Dole plc Reports Fourth Quarter and Full Year 2024 Financial Results
Highlights for the quarter ended December 31, 2024:
- Strong fourth quarter operational performance for the Group
-
Revenue of
, an increase of$2.2 billion 4.6% (an increase of10.1% on a like-for-like basis1) -
Net Loss of
, primarily due to a non-cash write-down of the carrying value of the Fresh Vegetables division of$31.6 million $78.2 million -
Adjusted EBITDA2 of
, a decrease of$74.6 million 2.9% (an increase of3.7% on a like-for-like basis) -
Adjusted Net Income2 of
and Adjusted Diluted EPS2 of$15.3 million $0.16
Highlights for the year ended December 31, 2024:
- Very strong full year results achieved following a year of good momentum for the Group
-
Revenue of
, an increase of$8.5 billion 2.8% (an increase of6.7% on a like-for-like basis) -
Net Income decreased to
, primarily due to the non-cash write down of the carrying value of the Fresh Vegetables division in the fourth quarter, offset significantly by the strong operational performance of the Group$143.4 million -
Diluted EPS was
, an increase from$1.32 $1.30 -
Adjusted EBITDA of
, an increase of$392.2 million 1.8% (an increase of6.7% on a like-for-like basis) -
Adjusted Net Income increased
2.4% to and Adjusted Diluted EPS increased$120.9 million 2.4% to$1.27 -
Free Cash Flow from Continuing Operations2 of
$180.3 million -
Net Debt2 of
, a reduction of$637.1 million , and Net Leverage2 of 1.6x$181.1 million
_______________________ |
||
1 |
Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. Refer to the Appendix and "Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances. |
|
2 |
Dole plc reports its financial results in accordance with |
Financial Highlights - Unaudited |
||||||||
|
Three Months Ended |
|
Year Ended |
|||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
( |
|||||||
Revenue |
2,167 |
|
|
2,072 |
|
8,475 |
|
8,245 |
Income from Continuing Operations3 |
29.6 |
|
|
23.1 |
|
172.3 |
|
177.5 |
Net (Loss) Income |
(31.6 |
) |
|
28.9 |
|
143.4 |
|
155.7 |
Net (Loss) Income attributable to Dole plc |
(39.1 |
) |
|
22.3 |
|
125.5 |
|
124.1 |
Diluted EPS from Continuing Operations |
0.23 |
|
|
0.17 |
|
1.62 |
|
1.53 |
Diluted EPS |
(0.41 |
) |
|
0.23 |
|
1.32 |
|
1.30 |
Adjusted EBITDA2 |
74.6 |
|
|
76.9 |
|
392.2 |
|
385.1 |
Adjusted Net Income2 |
15.3 |
|
|
14.8 |
|
120.9 |
|
118.1 |
Adjusted Diluted EPS2 |
0.16 |
|
|
0.16 |
|
1.27 |
|
1.24 |
Commenting on the results, Carl McCann, Executive Chairman, said:
“We are pleased to report another strong result in the fourth quarter, rounding out a year of positive progress and development for the Group. Adjusted EBITDA increased
We finished the year in a strong financial position, with net leverage reducing to 1.6x, as we prioritized capital allocation and maximizing cash flow generation.
For the current financial year, although there is increased uncertainty due to the evolving geopolitical environment, we believe our business is well positioned to deliver another good result. At this early stage of the financial year, we are targeting full year Adjusted EBITDA in the range of
Finally, we would like to extend thanks to all our dedicated people for their contributions and focus throughout the year, helping to drive our Group forward and delivering our strong 2024 financial result.”
_______________________ |
||
3 |
Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our consolidated statements of operations, its assets and liabilities are separately presented in our consolidated balance sheets, and its cash flows are presented separately in our consolidated statements of cash flows for all periods presented. Unless otherwise noted, our discussion of our results included herein, outlook and all supplementary tables, including non-GAAP financial measures, are presented on a continuing operations basis. |
Group Results - Fourth Quarter
Revenue increased
Net loss was
Adjusted EBITDA decreased
Adjusted Net Income increased
Group Results - Full Year
Revenue increased
Net income of
Adjusted EBITDA increased
Adjusted Net Income increased
Selected Segmental Financial Information (Unaudited) |
|||||||||||||
|
Three Months Ended |
||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||
|
|
|
|
|
|
|
|
||||||
|
( |
||||||||||||
|
Revenue |
|
Adjusted
|
|
Revenue |
|
Adjusted
|
||||||
Fresh Fruit |
$ |
819,066 |
|
|
$ |
31,890 |
|
$ |
748,703 |
|
|
$ |
28,792 |
Diversified Fresh Produce - EMEA |
|
910,604 |
|
|
|
32,487 |
|
|
862,865 |
|
|
|
32,638 |
Diversified Fresh Produce - |
|
463,285 |
|
|
|
10,234 |
|
|
489,761 |
|
|
|
15,427 |
Intersegment |
|
(25,491 |
) |
|
|
— |
|
|
(29,074 |
) |
|
|
— |
Total |
$ |
2,167,464 |
|
|
$ |
74,611 |
|
$ |
2,072,255 |
|
|
$ |
76,857 |
|
Year Ended |
||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||
|
|
|
|
|
|
|
|
||||||
|
( |
||||||||||||
|
Revenue |
|
Adjusted
|
|
Revenue |
|
Adjusted
|
||||||
Fresh Fruit |
$ |
3,293,527 |
|
|
$ |
214,848 |
|
$ |
3,135,866 |
|
|
$ |
208,930 |
Diversified Fresh Produce - EMEA |
|
3,608,692 |
|
|
|
131,504 |
|
|
3,432,945 |
|
|
|
133,570 |
Diversified Fresh Produce - |
|
1,686,281 |
|
|
|
45,851 |
|
|
1,800,168 |
|
|
|
42,618 |
Intersegment |
|
(113,157 |
) |
|
|
— |
|
|
(123,711 |
) |
|
|
— |
Total |
$ |
8,475,343 |
|
|
$ |
392,203 |
|
$ |
8,245,268 |
|
|
$ |
385,118 |
Fourth Quarter Commentary
Fresh Fruit
Revenue increased
Adjusted EBITDA increased by
Diversified Fresh Produce – EMEA
Revenue increased
Adjusted EBITDA decreased
Diversified Fresh Produce –
Revenue decreased
Adjusted EBITDA decreased
Full Year Commentary
Fresh Fruit
Revenue increased
Adjusted EBITDA increased
Diversified Fresh Produce – EMEA
Revenue increased
Adjusted EBITDA decreased
Diversified Fresh Produce –
Revenue decreased
Adjusted EBITDA increased
Capital Expenditures
Capital expenditures for the year ended December 31, 2024 were
Free Cash Flow from Continuing Operations, Net Debt and Net Leverage
Free cash flow from continuing operations was
Outlook for Fiscal Year 2025 (forward-looking statement)
We are very pleased with the group's strong performance in 2024, delivering
While we continue to see excellent opportunities for our business in 2025, we will also face challenges and uncertainties this year. The evolving geopolitical environment is adding increased uncertainty in areas including regulation, foreign exchange rates and the potential impact of any tariffs on sourcing costs and supply chains.
Our management teams are keenly focused on preparing for any eventualities while also continuing to promote the critical benefits of the fresh produce industry in supporting shared global goals toward enhancing health and wellness.
For our own operations, we will face a known short-term headwind in 2025 following the impact of Tropical Storm Sara on our Honduran operations in November 2024. Factoring in this and given our excellent finish to the 2024 financial year, which exceeded expectations, at this early stage of the financial year our target is to deliver full year Adjusted EBITDA in a range of
Dividend
On February 25, 2025, the Board of Directors of Dole plc declared a cash dividend for the fourth quarter of 2024 of
About Dole plc
A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.
Webcast and Conference Call Information
Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the fourth quarter and full year 2024 financial results. The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/264989893. The conference call can be accessed by registering at https://registrations.events/direct/Q4I604517.
Forward-looking information
Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.
Category: Financial
Appendix
Consolidated Statements of Operations - Unaudited | |||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Revenue, net |
$ |
2,167,464 |
|
|
$ |
2,072,255 |
|
|
$ |
8,475,343 |
|
|
$ |
8,245,268 |
|
Cost of sales |
|
(2,009,045 |
) |
|
|
(1,920,077 |
) |
|
|
(7,757,622 |
) |
|
|
(7,551,098 |
) |
Gross profit |
|
158,419 |
|
|
|
152,178 |
|
|
|
717,721 |
|
|
|
694,170 |
|
Selling, marketing, general and administrative expenses |
|
(122,675 |
) |
|
|
(119,334 |
) |
|
|
(474,058 |
) |
|
|
(473,903 |
) |
Gain on disposal of businesses |
|
472 |
|
|
|
— |
|
|
|
76,417 |
|
|
|
— |
|
Gain on asset sales |
|
747 |
|
|
|
10,666 |
|
|
|
2,648 |
|
|
|
54,108 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
(36,684 |
) |
|
|
— |
|
Impairment and asset write-downs of property, plant and equipment |
|
(2,154 |
) |
|
|
(2,217 |
) |
|
|
(5,480 |
) |
|
|
(2,217 |
) |
Operating income |
|
34,809 |
|
|
|
41,293 |
|
|
|
280,564 |
|
|
|
272,158 |
|
Other income (expense), net |
|
11,137 |
|
|
|
(2,922 |
) |
|
|
20,595 |
|
|
|
4,799 |
|
Interest income |
|
2,410 |
|
|
|
2,823 |
|
|
|
10,745 |
|
|
|
10,083 |
|
Interest expense |
|
(18,055 |
) |
|
|
(18,754 |
) |
|
|
(72,264 |
) |
|
|
(81,113 |
) |
Income from continuing operations before income taxes and equity earnings |
|
30,301 |
|
|
|
22,440 |
|
|
|
239,640 |
|
|
|
205,927 |
|
Income tax expense |
|
(264 |
) |
|
|
(2,987 |
) |
|
|
(75,649 |
) |
|
|
(43,591 |
) |
Equity method (loss) earnings |
|
(403 |
) |
|
|
3,683 |
|
|
|
8,308 |
|
|
|
15,191 |
|
Income from continuing operations |
|
29,634 |
|
|
|
23,136 |
|
|
|
172,299 |
|
|
|
177,527 |
|
(Loss) income from discontinued operations, net of income taxes |
|
(61,231 |
) |
|
|
5,798 |
|
|
|
(28,880 |
) |
|
|
(21,818 |
) |
Net (loss) income |
|
(31,597 |
) |
|
|
28,934 |
|
|
|
143,419 |
|
|
|
155,709 |
|
Less: Net income attributable to noncontrolling interests |
|
(7,552 |
) |
|
|
(6,597 |
) |
|
|
(17,906 |
) |
|
|
(31,646 |
) |
Net (loss) income attributable to Dole plc |
$ |
(39,149 |
) |
|
$ |
22,337 |
|
|
$ |
125,513 |
|
|
$ |
124,063 |
|
|
|
|
|
|
|
|
|||||||||
Income (loss) per share - basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
1.63 |
|
|
$ |
1.54 |
|
Discontinued operations |
|
(0.64 |
) |
|
|
0.06 |
|
|
|
(0.31 |
) |
|
|
(0.23 |
) |
Net (loss) income per share attributable to Dole plc - basic |
$ |
(0.41 |
) |
|
$ |
0.24 |
|
|
$ |
1.32 |
|
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
1.62 |
|
|
$ |
1.53 |
|
Discontinued operations |
|
(0.64 |
) |
|
|
0.06 |
|
|
|
(0.30 |
) |
|
|
(0.23 |
) |
Net income per share attributable to Dole plc - diluted |
$ |
(0.41 |
) |
|
$ |
0.23 |
|
|
$ |
1.32 |
|
|
$ |
1.30 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares: |
|
|
|
|
|
|
|
||||||||
Basic |
|
95,019 |
|
|
|
94,929 |
|
|
|
94,967 |
|
|
94,917 |
|
|
Diluted |
95,702 |
95,187 |
95,471 |
95,118 |
Consolidated Balance Sheets - Unaudited |
|||||||
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
ASSETS |
( |
||||||
Cash and cash equivalents |
$ |
330,017 |
|
|
$ |
275,580 |
|
Short-term investments |
|
6,019 |
|
|
|
5,899 |
|
Trade receivables, net of allowances for credit losses of |
|
473,511 |
|
|
|
538,177 |
|
Grower advance receivables, net of allowances of |
|
104,956 |
|
|
|
109,958 |
|
Other receivables, net of allowances of |
|
125,412 |
|
|
|
117,069 |
|
Inventories, net of allowances of |
|
430,090 |
|
|
|
378,592 |
|
Prepaid expenses |
|
66,136 |
|
|
|
61,724 |
|
Other current assets |
|
15,111 |
|
|
|
17,401 |
|
Fresh Vegetables current assets held for sale |
|
332,042 |
|
|
|
414,457 |
|
Other assets held-for-sale |
|
1,419 |
|
|
|
1,832 |
|
Total current assets |
|
1,884,713 |
|
|
|
1,920,689 |
|
Long-term investments |
|
14,630 |
|
|
|
15,970 |
|
Investments in unconsolidated affiliates |
|
129,322 |
|
|
|
131,704 |
|
Actively marketed property |
|
45,778 |
|
|
|
13,781 |
|
Property, plant and equipment, net of accumulated depreciation of |
|
1,082,056 |
|
|
|
1,102,234 |
|
Operating lease right-of-use assets |
|
337,468 |
|
|
|
340,458 |
|
Goodwill |
|
429,590 |
|
|
|
513,312 |
|
DOLE brand |
|
306,280 |
|
|
|
306,280 |
|
Other intangible assets, net of accumulated amortization of |
|
25,238 |
|
|
|
41,232 |
|
Other assets |
|
108,804 |
|
|
|
109,048 |
|
Deferred tax assets, net |
|
82,484 |
|
|
|
66,485 |
|
Total assets |
$ |
4,446,363 |
|
|
$ |
4,561,193 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Accounts payable |
$ |
648,586 |
|
|
$ |
670,904 |
|
Income taxes payable |
|
42,753 |
|
|
|
22,917 |
|
Accrued liabilities |
|
437,017 |
|
|
|
357,427 |
|
Bank overdrafts |
|
11,443 |
|
|
|
11,488 |
|
Current portion of long-term debt, net |
|
80,097 |
|
|
|
222,940 |
|
Current maturities of operating leases |
|
62,896 |
|
|
|
63,653 |
|
Payroll and other tax |
|
28,056 |
|
|
|
27,791 |
|
Contingent consideration |
|
3,399 |
|
|
|
1,788 |
|
Pension and postretirement benefits |
|
18,491 |
|
|
|
16,570 |
|
Fresh Vegetables current liabilities held for sale |
|
244,669 |
|
|
|
291,342 |
|
Dividends payable and other current liabilities |
|
14,696 |
|
|
|
29,892 |
|
Total current liabilities |
|
1,592,103 |
|
|
|
1,716,712 |
|
Long-term debt, net |
|
866,075 |
|
|
|
845,013 |
|
Operating leases, less current maturities |
|
280,836 |
|
|
|
287,991 |
|
Deferred tax liabilities, net |
|
79,598 |
|
|
|
92,653 |
|
Income taxes payable, less current portion |
|
6,210 |
|
|
|
16,664 |
|
Contingent consideration, less current portion |
|
4,007 |
|
|
|
7,327 |
|
Pension and postretirement benefits, less current portion |
|
129,870 |
|
|
|
121,689 |
|
Other long-term liabilities |
|
52,746 |
|
|
|
52,295 |
|
Total liabilities |
$ |
3,011,445 |
|
|
$ |
3,140,344 |
|
|
|
|
|
||||
Redeemable noncontrolling interests |
|
35,554 |
|
|
|
34,185 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock — |
|
950 |
|
|
|
949 |
|
Additional paid-in capital |
|
801,099 |
|
|
|
796,800 |
|
Retained earnings |
|
657,430 |
|
|
|
562,562 |
|
Accumulated other comprehensive loss |
|
(166,180 |
) |
|
|
(110,791 |
) |
Total equity attributable to Dole plc |
|
1,293,299 |
|
|
|
1,249,520 |
|
Equity attributable to noncontrolling interests |
|
106,065 |
|
|
|
137,144 |
|
Total equity |
|
1,399,364 |
|
|
|
1,386,664 |
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
4,446,363 |
|
|
$ |
4,561,193 |
|
Consolidated Statements of Cash Flows - Unaudited |
|||||||
|
Year Ended |
||||||
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
Operating Activities |
( |
||||||
Net income |
$ |
143,419 |
|
|
$ |
155,709 |
|
Loss from discontinued operations, net of income taxes |
|
28,880 |
|
|
|
21,818 |
|
Income from continuing operations |
|
172,299 |
|
|
|
177,527 |
|
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
98,818 |
|
|
|
104,168 |
|
Impairment of goodwill |
|
36,684 |
|
|
|
— |
|
Impairment and asset write-downs of property, plant and equipment |
|
5,480 |
|
|
|
2,217 |
|
Net gain on sale of assets |
|
(2,648 |
) |
|
|
(54,108 |
) |
Net gain on sale of businesses |
|
(76,417 |
) |
|
|
— |
|
Net (gain) loss on financial instruments |
|
(12,397 |
) |
|
|
2,004 |
|
Stock-based compensation expense |
|
7,951 |
|
|
|
6,045 |
|
Equity method earnings |
|
(8,308 |
) |
|
|
(15,191 |
) |
Amortization of debt discounts and debt issuance costs |
|
7,746 |
|
|
|
6,390 |
|
Deferred tax benefit |
|
(17,588 |
) |
|
|
(12,600 |
) |
Pension and other postretirement benefit plan expense |
|
5,404 |
|
|
|
7,735 |
|
Dividends received from equity method investees |
|
7,049 |
|
|
|
9,388 |
|
Other |
|
(247 |
) |
|
|
47 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Receivables, net of allowances |
|
(20,603 |
) |
|
|
58,794 |
|
Inventories |
|
(70,810 |
) |
|
|
20,688 |
|
Prepaids, other current assets and other assets |
|
(281 |
) |
|
|
(27,521 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
130,589 |
|
|
|
13,022 |
|
Net cash provided by operating activities - continuing operations |
|
262,721 |
|
|
|
298,605 |
|
Investing Activities |
|
|
|
||||
Sales of assets |
|
5,011 |
|
|
|
83,557 |
|
Capital expenditures |
|
(82,435 |
) |
|
|
(78,041 |
) |
Proceeds from sale of business, net of transaction costs |
|
117,935 |
|
|
|
— |
|
Insurance proceeds |
|
527 |
|
|
|
1,054 |
|
Purchases of investments |
|
(262 |
) |
|
|
(1,153 |
) |
(Purchases) sales of unconsolidated affiliates |
|
(1,769 |
) |
|
|
1,013 |
|
Acquisitions, net of cash acquired |
|
(926 |
) |
|
|
(1,263 |
) |
Other |
|
(2,301 |
) |
|
|
57 |
|
Net cash provided by investing activities - continuing operations |
|
35,780 |
|
|
|
5,224 |
|
Financing Activities |
|
|
|
||||
Proceeds from borrowings and overdrafts |
|
1,517,106 |
|
|
|
1,407,970 |
|
Repayments on borrowings and overdrafts |
|
(1,696,130 |
) |
|
|
(1,576,067 |
) |
Payment of debt issuance costs |
|
— |
|
|
|
(44 |
) |
Dividends paid to shareholders |
|
(30,551 |
) |
|
|
(30,373 |
) |
Dividends paid to noncontrolling interests |
|
(26,579 |
) |
|
|
(28,522 |
) |
Other noncontrolling interest activity, net |
|
(124 |
) |
|
|
(1,300 |
) |
Payments of contingent consideration |
|
(1,567 |
) |
|
|
(1,662 |
) |
Net cash used in financing activities - continuing operations |
|
(237,845 |
) |
|
|
(229,998 |
) |
Effect of foreign currency exchange rate changes on cash |
|
(15,241 |
) |
|
|
5,448 |
|
Net cash provided by (used in) operating activities - discontinued operations |
|
22,592 |
|
|
|
(22,622 |
) |
Net cash used in investing activities - discontinued operations |
|
(13,293 |
) |
|
|
(8,492 |
) |
Cash provided by (used in) discontinued operations, net |
|
9,299 |
|
|
|
(31,114 |
) |
Increase in cash and cash equivalents |
|
54,714 |
|
|
|
48,165 |
|
Cash and cash equivalents at beginning of period, including discontinued operations |
|
277,005 |
|
|
|
228,840 |
|
Cash and cash equivalents at end of period, including discontinued operations |
$ |
331,719 |
|
|
$ |
277,005 |
|
Supplemental cash flow information: |
|
|
|
||||
Income tax payments, net of refunds |
$ |
(77,967 |
) |
|
$ |
(63,969 |
) |
Interest payments on borrowings |
$ |
(67,397 |
) |
|
$ |
(82,367 |
) |
Non-cash Investing and Financing Activities: |
|
|
|
||||
Accrued property, plant and equipment |
$ |
(2,983 |
) |
|
$ |
(1,465 |
) |
Reconciliation from Net Income to Adjusted EBITDA – Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Net (loss) income (Reported GAAP) |
$ |
(31,597 |
) |
|
$ |
28,934 |
|
|
$ |
143,419 |
|
|
$ |
155,709 |
|
Loss (income) from discontinued operations, net of income taxes |
|
61,231 |
|
|
|
(5,798 |
) |
|
|
28,880 |
|
|
|
21,818 |
|
Income from continuing operations (Reported GAAP) |
|
29,634 |
|
|
|
23,136 |
|
|
|
172,299 |
|
|
|
177,527 |
|
Income tax expense |
|
264 |
|
|
|
2,987 |
|
|
|
75,649 |
|
|
|
43,591 |
|
Interest expense |
|
18,055 |
|
|
|
18,754 |
|
|
|
72,264 |
|
|
|
81,113 |
|
Mark to market (gains) losses |
|
(11,356 |
) |
|
|
5,450 |
|
|
|
(10,139 |
) |
|
|
2,524 |
|
Gain on asset sales |
|
(90 |
) |
|
|
(9,139 |
) |
|
|
(125 |
) |
|
|
(52,495 |
) |
Gain on disposal of businesses |
|
(472 |
) |
|
|
— |
|
|
|
(76,417 |
) |
|
|
— |
|
Cyber-related incident |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,321 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
36,684 |
|
|
|
— |
|
Other items4,5 |
|
1,023 |
|
|
|
1,833 |
|
|
|
(1,686 |
) |
|
|
2,918 |
|
Adjustments from equity method investments |
|
9,294 |
|
|
|
4,309 |
|
|
|
16,258 |
|
|
|
10,714 |
|
Adjusted EBIT (Non-GAAP) |
|
46,352 |
|
|
|
47,330 |
|
|
|
284,787 |
|
|
|
271,213 |
|
Depreciation |
|
24,410 |
|
|
|
24,788 |
|
|
|
91,262 |
|
|
|
93,970 |
|
Amortization of intangible assets |
|
1,776 |
|
|
|
2,472 |
|
|
|
7,556 |
|
|
|
10,198 |
|
Depreciation and amortization adjustments from equity method investments |
|
2,073 |
|
|
|
2,267 |
|
|
|
8,598 |
|
|
|
9,737 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
74,611 |
|
|
$ |
76,857 |
|
|
$ |
392,203 |
|
|
$ |
385,118 |
|
_______________________ |
||
4 |
For the three months ended December 31, 2024, other items is primarily comprised of |
|
5 |
For the year ended December 31, 2024, other items is primarily comprised of |
Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item. Refer to the Appendix for supplementary detail.
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Net (loss) income attributable to Dole plc (Reported GAAP) |
$ |
(39,149 |
) |
|
$ |
22,337 |
|
|
$ |
125,513 |
|
|
$ |
124,063 |
|
Loss (income) from discontinued operations, net of income taxes |
|
61,231 |
|
|
|
(5,798 |
) |
|
|
28,880 |
|
|
|
21,818 |
|
Income from continuing operations attributable to Dole plc |
|
22,082 |
|
|
|
16,539 |
|
|
|
154,393 |
|
|
|
145,881 |
|
Amortization of intangible assets |
|
1,776 |
|
|
|
2,472 |
|
|
|
7,556 |
|
|
|
10,198 |
|
Mark to market (gains) losses |
|
(11,356 |
) |
|
|
5,450 |
|
|
|
(10,139 |
) |
|
|
2,524 |
|
Gain on asset sales |
|
(90 |
) |
|
|
(9,139 |
) |
|
|
(125 |
) |
|
|
(52,495 |
) |
Gain on disposal of businesses |
|
(472 |
) |
|
|
— |
|
|
|
(76,417 |
) |
|
|
— |
|
Cyber-related incident |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,321 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
36,684 |
|
|
|
— |
|
Other items6,7 |
|
1,023 |
|
|
|
1,833 |
|
|
|
(1,686 |
) |
|
|
2,918 |
|
Adjustments from equity method investments |
|
7,926 |
|
|
|
604 |
|
|
|
9,708 |
|
|
|
1,956 |
|
Income tax on items above and discrete tax items |
|
(5,338 |
) |
|
|
(1,709 |
) |
|
|
13,162 |
|
|
|
5,243 |
|
NCI impact on items above |
|
(271 |
) |
|
|
(1,220 |
) |
|
|
(12,239 |
) |
|
|
(3,494 |
) |
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) |
$ |
15,280 |
|
|
$ |
14,830 |
|
|
$ |
120,897 |
|
|
$ |
118,052 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share – basic (Non-GAAP) |
$ |
0.16 |
|
|
$ |
0.16 |
|
|
$ |
1.27 |
|
|
$ |
1.24 |
|
Adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.16 |
|
|
$ |
0.16 |
|
|
$ |
1.27 |
|
|
$ |
1.24 |
|
Weighted average shares outstanding – basic |
|
95,019 |
|
|
|
94,929 |
|
|
|
94,967 |
|
|
|
94,917 |
|
Weighted average shares outstanding – diluted |
|
95,702 |
|
|
|
95,187 |
|
|
|
95,471 |
|
|
|
95,118 |
|
_______________________ |
||
6 |
For the three months ended December 31, 2024, other items is primarily comprised of |
|
7 |
For the year ended December 31, 2024, other items is primarily comprised of |
Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
|
Three Months Ended December 31, 2024
( |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing, general and administration expenses |
Other operating items8 |
Operating Income |
||||||||
Reported (GAAP)
|
$ |
2,167,464 |
(2,009,045 |
) |
158,419 |
|
7.3 |
% |
(122,675 |
) |
(935 |
) |
$ |
34,809 |
|
Loss (income) from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
1,776 |
|
— |
|
|
1,776 |
|
||
Mark to market (gains) losses |
|
— |
(378 |
) |
(378 |
) |
— |
|
— |
|
|
(378 |
) |
||
Gain on asset sales |
|
— |
— |
|
— |
|
— |
|
(90 |
) |
|
(90 |
) |
||
Gain on disposal of businesses |
|
— |
— |
|
— |
|
— |
|
(472 |
) |
|
(472 |
) |
||
Impairment of goodwill |
|
— |
— |
|
— |
|
— |
|
— |
|
— |
|
|||
Other items |
|
— |
564 |
|
564 |
|
459 |
|
— |
|
1,023 |
|
|||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
— |
|
|||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
— |
|
|||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
— |
|
|||
Adjusted (Non-GAAP) |
$ |
2,167,464 |
(2,008,859 |
) |
158,605 |
|
7.3 |
% |
(120,440 |
) |
(1,497 |
) |
$ |
36,668 |
|
_______________________ |
||
8 |
Other operating items for the three months ended December 31, 2024 is comprised of |
Three Months Ended December 31, 2023
( |
|||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing, general and administration expenses |
Other operating items9 |
Operating Income |
||||||||
Reported (GAAP) |
$ |
2,072,255 |
(1,920,077 |
) |
152,178 |
|
7.3 |
% |
(119,334 |
) |
8,449 |
|
$ |
41,293 |
|
Loss (income) from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
2,472 |
|
— |
|
|
2,472 |
|
||
Mark to market (gains) losses |
|
— |
(189 |
) |
(189 |
) |
— |
|
— |
|
|
(189 |
) |
||
Gain on asset sales |
|
— |
— |
|
— |
|
— |
|
(9,139 |
) |
|
(9,139 |
) |
||
Cyber-related incident |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Other items |
|
— |
2,120 |
|
2,120 |
|
(34 |
) |
— |
|
|
2,086 |
|
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
2,072,255 |
(1,918,146 |
) |
154,109 |
|
7.4 |
% |
(116,896 |
) |
(690 |
) |
$ |
36,523 |
|
|
Three Months Ended December 31, 2024
( |
||||||||||||||
|
Other (expense) income, net |
Interest income |
Interest expense |
Income tax (expense) |
Equity earnings |
Income from continuing operations |
(Loss) income from discontinued operations, net of income taxes |
||||||||
Reported (GAAP)
|
$ |
11,137 |
|
2,410 |
(18,055 |
) |
(264 |
) |
(403 |
) |
29,634 |
|
$ |
(61,231 |
) |
Loss (income) from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
61,231 |
|
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
1,776 |
|
|
— |
|
Mark to market (gains) losses |
|
(10,978 |
) |
— |
— |
|
— |
|
— |
|
(11,356 |
) |
|
— |
|
Gain on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(90 |
) |
|
— |
|
Gain on disposal of businesses |
|
— |
|
— |
— |
|
— |
|
— |
|
(472 |
) |
|
— |
|
Other items |
|
— |
|
— |
— |
|
— |
|
— |
|
1,023 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
7,926 |
|
7,926 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
(5,240 |
) |
(98 |
) |
(5,338 |
) |
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
159 |
|
2,410 |
(18,055 |
) |
(5,504 |
) |
7,425 |
|
23,103 |
|
$ |
— |
|
_______________________ |
||
9 |
Other operating items for the three months ended December 31, 2023 is comprised of a |
Three Months Ended December 31, 2023
( |
|||||||||||||||
|
Other expense, net |
Interest income |
Interest expense |
Income tax benefit (expense) |
Equity earnings |
Income from continuing operations |
(Loss) income from discontinued operations, net of income taxes |
||||||||
Reported (GAAP) |
$ |
(2,922 |
) |
2,823 |
(18,754 |
) |
(2,987 |
) |
3,683 |
|
23,136 |
|
$ |
5,798 |
|
Loss (income) from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
(5,798 |
) |
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
2,472 |
|
|
— |
|
Mark to market losses |
|
5,639 |
|
— |
— |
|
— |
|
— |
|
5,450 |
|
|
— |
|
Gain on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(9,139 |
) |
|
— |
|
Other items |
|
(253 |
) |
— |
— |
|
— |
|
— |
|
1,833 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
604 |
|
604 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
(1,610 |
) |
(99 |
) |
(1,709 |
) |
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
2,464 |
|
2,823 |
(18,754 |
) |
(4,597 |
) |
4,188 |
|
22,647 |
|
$ |
— |
|
|
Three Months Ended December 31, 2024
( |
||||||||||
|
Net (loss) income |
Net income attributable to noncontrolling interests |
Net (loss) income attributable to Dole plc |
Diluted net income per share |
|||||||
Reported (GAAP) |
$ |
(31,597 |
) |
(7,552 |
) |
$ |
(39,149 |
) |
$ |
(0.41 |
) |
Loss (income) from discontinued operations, net of income taxes |
|
61,231 |
|
— |
|
|
61,231 |
|
|
||
Amortization of intangible assets |
|
1,776 |
|
— |
|
|
1,776 |
|
|||
Mark to market (gains) losses |
|
(11,356 |
) |
— |
|
|
(11,356 |
) |
|||
Gain on asset sales |
|
(90 |
) |
— |
|
|
(90 |
) |
|||
Gain on disposal of businesses |
|
(472 |
) |
— |
|
|
(472 |
) |
|||
Impairment of goodwill |
|
— |
|
— |
|
|
— |
|
|||
Other items |
|
1,023 |
|
— |
|
|
1,023 |
|
|||
Adjustments from equity method investments |
|
7,926 |
|
— |
|
|
7,926 |
|
|||
Income tax on items above and discrete tax items |
|
(5,338 |
) |
— |
|
|
(5,338 |
) |
|||
NCI impact on items above |
|
— |
|
(271 |
) |
|
(271 |
) |
|||
Adjusted (Non-GAAP) |
$ |
23,103 |
|
(7,823 |
) |
$ |
15,280 |
|
$ |
0.16 |
|
|
|
|
|
|
|||||||
Weighted average shares outstanding – diluted |
|
|
|
95,702 |
|
|
|
Three Months Ended December 31, 2023
( |
|||||||||
|
Net income |
Net income attributable to noncontrolling interests |
Net income attributable to Dole plc |
Diluted net income per share |
||||||
Reported (GAAP) |
$ |
28,934 |
|
(6,597 |
) |
$ |
22,337 |
|
$ |
0.23 |
Loss (income) from discontinued operations, net of income taxes |
|
(5,798 |
) |
— |
|
|
(5,798 |
) |
|
|
Amortization of intangible assets |
|
2,472 |
|
— |
|
|
2,472 |
|
||
Mark to market (gains) losses |
|
5,450 |
|
— |
|
|
5,450 |
|
||
Gain on asset sales |
|
(9,139 |
) |
— |
|
|
(9,139 |
) |
||
Cyber-related incident |
|
— |
|
— |
|
|
— |
|
||
Other items |
|
1,833 |
|
— |
|
|
1,833 |
|
||
Adjustments from equity method investments |
|
604 |
|
— |
|
|
604 |
|
||
Income tax on items above and discrete tax items |
|
(1,709 |
) |
— |
|
|
(1,709 |
) |
||
NCI impact on items above |
|
— |
|
(1,220 |
) |
|
(1,220 |
) |
||
Adjusted (Non-GAAP) |
$ |
22,647 |
|
(7,817 |
) |
$ |
14,830 |
|
$ |
0.16 |
|
|
|
|
|
||||||
Weighted average shares outstanding – diluted |
|
|
|
95,187 |
|
|
|
Year Ended December 31, 2024
( |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing, general and administration expenses |
Other operating items10 |
Operating Income |
||||||||
Reported (GAAP) |
$ |
8,475,343 |
(7,757,622 |
) |
717,721 |
|
8.5 |
% |
(474,058 |
) |
36,901 |
|
$ |
280,564 |
|
Loss (income) from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
7,556 |
|
— |
|
|
7,556 |
|
||
Mark to market (gains) losses |
|
— |
(228 |
) |
(228 |
) |
— |
|
— |
|
|
(228 |
) |
||
Gain on asset sales |
|
— |
— |
|
— |
|
— |
|
(125 |
) |
|
(125 |
) |
||
Gain on disposal of businesses |
|
— |
— |
|
— |
|
— |
|
(76,417 |
) |
|
(76,417 |
) |
||
Impairment of goodwill |
|
— |
— |
|
— |
|
— |
|
36,684 |
|
|
36,684 |
|
||
Other items |
|
— |
(2,065 |
) |
(2,065 |
) |
459 |
|
— |
|
|
(1,606 |
) |
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
8,475,343 |
(7,759,915 |
) |
715,428 |
|
8.4 |
% |
(466,043 |
) |
(2,957 |
) |
$ |
246,428 |
|
_______________________ |
||
10 |
Other operating items for the year ended December 31, 2024 is comprised of a |
Year Ended December 31, 2023
( |
|||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing, general and administration expenses |
Other operating items11 |
Operating Income |
||||||||
Reported (GAAP) |
$ |
8,245,268 |
(7,551,098 |
) |
694,170 |
|
8.4 |
% |
(473,903 |
) |
51,891 |
|
$ |
272,158 |
|
Loss (income) from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
10,198 |
|
— |
|
|
10,198 |
|
||
Mark to market losses |
|
— |
(2,638 |
) |
(2,638 |
) |
— |
|
— |
|
|
(2,638 |
) |
||
Gain on asset sales |
|
— |
— |
|
— |
|
— |
|
(52,495 |
) |
|
(52,495 |
) |
||
Cyber-related incident |
|
— |
— |
|
— |
|
5,321 |
|
— |
|
|
5,321 |
|
||
Other items |
|
— |
3,205 |
|
3,205 |
|
(34 |
) |
— |
|
|
3,171 |
|
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
8,245,268 |
(7,550,531 |
) |
694,737 |
|
8.4 |
% |
(458,418 |
) |
(604 |
) |
$ |
235,715 |
|
_______________________ |
||
11 |
Other operating items for the year ended December 31, 2023 is comprised of a |
Year Ended December 31, 2024
( |
|||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax (expense) |
Equity earnings |
Income from continuing operations |
(Loss) income from discontinued operations, net of income taxes |
||||||||
Reported (GAAP) |
$ |
20,595 |
|
10,745 |
(72,264 |
) |
(75,649 |
) |
8,308 |
|
172,299 |
|
$ |
(28,880 |
) |
Loss (income) from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
28,880 |
|
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
7,556 |
|
|
— |
|
Mark to market (gains) losses |
|
(9,911 |
) |
— |
— |
|
— |
|
— |
|
(10,139 |
) |
|
— |
|
Gain on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(125 |
) |
|
— |
|
Gain on disposal of businesses |
|
— |
|
— |
— |
|
— |
|
— |
|
(76,417 |
) |
|
— |
|
Impairment of goodwill |
|
— |
|
— |
— |
|
— |
|
— |
|
36,684 |
|
|
— |
|
Other items |
|
(80 |
) |
— |
— |
|
— |
|
— |
|
(1,686 |
) |
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
9,708 |
|
9,708 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
13,560 |
|
(398 |
) |
13,162 |
|
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
10,604 |
|
10,745 |
(72,264 |
) |
(62,089 |
) |
17,618 |
|
151,042 |
|
$ |
— |
|
|
Year Ended December 31, 2023
( |
||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax expense |
Equity earnings |
Income from continuing operations |
(Loss) income from discontinued operations, net of income taxes |
||||||||
Reported (GAAP) |
$ |
4,799 |
|
10,083 |
(81,113 |
) |
(43,591 |
) |
15,191 |
|
177,527 |
|
$ |
(21,818 |
) |
Loss (income) from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
21,818 |
|
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
10,198 |
|
|
— |
|
Mark to market losses |
|
5,162 |
|
— |
— |
|
— |
|
— |
|
2,524 |
|
|
— |
|
Gain on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(52,495 |
) |
|
— |
|
Cyber-related incident |
|
— |
|
— |
— |
|
— |
|
— |
|
5,321 |
|
|
— |
|
Other items |
|
(253 |
) |
— |
— |
|
— |
|
— |
|
2,918 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
1,956 |
|
1,956 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
5,643 |
|
(400 |
) |
5,243 |
|
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
9,708 |
|
10,083 |
(81,113 |
) |
(37,948 |
) |
16,747 |
|
153,192 |
|
$ |
— |
|
|
Year Ended December 31, 2024
( |
|||||||||
|
||||||||||
|
Net income |
Net income attributable to noncontrolling interests |
Net income attributable to Dole plc |
Diluted net income per share |
||||||
Reported (GAAP) |
$ |
143,419 |
|
(17,906 |
) |
$ |
125,513 |
|
$ |
1.31 |
Loss (income) from discontinued operations, net of income taxes |
|
28,880 |
|
— |
|
|
28,880 |
|
|
|
Amortization of intangible assets |
|
7,556 |
|
— |
|
|
7,556 |
|
||
Mark to market (gains) losses |
|
(10,139 |
) |
— |
|
|
(10,139 |
) |
||
Gain on asset sales |
|
(125 |
) |
— |
|
|
(125 |
) |
||
Gain on disposal of businesses |
|
(76,417 |
) |
— |
|
|
(76,417 |
) |
||
Impairment of goodwill |
|
36,684 |
|
— |
|
|
36,684 |
|
||
Other items |
|
(1,686 |
) |
— |
|
|
(1,686 |
) |
||
Adjustments from equity method investments |
|
9,708 |
|
— |
|
|
9,708 |
|
||
Income tax on items above and discrete tax items |
|
13,162 |
|
— |
|
|
13,162 |
|
||
NCI impact on items above |
|
— |
|
(12,239 |
) |
|
(12,239 |
) |
||
Adjusted (Non-GAAP) |
$ |
151,042 |
|
(30,145 |
) |
$ |
120,897 |
|
$ |
1.27 |
|
|
|
|
|
||||||
Weighted average shares outstanding – diluted |
|
|
|
95,471 |
|
|
Year Ended December 31, 2023
( |
|||||||||
|
||||||||||
|
Net income |
Net income attributable to noncontrolling interests |
Net income attributable to Dole plc |
Diluted net income per share |
||||||
Reported (GAAP) |
$ |
155,709 |
|
(31,646 |
) |
$ |
124,063 |
|
$ |
1.30 |
Loss (income) from discontinued operations, net of income taxes |
|
21,818 |
|
— |
|
|
21,818 |
|
|
|
Amortization of intangible assets |
|
10,198 |
|
— |
|
|
10,198 |
|
||
Mark to market losses |
|
2,524 |
|
— |
|
|
2,524 |
|
||
Gain on asset sales |
|
(52,495 |
) |
— |
|
|
(52,495 |
) |
||
Cyber-related incident |
|
5,321 |
|
— |
|
|
5,321 |
|
||
Other items |
|
2,918 |
|
— |
|
|
2,918 |
|
||
Adjustments from equity method investments |
|
1,956 |
|
— |
|
|
1,956 |
|
||
Income tax on items above and discrete tax items |
|
5,243 |
|
— |
|
|
5,243 |
|
||
NCI impact on items above |
|
— |
|
(3,494 |
) |
|
(3,494 |
) |
||
Adjusted (Non-GAAP) |
$ |
153,192 |
|
(35,140 |
) |
$ |
118,052 |
|
$ |
1.24 |
|
|
|
|
|
||||||
Weighted average shares outstanding – diluted |
|
|
|
95,118 |
|
|
Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited |
||||||||||||||||||
|
Revenue for the Three Months Ended |
|||||||||||||||||
|
December 31,
|
|
Impact of Foreign Currency Translation |
|
Impact of Acquisitions and Divestitures |
|
Like-for-like Increase (Decrease) |
|
December 31,
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
( |
|||||||||||||||||
Fresh Fruit |
$ |
748,703 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,363 |
|
$ |
819,066 |
|
Diversified Fresh Produce - EMEA |
|
862,865 |
|
|
|
(907 |
) |
|
|
(7,425 |
) |
|
|
56,071 |
|
|
910,604 |
|
Diversified Fresh Produce - |
|
489,761 |
|
|
|
(1,575 |
) |
|
|
(103,749 |
) |
|
|
78,848 |
|
|
463,285 |
|
Intersegment |
|
(29,074 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,583 |
|
|
(25,491 |
) |
Total |
$ |
2,072,255 |
|
|
$ |
(2,482 |
) |
|
$ |
(111,174 |
) |
|
$ |
208,865 |
|
$ |
2,167,464 |
|
|
Adjusted EBITDA for the Three Months Ended |
||||||||||||||||
|
December 31,
|
|
Impact of Foreign Currency Translation |
|
Impact of Acquisitions and Divestitures |
|
Like-for-like Increase (Decrease) |
|
December 31,
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||||
Fresh Fruit |
$ |
28,792 |
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
3,055 |
|
|
$ |
31,890 |
Diversified Fresh Produce - EMEA |
|
32,638 |
|
|
(234 |
) |
|
|
(14 |
) |
|
|
97 |
|
|
|
32,487 |
Diversified Fresh Produce - |
|
15,427 |
|
|
(23 |
) |
|
|
(4,837 |
) |
|
|
(333 |
) |
|
|
10,234 |
Total |
$ |
76,857 |
|
$ |
(214 |
) |
|
$ |
(4,851 |
) |
|
$ |
2,819 |
|
|
$ |
74,611 |
|
Revenue for the Year Ended |
|||||||||||||||||
|
December 31,
|
|
Impact of Foreign Currency Translation |
|
Impact of Acquisitions and Divestitures |
|
Like-for-like Increase (Decrease) |
|
December 31,
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
( |
|||||||||||||||||
Fresh Fruit |
$ |
3,135,866 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
157,661 |
|
$ |
3,293,527 |
|
Diversified Fresh Produce - EMEA |
|
3,432,945 |
|
|
|
16,664 |
|
|
|
8,307 |
|
|
|
150,776 |
|
|
3,608,692 |
|
Diversified Fresh Produce - |
|
1,800,168 |
|
|
|
(3,275 |
) |
|
|
(343,868 |
) |
|
|
233,256 |
|
|
1,686,281 |
|
Intersegment |
|
(123,711 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,554 |
|
|
(113,157 |
) |
Total |
$ |
8,245,268 |
|
|
$ |
13,389 |
|
|
$ |
(335,561 |
) |
|
$ |
552,247 |
|
$ |
8,475,343 |
|
|
Adjusted EBITDA for the Year Ended |
||||||||||||||||
|
December 31,
|
|
Impact of Foreign Currency Translation |
|
Impact of Acquisitions and Divestitures |
|
Like-for-like Increase (Decrease) |
|
December 31,
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||||
Fresh Fruit |
$ |
208,930 |
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
5,908 |
|
|
$ |
214,848 |
Diversified Fresh Produce - EMEA |
|
133,570 |
|
|
281 |
|
|
|
139 |
|
|
|
(2,486 |
) |
|
|
131,504 |
Diversified Fresh Produce - |
|
42,618 |
|
|
(71 |
) |
|
|
(18,974 |
) |
|
|
22,278 |
|
|
|
45,851 |
Total |
$ |
385,118 |
|
$ |
220 |
|
|
$ |
(18,835 |
) |
|
$ |
25,700 |
|
|
$ |
392,203 |
Net Debt and Net Leverage Reconciliation – Unaudited
Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. Net Leverage is calculated as total Net Debt divided by Adjusted EBITDA for the financial year. The calculation of Net Debt and Net Leverage as of December 31, 2024 is presented below. Net Debt as of December 31, 2024 was
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
|
( |
||||||
Cash and cash equivalents (Reported GAAP) |
$ |
330,017 |
|
|
$ |
275,580 |
|
Debt (Reported GAAP): |
|
|
|
||||
Long-term debt, net |
|
(866,075 |
) |
|
|
(845,013 |
) |
Current maturities |
|
(80,097 |
) |
|
|
(222,940 |
) |
Bank overdrafts |
|
(11,443 |
) |
|
|
(11,488 |
) |
Total debt, net |
|
(957,615 |
) |
|
|
(1,079,441 |
) |
Less: Debt discounts and debt issuance costs (Reported GAAP) |
|
(9,531 |
) |
|
|
(14,395 |
) |
Total gross debt |
|
(967,146 |
) |
|
|
(1,093,836 |
) |
Net Debt (Non-GAAP) |
$ |
(637,129 |
) |
|
$ |
(818,256 |
) |
Adjusted EBITDA (Non-GAAP) |
|
392,203 |
|
|
|
385,118 |
|
Net Leverage (Non-GAAP) |
1.6x |
|
2.1x |
Free Cash Flow from Continuing Operations Reconciliation – Unaudited |
|||||||
|
Year Ended |
||||||
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
|
( |
||||||
Net cash provided by operating activities - continuing operations (Reported GAAP) |
$ |
262,721 |
|
|
$ |
298,605 |
|
Less: Capital expenditures (Reported GAAP)12 |
|
(82,435 |
) |
|
|
(78,041 |
) |
Free cash flow from continuing operations (Non-GAAP) |
$ |
180,286 |
|
|
$ |
220,564 |
|
_______________________ |
||
12 |
Capital expenditures do not include amounts attributable to discontinued operations. |
Non-GAAP Financial Measures
Dole plc’s results are determined in accordance with
In addition to its results under
Adjusted EBIT is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the years ended December 31, 2024 and December 31, 2023, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business, adding impairment charges on goodwill and adding costs incurred for the cyber-related incident; and (6) the Company’s share of these items from equity method investments.
Adjusted EBITDA is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the years ended December 31, 2024 and December 31, 2023, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business, adding impairment charges on goodwill and adding costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.
Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the years ended December 31, 2024 and December 31, 2023, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business, adding impairment charges on goodwill and adding costs incurred for the cyber-related incident; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.
Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.
Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs.
Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by Adjusted EBITDA, both of which are defined above.
Free cash flow from continuing operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures.
Like-for-like basis refers to the
Dole is not able to provide a reconciliation for projected FY'25 results without taking unreasonable efforts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226327008/en/
Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
james.oregan@doleplc.com
+353 1 887 2794
Media Contact:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130
Source: Dole plc