities increased to$198.8 million for the nine months ended September 30, 2024, mainly due to higher debt repayments[219]. - Total available liquidity as of September 30, 2024, was $1.02 billion, compared to$997.1 million as of December 31, 2023[229]. - Net debt decreased to $731.98 million as of September 30, 2024, from$818.26 million as of December 31, 2023[224]. Strategic Changes - The sale of the Progressive Produce business resulted in gross proceeds of $120.3 million and a gain of$75.9 million for the nine months ended September 30, 2024[158]. - The Fresh Vegetables division is classified as held for sale, representing a strategic shift that will materially affect the company's operations and results[155]. - Goodwill impairment of $36.7 million was recognized for the nine months ended September 30, 2024, following the completion of the Progressive Transaction[177]. - The company continues to face inflationary pressures and increased shipping costs, impacting overall performance[166].