Dole(US:DOLE)2025-02-26 11:02Financial Performance - Revenue for Q4 2024 was $2.2 billion, an increase of 4.6% year-over-year, and a 10.1% increase on a like-for-like basis[6] - Net loss for Q4 2024 was $31.6 million, primarily due to a non-cash write-down of the Fresh Vegetables division valued at $78.2 million[6] - Adjusted EBITDA for Q4 2024 was $74.6 million, a decrease of 2.9%, but an increase of 3.7% on a like-for-like basis[6] - Full year revenue for 2024 reached $8.5 billion, up 2.8% year-over-year, with a 6.7% increase on a like-for-like basis[6] - Net income for 2024 was $143.4 million, a decrease of $12.3 million from the previous year, mainly due to the write-down in Q4[15] - Adjusted Net Income for 2024 increased by 2.4% to $120.9 million, with Adjusted Diluted EPS rising to $1.27[17] - Adjusted EBITDA for the year ended December 31, 2024, was $392.2 million, exceeding expectations and representing a 7.6% increase or $3.2 million compared to the previous year[34][30] - Adjusted EBITDA for the year ended December 31, 2024, was $392,203,000, compared to $385,118,000 for the previous year, reflecting a year-over-year increase of 1.8%[70] - Adjusted (Non-GAAP) operating income for 2024 was $246,428, compared to $235,715 in 2023, reflecting an increase of 4.5%[62] Cash Flow and Debt Management - Free Cash Flow from Continuing Operations for 2024 was $180.3 million[6] - Net Debt decreased by $181.1 million to $637.1 million, resulting in a Net Leverage ratio of 1.6x[6] - Free cash flow from continuing operations was $180.3 million for the year ended December 31, 2024, driven by seasonal impacts and higher revenues[33] - Cash and cash equivalents increased to $331,719 thousand at the end of 2024, compared to $277,005 thousand at the end of 2023, reflecting an increase of approximately 19.7%[49] - Net Debt as of December 31, 2024, was $637.1 million, a decrease from $818.3 million as of December 31, 2023[68] - Net Leverage as of December 31, 2024, was 1.6x, down from 2.1x in the previous year, indicating improved financial stability[69] Segment Performance - Revenue in the Fresh Fruit segment for Q4 2024 increased by 9.4%, driven by higher volumes and pricing of bananas and pineapples[19] - Fresh Fruit segment revenue for the year ended December 31, 2024, was $3,293,527,000, an increase of $157,661,000 from the previous year[67] - Diversified Fresh Produce - EMEA segment revenue for the year ended December 31, 2024, was $3,608,692,000, reflecting a year-over-year increase of 5.1%[67] - Diversified Fresh Produce - Americas & ROW segment revenue for the year ended December 31, 2024, was $1,686,281,000, a decrease of $113,887,000 compared to the previous year[67] Capital Expenditures - Capital expenditures for the year were $82.4 million, including investments in shipping containers and IT assets, with total capital additions from continuing operations reaching $135.7 million[31][32] - Capital expenditures for the year ended December 31, 2024, were $82,435,000, compared to $78,041,000 in the previous year[70] Losses and Impairments - The company reported a net loss attributable to Dole plc of $39.1 million for the three months ended December 31, 2024, compared to a net income of $22.3 million in the same period of 2023[43] - The company incurred an impairment of goodwill amounting to $36,684 thousand in 2024, with no such charge reported in 2023[52] - The company experienced a loss from discontinued operations of $61,231,000 for the three months ended December 31, 2024, compared to a loss of $5,798,000 in the same period of 2023[61] - The company experienced a loss from discontinued operations of $28,880 in 2024, compared to a loss of $21,818 in 2023[65] Shareholder Returns - A cash dividend of $0.08 per share was declared for the fourth quarter of 2024, payable on April 3, 2025[38] Other Financial Metrics - The gross profit for the year ended December 31, 2024, was $717.7 million, compared to $694.2 million in 2023, reflecting a positive trend despite challenges[43] - Gross profit margin for 2024 was 8.5%, slightly up from 8.4% in 2023[62] - Interest expense for 2024 was $(72,264), a decrease from $(81,113) in 2023, indicating improved financial management[64] - The company reported an adjusted (Non-GAAP) net income of $151,042 for 2024, compared to $153,192 in 2023, reflecting a decrease of 1.4%[65]