Dole plc Reports Second Quarter 2024 Financial Results
Dole plc (NYSE: DOLE) reported strong Q2 2024 financial results with growth across all segments on a like-for-like basis. Key highlights include:
- Revenue of $2.1 billion, down 0.8% but up 4.3% on a like-for-like basis
- Net Income of $88.1 million, up 68.4%
- Adjusted EBITDA of $125.4 million, up 2.2% (8.2% on like-for-like basis)
- Adjusted Net Income of $47.0 million
- Adjusted Diluted EPS of $0.49
The company completed the sale of Progressive Produce, repaid $100 million of Term Loan facilities, and reduced Net Debt to $767.5 million. Dole raised its full-year Adjusted EBITDA target to at least $370.0 million, citing strong first-half performance and positive business momentum.
Dole plc (NYSE: DOLE) ha riportato solidi risultati finanziari per il secondo trimestre del 2024, con crescita in tutti i settori su base omogenea. I principali punti salienti includono:
- Ricavi di 2,1 miliardi di dollari, in calo dello 0,8%, ma in aumento del 4,3% su base omogenea
- Utile netto di 88,1 milioni di dollari, in aumento del 68,4%
- EBITDA rettificato di 125,4 milioni di dollari, in aumento del 2,2% (8,2% su base omogenea)
- Utile netto rettificato di 47,0 milioni di dollari
- EPS diluiti rettificati di 0,49 dollari
La società ha completato la vendita di Progressive Produce, restituito 100 milioni di dollari di prestiti a termine e ridotto il debito netto a 767,5 milioni di dollari. Dole ha alzato il suo obiettivo di EBITDA rettificato per l'intero anno a almeno 370,0 milioni di dollari, citando la forte performance del primo semestre e un'ottima dinamica commerciale.
Dole plc (NYSE: DOLE) reportó sólidos resultados financieros para el segundo trimestre de 2024, con crecimiento en todos los segmentos sobre una base comparable. Los puntos destacados incluyen:
- Ingresos de 2.1 mil millones de dólares, disminuyendo un 0.8%, pero aumentando un 4.3% en una base comparable
- Ingreso neto de 88.1 millones de dólares, un aumento del 68.4%
- EBITDA ajustado de 125.4 millones de dólares, un aumento del 2.2% (8.2% en base comparable)
- Ingreso neto ajustado de 47.0 millones de dólares
- EPS diluido ajustado de 0.49 dólares
La empresa completó la venta de Progressive Produce, pagó 100 millones de dólares de préstamos a corto plazo y redujo su deuda neta a 767.5 millones de dólares. Dole elevó su objetivo de EBITDA ajustado para todo el año a al menos 370.0 millones de dólares, citando un sólido desempeño en la primera mitad y una dinámica comercial positiva.
Dole plc (NYSE: DOLE)는 2024년 2분기 강력한 재무 결과를 보고했으며, 모든 부문에서 동기 대비 성장을 보였습니다. 주요 하이라이트는 다음과 같습니다:
- 매출 21억 달러, 0.8% 감소했지만 동기 대비 4.3% 증가
- 순이익 8,810만 달러, 68.4% 증가
- 조정 EBITDA 1억 2,540만 달러, 2.2% 증가 (동기 대비 8.2% 증가)
- 조정 순이익 4,700만 달러
- 조정 희석 EPS 0.49 달러
회사는 Progressive Produce의 매각을 완료하고, 10억 달러의 장기 대출을 상환했으며, 순부채를 7억 6,750만 달러로 감소시켰습니다. Dole은 상반기 실적과 긍정적인 사업 모멘텀을 언급하며 연간 조정 EBITDA 목표를 최소 3억 7,000만 달러로 상향 조정했습니다.
Dole plc (NYSE: DOLE) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec une croissance dans tous les segments sur une base comparable. Les principaux points forts comprennent :
- Chiffre d'affaires de 2,1 milliards de dollars, en baisse de 0,8 %, mais en hausse de 4,3 % sur une base comparable
- Résultat net de 88,1 millions de dollars, en hausse de 68,4 %
- EBITDA ajusté de 125,4 millions de dollars, en hausse de 2,2 % (8,2 % sur une base comparable)
- Résultat net ajusté de 47,0 millions de dollars
- EPS dilué ajusté de 0,49 dollar
L'entreprise a finalisé la vente de Progressive Produce, remboursé 100 millions de dollars de prêts à terme et réduit sa dette nette à 767,5 millions de dollars. Dole a relevé son objectif d'EBITDA ajusté pour l'année à au moins 370,0 millions de dollars, citant une forte performance au premier semestre et une dynamique commerciale positive.
Dole plc (NYSE: DOLE) hat starke Finanzzahlen für das zweite Quartal 2024 gemeldet, mit Wachstum in allen Segmenten auf vergleichbarer Basis. Die wichtigsten Highlights sind:
- Umsatz von 2,1 Milliarden Dollar, Rückgang um 0,8%, aber Anstieg um 4,3% auf vergleichbarer Basis
- Nettoergebnis von 88,1 Millionen Dollar, Anstieg um 68,4%
- Bereinigtes EBITDA von 125,4 Millionen Dollar, Anstieg um 2,2% (8,2% auf vergleichbarer Basis)
- Bereinigtes Nettoergebnis von 47,0 Millionen Dollar
- Bereinigtes verwässertes EPS von 0,49 Dollar
Das Unternehmen hat den Verkauf von Progressive Produce abgeschlossen, 100 Millionen Dollar der Terminkredite zurückgezahlt und die Nettoverschuldung auf 767,5 Millionen Dollar reduziert. Dole hat seine Prognose für das bereinigte EBITDA für das Gesamtjahr auf mindestens 370,0 Millionen Dollar angehoben und dabei die starke Leistung im ersten Halbjahr sowie die positive Geschäftsdynamik hervorgehoben.
- Revenue increased 4.3% on a like-for-like basis across all segments
- Net Income increased significantly by 68.4% to $88.1 million
- Adjusted EBITDA grew 2.2% (8.2% on like-for-like basis) to $125.4 million
- Fresh Fruit segment showed strong performance with 7.3% increase in Adjusted EBITDA
- Diversified Fresh Produce - EMEA segment revenue increased 3.2%
- Company raised full-year Adjusted EBITDA target to at least $370.0 million
- Completed sale of Progressive Produce for $120.3 million, recognizing a gain of $75.9 million
- Repaid $100 million of Term Loan facilities, reducing Net Debt to $767.5 million
- Reported revenue decreased 0.8% to $2.1 billion
- Adjusted Net Income decreased slightly by $1.3 million
- Adjusted Diluted EPS decreased from $0.51 to $0.49
- Free cash flow from continuing operations was an outflow of $30.4 million for the first half of 2024
- Diversified Fresh Produce - Americas & ROW segment revenue decreased 14.7% due to business disposal
Insights
Dole's Q2 2024 results show solid performance with growth across all segments on a like-for-like basis. Key highlights:
- Revenue of
$2.1 billion , down0.8% but up4.3% like-for-like - Net Income of
$88.1 million , up68.4% - Adjusted EBITDA of
$125.4 million , up2.2% (8.2% like-for-like)
The company's strong first half positions it well for 2024, with management raising the full-year Adjusted EBITDA target to at least
Dole's Q2 results reflect resilience in a challenging market. The Fresh Fruit segment showed strength with revenue up
Highlights for the three months ended June 30, 2024:
- Strong second quarter Group results with growth across all segments on a like-for-like basis1
-
Revenue of
, a decrease of$2.1 billion 0.8% . On a like-for-like basis, revenue increased4.3% -
Net Income of
, an increase of$88.1 million 68.4% -
Adjusted EBITDA2 of
, an increase of$125.4 million 2.2% . On a like-for-like basis, Adjusted EBITDA increased8.2% -
Adjusted Net Income of
and Adjusted Diluted EPS of$47.0 million $0.49
Financial Highlights - Unaudited
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
( |
||||||
Revenue |
|
2,124 |
|
2,141 |
|
4,245 |
|
4,130 |
Income from continuing operations3 |
|
56.0 |
|
63.7 |
|
127.5 |
|
98.7 |
Net Income |
|
88.1 |
|
52.3 |
|
153.5 |
|
72.8 |
Net Income attributable to Dole plc |
|
80.1 |
|
42.3 |
|
150.3 |
|
56.4 |
Diluted EPS from continuing operations |
|
0.50 |
|
0.56 |
|
1.30 |
|
0.86 |
Diluted EPS |
|
0.84 |
|
0.44 |
|
1.57 |
|
0.59 |
Adjusted EBITDA2 |
|
125.4 |
|
122.7 |
|
235.5 |
|
223.1 |
Adjusted Net Income2 |
|
47.0 |
|
48.4 |
|
87.6 |
|
80.7 |
Adjusted Diluted EPS2 |
|
0.49 |
|
0.51 |
|
0.92 |
|
0.85 |
_______________________ |
||
1 |
|
Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. |
2 |
|
Dole plc reports its financial results in accordance with |
3 |
|
Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations, its assets and liabilities are separately presented in our condensed consolidated balance sheets, and its cash flows are presented separately in our condensed 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. |
Commenting on the results, Carl McCann, Executive Chairman, said:
"We are pleased to report another strong result for the second quarter of 2024, with Adjusted EBITDA increasing
Following the completion of our sale of Progressive Produce, we repaid
Our strong first half of the year, and positive momentum within the business, positions us well to deliver a good result for the 2024 financial year. Today, we are pleased to raise our full year Adjusted EBITDA target to at least
Group Results - Second Quarter
Revenue decreased
Net Income increased
Adjusted EBITDA increased
Adjusted Net Income decreased
Selected Segmental Financial Information (Unaudited)
|
Three Months Ended |
||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
|
Revenue |
|
Adjusted EBITDA |
|
Revenue |
|
Adjusted EBITDA |
||||||||
Fresh Fruit |
$ |
851,451 |
|
|
$ |
70,619 |
|
$ |
839,043 |
|
|
$ |
65,816 |
||
Diversified Fresh Produce - EMEA |
|
944,851 |
|
|
|
42,695 |
|
|
|
915,629 |
|
|
|
42,603 |
|
Diversified Fresh Produce - |
|
356,057 |
|
|
|
12,107 |
|
|
|
417,645 |
|
|
|
14,262 |
|
Intersegment |
|
(28,268 |
) |
|
|
— |
|
|
|
(31,143 |
) |
|
|
— |
|
Total |
$ |
2,124,091 |
|
|
$ |
125,421 |
|
|
$ |
2,141,174 |
|
|
$ |
122,681 |
|
|
Six Months Ended |
||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
|
Revenue |
|
Adjusted EBITDA |
|
Revenue |
|
Adjusted EBITDA |
||||||||
Fresh Fruit |
$ |
1,675,680 |
|
|
$ |
140,054 |
|
|
$ |
1,637,953 |
|
|
$ |
135,027 |
|
Diversified Fresh Produce - EMEA |
|
1,798,449 |
|
|
|
68,654 |
|
|
|
1,713,729 |
|
|
|
66,009 |
|
Diversified Fresh Produce - |
|
832,939 |
|
|
|
26,812 |
|
|
|
840,396 |
|
|
|
22,032 |
|
Intersegment |
|
(61,603 |
) |
|
|
— |
|
|
|
(61,737 |
) |
|
|
— |
|
Total |
$ |
4,245,465 |
|
|
$ |
235,520 |
|
|
$ |
4,130,341 |
|
|
$ |
223,068 |
|
Fresh Fruit
Revenue increased
Adjusted EBITDA increased
Diversified Fresh Produce – EMEA
Revenue increased
Adjusted EBITDA increased
Diversified Fresh Produce –
Revenue decreased
Adjusted EBITDA decreased
Capital Expenditures
Cash capital expenditures from continuing operations for the six months ended June 30, 2024 were
Sale of Progressive Produce
On March 13, 2024, the Company completed the sale of its
Free Cash Flow from Continuing Operations and Net Debt
Free cash flow from continuing operations was an outflow of
Outlook for Fiscal Year 2024 (forward-looking statement)
We are very pleased that we have consolidated our strong start to the year with another very good performance in the second quarter, putting us in an excellent position to deliver a strong result for the full year.
While forecasting remains complex, our first half result gives us confidence to raise our full year Adjusted EBITDA target to at least
For financial year 2024, we are maintaining our previously issued guidance for both capital expenditure from continuing operations and interest expense.
Dividend
On August 13, 2024, the Board of Directors of Dole plc declared a cash dividend for the second 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 75 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 second quarter 2024 financial results. The webcast can be accessed at www.doleplc.com/investor-relations. The conference call can be accessed by registering at https://registrations.events/direct/Q4I2332517. The conference ID is 23325.
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.
Appendix |
|||||||||||||||
Condensed Consolidated Statements of Operations - Unaudited |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Revenues, net |
$ |
2,124,091 |
|
|
$ |
2,141,174 |
|
|
$ |
4,245,465 |
|
|
$ |
4,130,341 |
|
Cost of sales |
|
(1,923,505 |
) |
|
|
(1,944,601 |
) |
|
|
(3,850,202 |
) |
|
|
(3,754,729 |
) |
Gross profit |
|
200,586 |
|
|
|
196,573 |
|
|
|
395,263 |
|
|
|
375,612 |
|
Selling, marketing, general and administrative expenses |
|
(116,604 |
) |
|
|
(115,667 |
) |
|
|
(235,554 |
) |
|
|
(236,546 |
) |
Gain on disposal of business |
|
1,995 |
|
|
|
— |
|
|
|
75,945 |
|
|
|
— |
|
(Loss) gain on asset sales |
|
(89 |
) |
|
|
10,723 |
|
|
|
328 |
|
|
|
14,696 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
(36,684 |
) |
|
|
— |
|
Impairment of property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
(1,277 |
) |
|
|
— |
|
Operating income |
|
85,888 |
|
|
|
91,629 |
|
|
|
198,021 |
|
|
|
153,762 |
|
Other income, net |
|
6,377 |
|
|
|
1,129 |
|
|
|
13,999 |
|
|
|
2,904 |
|
Interest income |
|
2,624 |
|
|
|
2,640 |
|
|
|
5,703 |
|
|
|
4,949 |
|
Interest expense |
|
(18,788 |
) |
|
|
(19,748 |
) |
|
|
(36,736 |
) |
|
|
(41,460 |
) |
Income from continuing operations before income taxes and equity earnings |
|
76,101 |
|
|
|
75,650 |
|
|
|
180,987 |
|
|
|
120,155 |
|
Income tax expense |
|
(25,460 |
) |
|
|
(16,593 |
) |
|
|
(59,861 |
) |
|
|
(27,587 |
) |
Equity method earnings |
|
5,406 |
|
|
|
4,688 |
|
|
|
6,408 |
|
|
|
6,166 |
|
Income from continuing operations |
|
56,047 |
|
|
|
63,745 |
|
|
|
127,534 |
|
|
|
98,734 |
|
Income (loss) from discontinued operations, net of income taxes |
|
32,018 |
|
|
|
(11,438 |
) |
|
|
25,967 |
|
|
|
(25,944 |
) |
Net income |
|
88,065 |
|
|
|
52,307 |
|
|
|
153,501 |
|
|
|
72,790 |
|
Net income attributable to noncontrolling interests |
|
(7,948 |
) |
|
|
(10,032 |
) |
|
|
(3,241 |
) |
|
|
(16,356 |
) |
Net income attributable to Dole plc |
$ |
80,117 |
|
|
$ |
42,275 |
|
|
$ |
150,260 |
|
|
$ |
56,434 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.51 |
|
|
$ |
0.57 |
|
|
$ |
1.31 |
|
|
$ |
0.86 |
|
Discontinued operations |
|
0.34 |
|
|
|
(0.12 |
) |
|
|
0.27 |
|
|
|
(0.27 |
) |
Net income per share attributable to Dole plc - basic |
$ |
0.85 |
|
|
$ |
0.45 |
|
|
$ |
1.58 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.50 |
|
|
$ |
0.56 |
|
|
$ |
1.30 |
|
|
$ |
0.86 |
|
Discontinued operations |
|
0.34 |
|
|
|
(0.12 |
) |
|
|
0.27 |
|
|
|
(0.27 |
) |
Net income per share attributable to Dole plc - diluted |
$ |
0.84 |
|
|
$ |
0.44 |
|
|
$ |
1.57 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares: |
|
|
|
|
|
|
|
||||||||
Basic |
|
94,930 |
|
|
|
94,909 |
|
|
|
94,930 |
|
|
|
94,904 |
|
Diluted |
|
95,340 |
|
|
|
95,112 |
|
|
|
95,285 |
|
|
|
95,068 |
|
Condensed Consolidated Statements of Cash Flows - Unaudited |
|||||||
|
Six Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
|
|
|
|
||||
Operating Activities |
( |
||||||
Net income |
$ |
153,501 |
|
|
$ |
72,790 |
|
(Income) loss from discontinued operations, net of taxes |
|
(25,967 |
) |
|
|
25,944 |
|
Income from continuing operations |
|
127,534 |
|
|
|
98,734 |
|
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
48,395 |
|
|
|
52,635 |
|
Impairment of goodwill |
|
36,684 |
|
|
|
— |
|
Impairment of fixed assets |
|
1,277 |
|
|
|
— |
|
Net gain on sale of assets and asset write-offs |
|
(328 |
) |
|
|
(14,696 |
) |
Net gain on sale of business |
|
(75,945 |
) |
|
|
— |
|
Net (gain) loss on financial instruments |
|
(7,096 |
) |
|
|
1,015 |
|
Stock-based compensation expense |
|
4,133 |
|
|
|
2,768 |
|
Equity method earnings |
|
(6,408 |
) |
|
|
(6,166 |
) |
Amortization of debt discounts and debt issuance costs |
|
4,780 |
|
|
|
3,186 |
|
Deferred tax (benefit) expense |
|
(12,704 |
) |
|
|
48 |
|
Pension and other postretirement benefit plan expense |
|
1,088 |
|
|
|
3,091 |
|
Dividends received from equity method investments |
|
4,193 |
|
|
|
5,105 |
|
Other |
|
(110 |
) |
|
|
(1,179 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Receivables, net of allowances |
|
(127,190 |
) |
|
|
(36,994 |
) |
Inventories |
|
(3,772 |
) |
|
|
44,282 |
|
Prepaids, other current assets and other assets |
|
(7,282 |
) |
|
|
(13,790 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
18,009 |
|
|
|
(61,295 |
) |
Net cash provided by operating activities - continuing operations |
|
5,258 |
|
|
|
76,744 |
|
Investing activities |
|
|
|
||||
Sales of assets |
|
1,898 |
|
|
|
18,562 |
|
Capital expenditures |
|
(35,693 |
) |
|
|
(35,595 |
) |
Proceeds from sale of business, net of transaction costs |
|
115,845 |
|
|
|
— |
|
Insurance proceeds |
|
527 |
|
|
|
1,850 |
|
Purchases of investments |
|
(260 |
) |
|
|
(1,150 |
) |
(Purchases) sales of unconsolidated affiliates |
|
(388 |
) |
|
|
1,498 |
|
Other |
|
(2,579 |
) |
|
|
(1,677 |
) |
Net cash provided by (used in) investing activities - continuing operations |
|
79,350 |
|
|
|
(16,512 |
) |
Financing activities |
|
|
|
||||
Proceeds from borrowings and overdrafts |
|
908,034 |
|
|
|
869,701 |
|
Repayments on borrowings and overdrafts |
|
(1,021,795 |
) |
|
|
(889,593 |
) |
Dividends paid to shareholders |
|
(15,189 |
) |
|
|
(15,184 |
) |
Dividends paid to noncontrolling interests |
|
(19,445 |
) |
|
|
(16,174 |
) |
Other noncontrolling interest activity, net |
|
— |
|
|
|
(480 |
) |
Payment of contingent consideration |
|
(996 |
) |
|
|
(1,169 |
) |
Net cash (used in) financing activities - continuing operations |
|
(149,391 |
) |
|
|
(52,899 |
) |
Effect of foreign exchange rate changes on cash |
|
(8,079 |
) |
|
|
3,210 |
|
Net cash provided by (used in) operating activities - discontinued operations |
|
18,464 |
|
|
|
(2,898 |
) |
Net cash used in investing activities - discontinued operations |
|
(1,720 |
) |
|
|
(5,410 |
) |
Cash provided by discontinued operations, net |
|
16,744 |
|
|
|
(8,308 |
) |
(Decrease) increase in cash and cash equivalents |
|
(56,118 |
) |
|
|
2,235 |
|
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 |
$ |
220,887 |
|
|
$ |
231,075 |
|
Supplemental cash flow information: |
|
|
|
||||
Income tax payments, net of refunds |
$ |
(56,096 |
) |
|
$ |
(39,323 |
) |
Interest payments on borrowings |
$ |
(33,832 |
) |
|
$ |
(41,159 |
) |
Condensed Consolidated Balance Sheets - Unaudited |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
ASSETS |
( |
||||||
Cash and cash equivalents |
$ |
219,649 |
|
|
$ |
275,580 |
|
Short-term investments |
|
6,182 |
|
|
|
5,899 |
|
Trade receivables, net of allowances for credit losses of |
|
549,352 |
|
|
|
538,177 |
|
Grower advance receivables, net of allowances for credit losses of |
|
99,423 |
|
|
|
109,958 |
|
Other receivables, net of allowances for credit losses of |
|
120,603 |
|
|
|
117,069 |
|
Inventories, net of allowances of |
|
368,309 |
|
|
|
378,592 |
|
Prepaid expenses |
|
64,597 |
|
|
|
61,724 |
|
Other current assets |
|
20,239 |
|
|
|
17,401 |
|
Fresh Vegetables current assets held for sale |
|
484,416 |
|
|
|
414,457 |
|
Other assets held for sale |
|
1,825 |
|
|
|
1,832 |
|
Total current assets |
|
1,934,595 |
|
|
|
1,920,689 |
|
Long-term investments |
|
15,302 |
|
|
|
15,970 |
|
Investments in unconsolidated affiliates |
|
131,470 |
|
|
|
131,704 |
|
Actively marketed property |
|
13,781 |
|
|
|
13,781 |
|
Property, plant and equipment, net of accumulated depreciation of |
|
1,077,675 |
|
|
|
1,102,234 |
|
Operating lease right-of-use assets |
|
315,801 |
|
|
|
340,458 |
|
Goodwill |
|
434,797 |
|
|
|
513,312 |
|
DOLE brand |
|
306,280 |
|
|
|
306,280 |
|
Other intangible assets, net of accumulated amortization of |
|
28,578 |
|
|
|
41,232 |
|
Other assets |
|
110,707 |
|
|
|
109,048 |
|
Deferred tax assets, net |
|
69,630 |
|
|
|
66,485 |
|
Total assets |
$ |
4,438,616 |
|
|
$ |
4,561,193 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Accounts payable |
$ |
592,724 |
|
|
$ |
670,904 |
|
Income taxes payable |
|
68,131 |
|
|
|
22,917 |
|
Accrued liabilities |
|
360,269 |
|
|
|
357,427 |
|
Bank overdrafts |
|
38,613 |
|
|
|
11,488 |
|
Current portion of long-term debt, net |
|
55,201 |
|
|
|
222,940 |
|
Current maturities of operating leases |
|
61,651 |
|
|
|
63,653 |
|
Payroll and other tax |
|
25,704 |
|
|
|
27,791 |
|
Contingent consideration |
|
1,099 |
|
|
|
1,788 |
|
Pension and other postretirement benefits |
|
15,725 |
|
|
|
16,570 |
|
Fresh Vegetables current liabilities held for sale |
|
275,626 |
|
|
|
291,342 |
|
Dividends payable and other current liabilities |
|
39,723 |
|
|
|
29,892 |
|
Total current liabilities |
|
1,534,466 |
|
|
|
1,716,712 |
|
Long-term debt, net |
|
882,287 |
|
|
|
845,013 |
|
Operating leases, less current maturities |
|
258,229 |
|
|
|
287,991 |
|
Deferred tax liabilities, net |
|
83,892 |
|
|
|
92,653 |
|
Income taxes payable, less current portion |
|
— |
|
|
|
16,664 |
|
Contingent consideration, less current portion |
|
7,252 |
|
|
|
7,327 |
|
Pension and other postretirement benefits, less current portion |
|
116,640 |
|
|
|
121,689 |
|
Other long-term liabilities |
|
48,461 |
|
|
|
52,295 |
|
Total liabilities |
|
2,931,227 |
|
|
|
3,140,344 |
|
|
|
|
|
||||
Redeemable noncontrolling interests |
|
33,817 |
|
|
|
34,185 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock — |
|
950 |
|
|
|
949 |
|
Additional paid-in capital |
|
801,774 |
|
|
|
796,800 |
|
Retained earnings |
|
697,504 |
|
|
|
562,562 |
|
Accumulated other comprehensive loss |
|
(129,373 |
) |
|
|
(110,791 |
) |
Total equity attributable to Dole plc |
|
1,370,855 |
|
|
|
1,249,520 |
|
Equity attributable to noncontrolling interests |
|
102,717 |
|
|
|
137,144 |
|
Total equity |
|
1,473,572 |
|
|
|
1,386,664 |
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
4,438,616 |
|
|
$ |
4,561,193 |
|
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 |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Net income (Reported GAAP) |
$ |
88,065 |
|
|
$ |
52,307 |
|
|
$ |
153,501 |
|
|
$ |
72,790 |
|
(Income) loss from discontinued operations, net of income taxes |
|
(32,018 |
) |
|
|
11,438 |
|
|
|
(25,967 |
) |
|
|
25,944 |
|
Income from continuing operations (Reported GAAP) |
|
56,047 |
|
|
|
63,745 |
|
|
|
127,534 |
|
|
|
98,734 |
|
Income tax expense |
|
25,460 |
|
|
|
16,593 |
|
|
|
59,861 |
|
|
|
27,587 |
|
Interest expense |
|
18,788 |
|
|
|
19,748 |
|
|
|
36,736 |
|
|
|
41,460 |
|
Mark to market (gains) losses |
|
(2,214 |
) |
|
|
1,035 |
|
|
|
(5,084 |
) |
|
|
1,857 |
|
(Gain) loss on asset sales |
|
— |
|
|
|
(10,387 |
) |
|
|
31 |
|
|
|
(14,554 |
) |
Gain on disposal of business |
|
(1,995 |
) |
|
|
— |
|
|
|
(75,945 |
) |
|
|
— |
|
Cyber-related incident |
|
— |
|
|
|
571 |
|
|
|
— |
|
|
|
5,321 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
36,684 |
|
|
|
— |
|
Other items 45 |
|
74 |
|
|
|
190 |
|
|
|
(1,726 |
) |
|
|
863 |
|
Adjustments from equity method investments |
|
2,946 |
|
|
|
2,922 |
|
|
|
4,460 |
|
|
|
4,245 |
|
Adjusted EBIT (Non-GAAP) |
|
99,106 |
|
|
|
94,417 |
|
|
|
182,551 |
|
|
|
165,513 |
|
Depreciation |
|
22,388 |
|
|
|
23,142 |
|
|
|
44,236 |
|
|
|
47,445 |
|
Amortization of intangible assets |
|
1,886 |
|
|
|
2,574 |
|
|
|
4,159 |
|
|
|
5,190 |
|
Depreciation and amortization adjustments from equity method investments |
|
2,041 |
|
|
|
2,548 |
|
|
|
4,574 |
|
|
|
4,920 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
125,421 |
|
|
$ |
122,681 |
|
|
$ |
235,520 |
|
|
$ |
223,068 |
|
_______________________ |
||
4 |
|
For the three months ended June 30, 2024, other items is primarily comprised of |
5 |
|
For the six months ended June 30, 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 |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
( |
||||||||||||||
Net income attributable to Dole plc (Reported GAAP) |
$ |
80,117 |
|
|
$ |
42,275 |
|
|
$ |
150,260 |
|
|
$ |
56,434 |
|
(Income) loss from discontinued operations, net of income taxes |
|
(32,018 |
) |
|
|
11,438 |
|
|
|
(25,967 |
) |
|
|
25,944 |
|
Income from continuing operations attributable to Dole plc |
|
48,099 |
|
|
|
53,713 |
|
|
|
124,293 |
|
|
|
82,378 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
1,886 |
|
|
|
2,574 |
|
|
|
4,159 |
|
|
|
5,190 |
|
Mark to market (gains) losses |
|
(2,214 |
) |
|
|
1,035 |
|
|
|
(5,084 |
) |
|
|
1,857 |
|
(Gain) loss on asset sales |
|
— |
|
|
|
(10,387 |
) |
|
|
31 |
|
|
|
(14,554 |
) |
Gain on disposal of business |
|
(1,995 |
) |
|
|
— |
|
|
|
(75,945 |
) |
|
|
— |
|
Cyber-related incident |
|
— |
|
|
|
571 |
|
|
|
— |
|
|
|
5,321 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
36,684 |
|
|
|
— |
|
Other items 67 |
|
74 |
|
|
|
190 |
|
|
|
(1,726 |
) |
|
|
863 |
|
Adjustments from equity method investments |
|
720 |
|
|
|
623 |
|
|
|
1,251 |
|
|
|
742 |
|
Income tax on items above and discrete tax items |
|
788 |
|
|
|
797 |
|
|
|
15,107 |
|
|
|
488 |
|
NCI impact of items above |
|
(326 |
) |
|
|
(736 |
) |
|
|
(11,187 |
) |
|
|
(1,629 |
) |
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) |
$ |
47,032 |
|
|
$ |
48,380 |
|
|
$ |
87,583 |
|
|
$ |
80,656 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share – basic (Non-GAAP) |
$ |
0.50 |
|
|
$ |
0.51 |
|
|
$ |
0.92 |
|
|
$ |
0.85 |
|
Adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
0.92 |
|
|
$ |
0.85 |
|
Weighted average shares outstanding – basic |
|
94,930 |
|
|
|
94,909 |
|
|
|
94,930 |
|
|
|
94,904 |
|
Weighted average shares outstanding – diluted |
|
95,340 |
|
|
|
95,112 |
|
|
|
95,285 |
|
|
|
95,068 |
|
_______________________ |
||
6 |
|
For the three months ended June 30, 2024, other items is primarily comprised of |
7 |
|
For the six months ended June 30, 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 June 30, 2024
( |
|||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross
|
Selling,
|
Other
|
Operating
|
|||||||||
Reported (GAAP) |
$ |
2,124,091 |
(1,923,505 |
) |
200,586 |
9.4 |
% |
(116,604 |
) |
1,906 |
|
$ |
85,888 |
|
||
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
|
1,886 |
|
— |
|
|
1,886 |
|
|
Mark to market (gains) losses |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Gain on disposal of business |
|
— |
|
— |
|
— |
|
|
— |
|
(1,995 |
) |
|
(1,995 |
) |
|
Impairment of goodwill |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Other items |
|
— |
|
157 |
|
157 |
|
|
— |
|
— |
|
|
157 |
|
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
2,124,091 |
|
(1,923,348 |
) |
200,743 |
|
9.5 |
% |
(114,718 |
) |
(89 |
) |
$ |
85,936 |
|
_______________________ |
||
8 |
Other operating charges for the three months ended June 30, 2024 is primarily comprised of a gain on disposal of business of |
Three Months Ended June 30, 2023
( |
||||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross
|
Selling,
|
Other
|
Operating
|
|||||||||
Reported (GAAP) |
$ |
2,141,174 |
(1,944,601 |
) |
196,573 |
9.2 |
% |
(115,667 |
) |
10,723 |
|
$ |
91,629 |
|
||
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
|
2,574 |
|
— |
|
|
2,574 |
|
|
Mark to market (gains) losses |
|
— |
|
54 |
|
54 |
|
|
— |
|
— |
|
|
54 |
|
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
|
— |
|
(10,387 |
) |
|
(10,387 |
) |
|
Cyber-related incident |
|
— |
|
— |
|
— |
|
|
571 |
|
— |
|
|
571 |
|
|
Other items |
|
— |
|
190 |
|
190 |
|
|
— |
|
— |
|
|
190 |
|
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
NCI impact on items above |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
2,141,174 |
|
(1,944,357 |
) |
196,817 |
|
9.2 |
% |
(112,522 |
) |
336 |
|
$ |
84,631 |
|
_______________________ |
||
9 |
Other operating charges for the three months ended June 30, 2023 is comprised of gains on asset sales of |
Three Months Ended June 30, 2024
( |
||||||||||||||||
|
Other
|
Interest
|
Interest
|
Income tax
|
Equity
|
Income from
|
Income (loss)
|
|||||||||
Reported (GAAP) |
$ |
6,377 |
|
2,624 |
(18,788 |
) |
(25,460 |
) |
5,406 |
|
56,047 |
|
|
32,018 |
|
|
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
(32,018 |
) |
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1,886 |
|
|
— |
|
Mark to market (gains) losses |
|
(2,214 |
) |
— |
|
— |
|
— |
|
— |
|
(2,214 |
) |
|
— |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Gain on disposal of business |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1,995 |
) |
|
— |
|
Impairment of goodwill |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Other items |
|
(83 |
) |
— |
|
— |
|
— |
|
— |
|
74 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
— |
|
720 |
|
720 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
888 |
|
(100 |
) |
788 |
|
|
— |
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
4,080 |
|
2,624 |
|
(18,788 |
) |
(24,572 |
) |
6,026 |
|
55,306 |
|
$ |
— |
|
|
Three Months Ended June 30, 2023
( |
|||||||||||||||
|
Other
|
Interest
|
Interest
|
Income tax
|
Equity
|
Income from
|
Income (loss)
|
|||||||||
Reported (GAAP) |
$ |
1,129 |
2,640 |
(19,748 |
) |
(16,593 |
) |
4,688 |
|
63,745 |
|
|
(11,438 |
) |
||
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
11,438 |
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2,574 |
|
|
— |
|
Mark to market (gains) losses |
|
981 |
|
— |
|
— |
|
— |
|
— |
|
1,035 |
|
|
— |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(10,387 |
) |
|
— |
|
Cyber-related incident |
|
— |
|
— |
|
— |
|
— |
|
— |
|
571 |
|
|
— |
|
Other items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
190 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
— |
|
623 |
|
623 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
878 |
|
(81 |
) |
797 |
|
|
— |
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
2,110 |
|
2,640 |
|
(19,748 |
) |
(15,715 |
) |
5,230 |
|
59,148 |
|
$ |
— |
|
|
Three Months Ended June 30, 2024
|
|||||||||||
|
||||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
||||||||
Reported (GAAP) |
$ |
88,065 |
|
$ |
(7,948 |
) |
$ |
80,117 |
|
$ |
0.84 |
|
(Income) loss from discontinued operations, net of income taxes |
|
(32,018 |
) |
|
— |
|
|
(32,018 |
) |
|
||
Amortization of intangible assets |
|
1,886 |
|
|
— |
|
|
1,886 |
|
|||
Mark to market (gains) losses |
|
(2,214 |
) |
|
— |
|
|
(2,214 |
) |
|||
(Gain) loss on asset sales |
|
— |
|
|
— |
|
|
— |
|
|||
Gain on disposal of business |
|
(1,995 |
) |
|
— |
|
|
(1,995 |
) |
|||
Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|||
Other items |
|
74 |
|
|
— |
|
|
74 |
|
|||
Adjustments from equity method investments |
|
720 |
|
|
— |
|
|
720 |
|
|||
Income tax on items above and discrete tax items |
|
788 |
|
|
— |
|
|
788 |
|
|||
NCI impact of items above |
|
— |
|
|
(326 |
) |
|
(326 |
) |
|||
Adjusted (Non-GAAP) |
$ |
55,306 |
|
$ |
(8,274 |
) |
$ |
47,032 |
|
$ |
0.49 |
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – diluted |
|
95,340 |
|
|
|
|
|
Three Months Ended June 30, 2023
|
|||||||||||
|
||||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
||||||||
Reported (GAAP) |
$ |
52,307 |
|
$ |
(10,032 |
) |
$ |
42,275 |
|
$ |
0.44 |
|
(Income) loss from discontinued operations, net of income taxes |
|
11,438 |
|
|
— |
|
|
11,438 |
|
|
||
Amortization of intangible assets |
|
2,574 |
|
|
— |
|
|
2,574 |
|
|||
Mark to market (gains) losses |
|
1,035 |
|
|
— |
|
|
1,035 |
|
|||
(Gain) loss on asset sales |
|
(10,387 |
) |
|
— |
|
|
(10,387 |
) |
|||
Cyber-related incident |
|
571 |
|
|
— |
|
|
571 |
|
|||
Other items |
|
190 |
|
|
— |
|
|
190 |
|
|||
Adjustments from equity method investments |
|
623 |
|
|
— |
|
|
623 |
|
|||
Income tax on items above and discrete tax items |
|
797 |
|
|
— |
|
|
797 |
|
|||
NCI impact of items above |
|
— |
|
|
(736 |
) |
|
(736 |
) |
|||
Adjusted (Non-GAAP) |
$ |
59,148 |
|
$ |
(10,768 |
) |
$ |
48,380 |
|
$ |
0.51 |
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – diluted |
|
95,112 |
|
|
|
|
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.
|
Six Months Ended June 30, 2024
( |
|||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross
|
Selling,
|
Other
|
Operating
|
|||||||||
Reported (GAAP) |
$ |
4,245,465 |
(3,850,202 |
) |
395,263 |
|
9.3 |
% |
(235,554 |
) |
38,312 |
|
$ |
198,021 |
|
|
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
|
4,159 |
|
— |
|
|
4,159 |
|
|
Mark to market (gains) losses |
|
— |
|
(120 |
) |
(120 |
) |
|
— |
|
— |
|
|
(120 |
) |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
|
— |
|
31 |
|
|
31 |
|
|
Gain on disposal of business |
|
— |
|
— |
|
— |
|
|
— |
|
(75,945 |
) |
|
(75,945 |
) |
|
Impairment of goodwill |
|
— |
|
— |
|
— |
|
|
— |
|
36,684 |
|
|
36,684 |
|
|
Other items |
|
— |
|
(1,643 |
) |
(1,643 |
) |
|
— |
|
— |
|
|
(1,643 |
) |
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
4,245,465 |
|
(3,851,965 |
) |
393,500 |
|
9.3 |
% |
(231,395 |
) |
(918 |
) |
$ |
161,187 |
|
_______________________ | ||
10 |
|
Other operating charges for the six months ended June 30, 2024 is primarily comprised of a gain on disposal of business of |
Six Months Ended June 30, 2023
( |
||||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross
|
Selling,
|
Other
|
Operating
|
|||||||||
Reported (GAAP) |
$ |
4,130,341 |
(3,754,729 |
) |
375,612 |
|
9.1 |
% |
(236,546 |
) |
14,696 |
|
$ |
153,762 |
|
|
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
|
5,190 |
|
— |
|
|
5,190 |
|
|
Mark to market (gains) losses |
|
— |
|
(1,336 |
) |
(1,336 |
) |
|
— |
|
— |
|
|
(1,336 |
) |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
|
— |
|
(14,554 |
) |
|
(14,554 |
) |
|
Cyber-related incident |
|
— |
|
— |
|
— |
|
|
5,321 |
|
— |
|
|
5,321 |
|
|
Other items |
|
— |
|
863 |
|
863 |
|
|
— |
|
— |
|
|
863 |
|
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
4,130,341 |
|
(3,755,202 |
) |
375,139 |
|
9.1 |
% |
(226,035 |
) |
142 |
|
$ |
149,246 |
|
_______________________ |
||
11 |
|
Other operating charges for the six months ended June 30, 2023 is comprised of gains on asset sales of |
Six Months Ended June 30, 2024
( |
||||||||||||||||
|
Other
|
Interest
|
Interest
|
Income tax
|
Equity
|
Income from
|
Income (loss)
|
|||||||||
Reported (GAAP) |
$ |
13,999 |
|
5,703 |
(36,736 |
) |
(59,861 |
) |
6,408 |
|
127,534 |
|
|
25,967 |
|
|
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
(25,967 |
) |
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4,159 |
|
|
— |
|
Mark to market (gains) losses |
|
(4,964 |
) |
— |
|
— |
|
— |
|
— |
|
(5,084 |
) |
|
— |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
— |
|
— |
|
31 |
|
|
— |
|
Gain on disposal of business |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(75,945 |
) |
|
— |
|
Impairment of goodwill |
|
— |
|
— |
|
— |
|
— |
|
— |
|
36,684 |
|
|
— |
|
Other items |
|
(83 |
) |
— |
|
— |
|
— |
|
— |
|
(1,726 |
) |
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
— |
|
1,251 |
|
1,251 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
15,307 |
|
(200 |
) |
15,107 |
|
|
— |
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
8,952 |
|
5,703 |
|
(36,736 |
) |
(44,554 |
) |
7,459 |
|
102,011 |
|
$ |
— |
|
|
Six Months Ended June 30, 2023
( |
|||||||||||||||
|
Other
|
Interest
|
Interest
|
Income tax
|
Equity
|
Income from
|
Income (loss)
|
|||||||||
Reported (GAAP) |
$ |
2,904 |
4,949 |
(41,460 |
) |
(27,587 |
) |
6,166 |
|
98,734 |
|
|
(25,944 |
) |
||
(Income) loss from discontinued operations, net of income taxes |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
25,944 |
|
Amortization of intangible assets |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5,190 |
|
|
— |
|
Mark to market (gains) losses |
|
3,193 |
|
— |
|
— |
|
— |
|
— |
|
1,857 |
|
|
— |
|
(Gain) loss on asset sales |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(14,554 |
) |
|
— |
|
Cyber-related incident |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5,321 |
|
|
— |
|
Other items |
|
— |
|
— |
|
— |
|
— |
|
— |
|
863 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
|
— |
|
— |
|
742 |
|
742 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
|
— |
|
650 |
|
(162 |
) |
488 |
|
|
— |
|
NCI impact of items above |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
6,097 |
|
4,949 |
|
(41,460 |
) |
(26,937 |
) |
6,746 |
|
98,641 |
|
$ |
— |
|
|
Six Months Ended June 30, 2024
|
|||||||||||
|
||||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
||||||||
Reported (GAAP) |
$ |
153,501 |
|
$ |
(3,241 |
) |
$ |
150,260 |
|
$ |
1.57 |
|
(Income) loss from discontinued operations, net of income taxes |
|
(25,967 |
) |
|
— |
|
|
(25,967 |
) |
|
||
Amortization of intangible assets |
|
4,159 |
|
|
— |
|
|
4,159 |
|
|||
Mark to market (gains) losses |
|
(5,084 |
) |
|
— |
|
|
(5,084 |
) |
|||
(Gain) loss on asset sales |
|
31 |
|
|
— |
|
|
31 |
|
|||
Gain on disposal of business |
|
(75,945 |
) |
|
— |
|
|
(75,945 |
) |
|||
Impairment of goodwill |
|
36,684 |
|
|
— |
|
|
36,684 |
|
|||
Other items |
|
(1,726 |
) |
|
— |
|
|
(1,726 |
) |
|||
Adjustments from equity method investments |
|
1,251 |
|
|
— |
|
|
1,251 |
|
|||
Income tax on items above and discrete tax items |
|
15,107 |
|
|
— |
|
|
15,107 |
|
|||
NCI impact of items above |
|
— |
|
|
(11,187 |
) |
|
(11,187 |
) |
|||
Adjusted (Non-GAAP) |
$ |
102,011 |
|
$ |
(14,428 |
) |
$ |
87,583 |
|
$ |
0.92 |
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – diluted |
|
95,285 |
|
|
|
|
|
Six Months Ended June 30, 2023
|
|||||||||||
|
||||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
||||||||
Reported (GAAP) |
$ |
72,790 |
|
$ |
(16,356 |
) |
$ |
56,434 |
|
$ |
0.59 |
|
(Income) loss from discontinued operations, net of income taxes |
|
25,944 |
|
|
— |
|
|
25,944 |
|
|
||
Amortization of intangible assets |
|
5,190 |
|
|
— |
|
|
5,190 |
|
|||
Mark to market (gains) losses |
|
1,857 |
|
|
— |
|
|
1,857 |
|
|||
(Gain) loss on asset sales |
|
(14,554 |
) |
|
— |
|
|
(14,554 |
) |
|||
Cyber-related incident |
|
5,321 |
|
|
— |
|
|
5,321 |
|
|||
Other items |
|
863 |
|
|
— |
|
|
863 |
|
|||
Adjustments from equity method investments |
|
742 |
|
|
— |
|
|
742 |
|
|||
Income tax on items above and discrete tax items |
|
488 |
|
|
— |
|
|
488 |
|
|||
NCI impact of items above |
|
— |
|
|
(1,629 |
) |
|
(1,629 |
) |
|||
Adjusted (Non-GAAP) |
$ |
98,641 |
|
$ |
(17,985 |
) |
$ |
80,656 |
|
$ |
0.85 |
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – diluted |
|
95,068 |
|
|
|
|
Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited
|
Revenue for the Three Months Ended |
||||||||||||||||||
|
June 30, 2023 |
|
Impact of
|
|
Impact of
|
|
Like-for-like
|
|
June 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
( |
||||||||||||||||||
Fresh Fruit |
$ |
839,043 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,408 |
|
$ |
851,451 |
|
|
Diversified Fresh Produce - EMEA |
|
915,629 |
|
|
|
(8,737 |
) |
|
|
7,799 |
|
|
|
30,160 |
|
|
|
944,851 |
|
Diversified Fresh Produce - |
|
417,645 |
|
|
|
(899 |
) |
|
|
(108,061 |
) |
|
|
47,372 |
|
|
|
356,057 |
|
Intersegment |
|
(31,143 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,875 |
|
|
|
(28,268 |
) |
Total |
$ |
2,141,174 |
|
|
$ |
(9,636 |
) |
|
$ |
(100,262 |
) |
|
$ |
92,815 |
|
|
$ |
2,124,091 |
|
|
|||||||||||||||||||
|
|||||||||||||||||||
|
Adjusted EBITDA for the Three Months Ended |
||||||||||||||||||
|
June 30, 2023 |
|
Impact of
|
|
Impact of
|
|
Like-for-like
|
|
June 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
( |
||||||||||||||||||
Fresh Fruit |
$ |
65,816 |
|
|
$ |
45 |
|
|
$ |
— |
|
|
$ |
4,758 |
|
|
$ |
70,619 |
|
Diversified Fresh Produce - EMEA |
|
42,603 |
|
|
|
(311 |
) |
|
|
257 |
|
|
|
146 |
|
|
|
42,695 |
|
Diversified Fresh Produce - |
|
14,262 |
|
|
|
(10 |
) |
|
|
(7,337 |
) |
|
|
5,192 |
|
|
|
12,107 |
|
Total |
$ |
122,681 |
|
|
$ |
(276 |
) |
|
$ |
(7,080 |
) |
|
$ |
10,096 |
|
|
$ |
125,421 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|||||||||||||||||||
|
Revenue for the Six Months Ended |
||||||||||||||||||
|
June 30, 2023 |
|
Impact of
|
|
Impact of
|
|
Like-for-like
|
|
June 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
( |
||||||||||||||||||
Fresh Fruit |
$ |
1,637,953 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
37,727 |
|
|
$ |
1,675,680 |
|
Diversified Fresh Produce - EMEA |
|
1,713,729 |
|
|
|
3,932 |
|
|
|
13,971 |
|
|
|
66,817 |
|
|
|
1,798,449 |
|
Diversified Fresh Produce - |
|
840,396 |
|
|
|
(726 |
) |
|
|
(127,501 |
) |
|
|
120,770 |
|
|
|
832,939 |
|
Intersegment |
|
(61,737 |
) |
|
|
— |
|
|
|
|
|
134 |
|
|
|
(61,603 |
) |
||
Total |
$ |
4,130,341 |
|
|
$ |
3,206 |
|
|
$ |
(113,530 |
) |
|
$ |
225,448 |
|
|
$ |
4,245,465 |
|
|
|||||||||||||||||||
|
|||||||||||||||||||
|
Adjusted EBITDA for the Six Months Ended |
||||||||||||||||||
|
June 30, 2023 |
|
Impact of
|
|
Impact of
|
|
Like-for-like
|
|
June 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
( |
||||||||||||||||||
Fresh Fruit |
$ |
135,027 |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
5,028 |
|
|
$ |
140,054 |
|
Diversified Fresh Produce - EMEA |
|
66,009 |
|
|
|
37 |
|
|
|
125 |
|
|
|
2,483 |
|
|
|
68,654 |
|
Diversified Fresh Produce - |
|
22,032 |
|
|
|
(19 |
) |
|
|
(8,626 |
) |
|
|
13,425 |
|
|
|
26,812 |
|
Total |
$ |
223,068 |
|
|
$ |
17 |
|
|
$ |
(8,501 |
) |
|
$ |
20,936 |
|
|
$ |
235,520 |
|
Net Debt Reconciliation
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. The calculation of Net Debt as of June 30, 2024 is presented below. Net Debt as of June 30, 2024 was
|
June 30, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
|
( |
||||||
Cash and cash equivalents (Reported GAAP) |
$ |
219,649 |
|
|
$ |
275,580 |
|
Debt (Reported GAAP): |
|
|
|
||||
Long-term debt, net |
|
(882,287 |
) |
|
|
(845,013 |
) |
Current maturities |
|
(55,201 |
) |
|
|
(222,940 |
) |
Bank overdrafts |
|
(38,613 |
) |
|
|
(11,488 |
) |
Total debt, net |
|
(976,101 |
) |
|
|
(1,079,441 |
) |
Less: Debt discounts and debt issuance costs (Reported GAAP) |
|
(11,064 |
) |
|
|
(14,395 |
) |
Total gross debt |
|
(987,165 |
) |
|
|
(1,093,836 |
) |
Net Debt (Non-GAAP) |
$ |
(767,516 |
) |
|
$ |
(818,256 |
) |
Free Cash Flow from Continuing Operations Reconciliation
|
Six Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
|
|
|
|
||||
|
( |
||||||
Net cash (used in) provided by operating activities - continuing operations (Reported GAAP) |
$ |
5,259 |
|
|
$ |
76,744 |
|
Less: Capital expenditures (Reported GAAP)12 |
|
(35,693 |
) |
|
|
(35,595 |
) |
Free cash flow from continuing operations (Non-GAAP) |
$ |
(30,434 |
) |
|
$ |
41,149 |
|
_______________________ |
||
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 three and six months ended June 30, 2024 and June 30, 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 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 three and six months ended June 30, 2024 and June 30, 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 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 three and six months ended June 30, 2024 and June 30, 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 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.
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'24 results without taking unreasonable efforts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814410146/en/
Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
joregan@totalproduce.com
+353 1 887 2794
Media Contact:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130
Source: Dole plc
FAQ
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