Dole plc Reports Third Quarter 2023 Financial Results

Rhea-AI Summary

Dole plc (NYSE: DOLE) released its financial results for the three and nine months ended September 30, 2023. Revenue increased by 4.2% to $2.0 billion, with Net Income up by 15.9% to $54.0 million. Adjusted EBITDA rose by 7.6% to $85.2 million. Fresh Fruit revenue decreased by 0.3% due to lower banana prices in North America, while Diversified Fresh Produce – EMEA saw a 12.7% increase in revenue. The company declared a cash dividend for the third quarter of 2023 of $0.08 per share, payable on January 4, 2024 to shareholders of record on December 14, 2023.

Positive

• Revenue increased by 4.2% to $2.0 billion
• Net Income up by 15.9% to $54.0 million
• Adjusted EBITDA rose by 7.6% to $85.2 million
• Diversified Fresh Produce – EMEA saw a 12.7% increase in revenue

Negative

• Fresh Fruit revenue decreased by 0.3% due to lower banana prices in North America

DUBLIN--(BUSINESS WIRE)-- Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and nine months ended September 30, 2023.

Highlights for the three months ended September 30, 2023:

• Revenue of $2.0 billion, an increase of 4.2%
• Net Income of $54.0 million, an increase of 15.9%
• Adjusted EBITDA¹ of $85.2 million, an increase of 7.6%
• Adjusted Net Income of $22.6 million and Adjusted Diluted EPS of $0.24
• Cash proceeds of $45.5 million related to asset sales

Financial Highlights - Unaudited

		Three Months Ended				Nine Months Ended
		September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
		(U.S. Dollars in millions, except per share amounts)
Revenue		2,043		1,961		6,173		5,982
Income from continuing operations 2		55.7		58.3		154.4		146.5
Net Income		54.0		46.6		126.8		98.4
Net Income attributable to Dole plc		45.3		39.8		101.7		79.7
Diluted EPS from continuing operations		0.50		0.54		1.36		1.35
Diluted EPS		0.48		0.42		1.07		0.84
Adjusted EBITDA1		85.2		79.2		308.3		282.9
Adjusted Net Income1		22.6		26.2		103.2		119.1
Adjusted Diluted EPS1		0.24		0.28		1.09		1.25

____________________

1 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). See full GAAP financial results in the appendix. Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt and Free Cash Flow from Continuing Operations are non-GAAP financial measures. Refer to the appendix of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP financial measures.

2 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 very pleased that our momentum from the first half of the year has continued into the third quarter. We delivered another strong set of results, with Revenue growth of 4.2% and Adjusted EBITDA growth of 7.6%.

As we move towards the end of the financial year, our strong result for the first nine months positions us to deliver a good result for the year and we are now targeting Adjusted EBITDA for 2023 of at least $365.0 million.

Once again, we would like to extend our appreciation to all of our people across the Group for their dedication and efforts in delivering these results.”

Group Results - Third Quarter

Revenue increased 4.2%, or $82.0 million, primarily due to strong performance in the Diversified EMEA segment, offset partially by the Diversified Americas and Fresh Fruit segments. On a like-for-like basis³, revenue was 1.2%, or $23.6 million, ahead of prior year.

Adjusted EBITDA increased 7.6%, or $6.0 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments. On a like-for-like basis, Adjusted EBITDA increased 4.2%, or $3.4 million.

Adjusted Net Income decreased $3.6 million, predominantly due to higher interest expense and tax expense, offset by the increases in Adjusted EBITDA as noted above and lower depreciation. Adjusted Diluted EPS for the three months ended September 30, 2023 was $0.24 compared to $0.28 in the prior year.

____________________

3 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Selected Segmental Financial Information (Unaudited)

	Three Months Ended
	September 30, 2023								September 30, 2022
	(U.S. Dollars in thousands)
	Revenue				Adjusted EBITDA				Revenue				Adjusted EBITDA
Fresh Fruit	$	749,210			$	45,111			$	751,348			$	49,382
Diversified Fresh Produce - EMEA		856,351				34,923				759,964				30,686
Diversified Fresh Produce - Americas & ROW		470,011				5,159				479,839				(870	)
Intersegment		(32,900	)			—				(30,456	)			—
Total	$	2,042,672			$	85,193			$	1,960,695			$	79,198

	Nine Months Ended
	September 30, 2023								September 30, 2022
	(U.S. Dollars in thousands)
	Revenue				Adjusted EBITDA				Revenue				Adjusted EBITDA
Fresh Fruit	$	2,387,163			$	180,138			$	2,306,982			$	166,087
Diversified Fresh Produce - EMEA		2,570,080				100,932				2,400,967				88,397
Diversified Fresh Produce - Americas & ROW		1,310,407				27,191				1,391,731				28,399
Intersegment		(94,637	)			—				(117,845	)			—
Total	$	6,173,013			$	308,261			$	5,981,835			$	282,883

Fresh Fruit

Revenue decreased 0.3%, or $2.1 million. Revenue was negatively impacted by lower banana prices in North America, partially offset by higher worldwide volumes of bananas sold, an increase in worldwide pricing of pineapples and stronger pricing of bananas in Europe.

Adjusted EBITDA decreased 8.6%, or $4.3 million. Adjusted EBITDA was primarily impacted by lower revenue, higher fruit sourcing costs and a decrease in commercial cargo activity, partially offset by lower shipping and logistics costs, as well as by strong pricing excluding the impact of fuel surcharges.

Diversified Fresh Produce – EMEA

Revenue increased 12.7%, or $96.4 million, primarily driven by a favorable impact from foreign currency translation of $54.4 million, inflation-justified price increases across the segment and a positive impact from acquisitions of $5.5 million. On a like-for-like basis, revenue was 4.8%, or $36.5 million, ahead of prior year.

Adjusted EBITDA increased 13.8%, or $4.2 million, primarily driven by a favorable impact from foreign currency translation of $2.0 million, an incremental positive impact from acquisitions of $0.2 million and strong performance in Ireland, the U.K., Spain and Holland. On a like-for-like basis, Adjusted EBITDA was 6.6%, or $2.0 million, ahead of prior year.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 2.0%, or $9.8 million, primarily driven by lower revenue for berries in North America, as well as by lower volumes of most other commodities, partially offset by inflation-justified price increases.

Adjusted EBITDA increased 693.0%, or $6.0 million, primarily due to continued strong performance in most products that we market in North America, as well as by a favorable comparison to the three months ended September 2022, which had a challenging end to the Chilean grapes season due to abnormal supply chain disruption. These increases were partially offset by a challenging quarter for berries in North America.

Capital Expenditures

Capital expenditures for the nine months ended September 30, 2023 were $51.3 million, which included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. This amount only includes capital expenditures from continuing operations.

Sales of Assets

Sales of assets for the nine months ended September 30, 2023 were $64.1 million, compared to $27.8 million for the nine months ended September 30, 2022. These sales resulted in a gain on asset sales of $43.4 million for the nine months ended September 30, 2023, compared to $9.2 million for the nine months ended September 30, 2022. The increase was driven by $45.5 million of cash proceeds received during the three months ended September 30, 2023, resulting in a gain of $28.7 million. These proceeds were predominantly from the sale of idle land in Hawaii, which realized cash proceeds of $44.0 million.

Free Cash Flow from Continuing Operations and Net Debt

Free Cash Flow from Continuing Operations was $105.8 million for the nine months ended September 30, 2023. Free Cash Flow from Continuing Operations benefited from strong Adjusted EBITDA performance for the first nine months of the year and good working capital management across the Group. Net Debt as of September 30, 2023 was $0.9 billion.

Outlook for Fiscal Year 2023 (forward-looking statement)

We are very pleased with the Group’s performance in the first nine months of the year, delivering $308.3 million of Adjusted EBITDA.

While the wider macro-environment continues to remain complex and impacts from weather events remain unpredictable, we remain confident in the strength of our diversified supply base and the experience and quality of our operating teams across the globe to deal with challenges as they arise.

Overall, our strong results for the first nine months position us well to deliver a good result for the year and we are now targeting Adjusted EBITDA for 2023 of at least $365.0 million.

Dividend

On November 15, 2023, the Board of Directors of Dole plc declared a cash dividend for the third quarter of 2023 of $0.08 per share, payable on January 4, 2024 to shareholders of record on December 14, 2023. A cash dividend of $0.08 per share was paid on October 5, 2023 for the second quarter of 2023.

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 third quarter 2023 financial results. The webcast can be accessed at www.doleplc.com/investor-relations

The conference call can be accessed live by dialing (646) 307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481 4247 for UK and other international participants. The conference ID is 6406315.

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

Consolidated Statement of Operations - Unaudited

	Three Months Ended								Nine Months Ended
	September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net	$	2,042,672			$	1,960,695			$	6,173,013			$	5,981,835
Cost of sales		(1,876,292	)			(1,829,233	)			(5,631,021	)			(5,533,069	)
Gross profit		166,380				131,462				541,992				448,766
Selling, marketing, general and administrative expenses		(118,023	)			(103,349	)			(354,569	)			(323,258	)
Gain on disposal of businesses		—				—				—				242
Gain on asset sales		28,746				767				43,442				9,188
Operating income		77,103				28,880				230,865				134,938
Other income, net		4,817				9,199				7,721				19,765
Interest income		2,311				1,427				7,260				4,421
Interest expense		(20,899	)			(15,677	)			(62,359	)			(38,126	)
Income from continuing operations before income taxes and equity earnings		63,332				23,829				183,487				120,998
Income tax (expense) benefit		(13,017	)			34,155				(40,604	)			21,497
Equity method earnings		5,342				300				11,508				4,028
Income from continuing operations		55,657				58,284				154,391				146,523
Loss from discontinued operations, net of income taxes		(1,672	)			(11,704	)			(27,616	)			(48,129	)
Net income		53,985				46,580				126,775				98,394
Less: Net income attributable to noncontrolling interests		(8,693	)			(6,743	)			(25,049	)			(18,679	)
Net income attributable to Dole plc	$	45,292			$	39,837			$	101,726			$	79,715
Income (loss) per share - basic:
Continuing operations	$	0.50			$	0.54			$	1.36			$	1.35
Discontinued operations		(0.02	)			(0.12	)			(0.29	)			(0.51	)
Net income per share attributable to Dole plc - basic	$	0.48			$	0.42			$	1.07			$	0.84
Income (loss) per share - diluted:
Continuing operations	$	0.50			$	0.54			$	1.36			$	1.35
Discontinued operations		(0.02	)			(0.12	)			(0.29	)			(0.51	)
Net income per share attributable to Dole plc - diluted	$	0.48			$	0.42			$	1.07			$	0.84
Weighted-average shares:
Basic		94,929				94,891				94,912				94,882
Diluted		95,148				94,908				95,094				94,910

Consolidated Balance Sheets - Unaudited

	September 30, 2023				December 31, 2022
ASSETS	(U.S. Dollars and shares in thousands)
Cash and cash equivalents	$	217,523			$	228,840
Short-term investments		5,735				5,367
Trade receivables, net of allowances for credit losses of $22,498 and $18,001, respectively		575,205				610,384
Grower advance receivables, net of allowances for credit losses of $20,946 and $15,817, respectively		124,981				106,864
Other receivables, net of allowances for credit losses of $13,733 and $14,538, respectively		114,513				132,947
Inventories, net of allowances of $3,889 and $4,186, respectively		366,718				394,150
Prepaid expenses		59,709				48,995
Other current assets		33,303				15,034
Fresh Vegetables current assets held for sale		414,222				62,252
Other assets held for sale		10,318				645
Total current assets		1,922,227				1,605,478
Long-term investments		15,468				16,498
Investments in unconsolidated affiliates		127,429				124,234
Actively marketed property		13,781				31,007
Property, plant and equipment, net of accumulated depreciation of $414,698 and $375,721, respectively		1,085,778				1,116,124
Operating lease right-of-use assets		312,608				293,658
Goodwill		500,892				497,453
DOLE brand		306,280				306,280
Other intangible assets, net of accumulated amortization of $127,462 and $120,315, respectively		43,351				50,990
Fresh Vegetables non-current assets held for sale		—				343,828
Other assets		139,598				142,180
Deferred tax assets, net		70,263				64,112
Total assets	$	4,537,675			$	4,591,842
LIABILITIES AND EQUITY
Accounts payable	$	619,914			$	640,620
Income taxes payable		33,773				11,558
Accrued liabilities		380,196				381,688
Bank overdrafts		13,772				8,623
Current portion of long-term debt, net		255,953				97,435
Current maturities of operating leases		59,702				57,372
Payroll and other tax		23,811				27,187
Contingent consideration		663				1,791
Pension and other postretirement benefits		15,878				17,287
Fresh Vegetables current liabilities held for sale		294,588				199,255
Dividends payable and other current liabilities		21,994				17,698
Total current liabilities		1,720,244				1,460,514
Long-term debt, net		859,677				1,127,321
Operating leases, less current maturities		262,160				246,723
Deferred tax liabilities, net		112,333				118,403
Income taxes payable, less current portion		16,921				30,458
Contingent consideration, less current portion		7,542				5,022
Pension and other postretirement benefits, less current portion		117,946				124,646
Fresh Vegetables non-current liabilities held for sale		—				116,380
Other long-term liabilities		43,906				43,390
Total liabilities	$	3,140,729			$	3,272,857
Redeemable noncontrolling interests		34,182				32,311
Stockholders’ equity:
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of September 30, 2023 and December 31, 2022		949				949
Additional paid-in capital		796,290				795,063
Retained earnings		547,912				469,249
Accumulated other comprehensive loss		(112,967	)			(104,133	)
Total equity attributable to Dole plc		1,232,184				1,161,128
Equity attributable to noncontrolling interests		130,580				125,546
Total equity		1,362,764				1,286,674
Total liabilities, redeemable noncontrolling interests and equity	$	4,537,675			$	4,591,842

Consolidated Statements of Cash Flows - Unaudited

	Nine Months Ended
	September 30, 2023				September 30, 2022
Operating Activities	(U.S. Dollars in thousands)
Net income	$	126,775			$	98,394
Loss from discontinued operations, net of taxes		27,616				48,129
Income from continuing operations		154,391				146,523
Adjustments to reconcile income from continuing operations to net cash provided by operating activities - continuing operations:
Depreciation and amortization		76,908				81,792
Incremental charges on biological assets related to the acquisition of Legacy Dole		—				40,464
Net (gain) on sale of assets and asset write-offs		(43,506	)			(9,188	)
Stock-based compensation expense		4,381				3,118
Equity method earnings		(11,508	)			(4,028	)
Amortization of debt discounts and debt issuance costs		4,788				4,546
Deferred tax (benefit)		(11,747	)			(12,537	)
Pension and other postretirement benefit plan expense		4,160				482
Dividends received from equity method investments		6,350				7,632
Other		(6,118	)			(2,277	)
Changes in operating assets and liabilities:
Receivables, net of allowances		13,858				(9,494	)
Inventories		26,642				(52,022	)
Prepaids, accrued and other current and long-term assets and liabilities		(61,465	)			(11,935	)
Net cash provided by operating activities - continuing operations		157,134				183,076
Investing activities
Sales of assets		64,103				27,764
Capital expenditures		(51,334	)			(58,555	)
Acquisitions, net of cash acquired		(262	)			(4,886	)
Insurance proceeds		1,850				2,278
Purchases of investments		(1,153	)			(414	)
Sales (purchases) of unconsolidated affiliates		1,498				(801	)
Other		(127	)			25
Net cash provided by (used in) investing activities - continuing operations		14,575				(34,589	)
Financing activities
Proceeds from borrowings and overdrafts		1,190,596				1,008,423
Repayments on borrowings and overdrafts		(1,300,083	)			(1,050,928	)
Payment of debt issuance costs		—				(265	)
Dividends paid to shareholders		(22,873	)			(22,770	)
Dividends paid to noncontrolling interests		(24,824	)			(20,981	)
Other noncontrolling interest activity, net		(482	)			—
Payment of contingent consideration		(1,169	)			(2,451	)
Net cash used in financing activities - continuing operations		(158,835	)			(88,972	)
Effect of foreign exchange rate changes on cash		(1,716	)			(19,052	)
Net cash used in operating activities - discontinued operations		(15,772	)			(61,521	)
Net cash used in investing activities - discontinued operations		(6,703	)			(8,027	)
Cash used in discontinued operations, net		(22,475	)			(69,548	)
(Decrease) in cash and cash equivalents		(11,317	)			(29,085	)
Cash and cash equivalents at beginning of period		228,840				250,561
Cash and cash equivalents at end of period	$	217,523			$	221,476
Supplemental cash flow information:
Income tax payments, net of refunds	$	(49,142	)		$	(39,628	)
Interest payments on borrowings	$	(62,771	)		$	(39,703	)

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								Nine Months Ended
	September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
	(U.S. Dollars in thousands)
Net income (Reported GAAP)	$	53,985			$	46,580			$	126,775			$	98,394
Loss from discontinued operations, net of income taxes		1,672				11,704				27,616				48,129
Income from continuing operations (Reported GAAP)		55,657				58,284				154,391				146,523
Income tax expense (benefit)		13,017				(34,155	)			40,604				(21,497	)
Interest expense		20,899				15,677				62,359				38,126
Mark to market (gains) losses		(4,783	)			2,310				(2,926	)			(5,819	)
(Gain) on asset sales		(28,802	)			(530	)			(43,356	)			(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—				5,520				—				40,464
Cyber-related incident		—				—				5,321				—
Other items 4		222				(532	)			1,085				(1,284	)
Adjustments from equity method investments		2,160				1,603				6,405				4,926
Adjusted EBIT (Non-GAAP)		58,370				48,177				223,883				193,093
Depreciation		21,737				25,315				69,182				73,544
Amortization of intangible assets		2,536				2,633				7,726				8,248
Depreciation and amortization adjustments from equity method investments		2,550				3,073				7,470				7,998
Adjusted EBITDA (Non-GAAP)	$	85,193			$	79,198			$	308,261			$	282,883

____________________

4 For the three months ended September 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments, partially offset by $0.5 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2023, other items is primarily comprised of $1.1 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments and $0.3 million in gains on disposal of a business.

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								Nine Months Ended
	September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Net income attributable to Dole plc (Reported GAAP)	$	45,292			$	39,837			$	101,726			$	79,715
Loss from discontinued operations, net of income taxes		1,672				11,704				27,616				48,129
Income from continuing operations attributable to Dole plc		46,964				51,541				129,342				127,844
Adjustments:
Amortization of intangible assets		2,536				2,633				7,726				8,248
Mark to market (gains) losses		(4,783	)			2,310				(2,926	)			(5,819	)
(Gain) on asset sales		(28,802	)			(530	)			(43,356	)			(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—				5,520				—				40,464
Cyber-related incident		—				—				5,321				—
Other items 5		222				(532	)			1,085				(1,284	)
Adjustments from equity method investments		610				628				1,352				1,918
Income tax on items above and discrete tax items		6,464				(34,501	)			6,952				(41,628	)
NCI impact on items above		(645	)			(878	)			(2,274	)			(2,289	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	22,566			$	26,191			$	103,222			$	119,108
Adjusted earnings per share – basic (Non-GAAP)	$	0.24			$	0.28			$	1.09			$	1.26
Adjusted earnings per share – diluted (Non-GAAP)	$	0.24			$	0.28			$	1.09			$	1.25
Weighted average shares outstanding – basic		94,929				94,891				94,912				94,882
Weighted average shares outstanding – diluted		95,148				94,908				95,094				94,910

____________________

5 For the three months ended September 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments, partially offset by $0.5 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2023, other items is primarily comprised of $1.1 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments and $0.3 million in gains on disposal of a business.

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 September 30, 2023 (U.S. Dollars in thousands)
	Revenues, net			Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges6		Operating Income
Reported (GAAP)	$	2,042,672		(1,876,292	)	166,380		8.1	%	(118,023	)	28,746		$	77,103
Loss from discontinued operations, net of income taxes		—		—		—				—		—			—
Amortization of intangible assets		—		—		—				2,536		—			2,536
Mark to market (gains) losses		—		(1,113	)	(1,113	)			—		—			(1,113	)
(Gain) on asset sales		—		—		—				—		(28,802	)		(28,802	)
Cyber-related incident		—		—		—				—		—			—
Other items		—		222		222				—		—			222
Adjustments from equity method investments		—		—		—				—		—			—
Income tax on items above and discrete tax items		—		—		—				—		—			—
NCI impact on items above		—		—		—				—		—			—
Adjusted (Non-GAAP)	$	2,042,672		(1,877,183	)	165,489		8.1	%	(115,487	)	(56	)	$	49,946

	Three Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Revenues, net			Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges7		Operating Income
Reported (GAAP)	$	1,960,695		(1,829,233	)	131,462		6.7	%	(103,349	)	767		$	28,880
Loss from discontinued operations, net of income taxes		—		—		—				—		—			—
Amortization of intangible assets		—		—		—				2,633		—			2,633
Mark to market (gains) losses		—		7,729		7,729				—		—			7,729
(Gain) on asset sales		—		—		—				—		(530	)		(530	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—		5,520		5,520				—		—			5,520
Other items		—		509		509				(1,041	)	—			(532	)
Adjustments from equity method investments		—		—		—				—		—			—
Income tax on items above and discrete tax items		—		—		—				—		—			—
NCI impact on items above		—		—		—				—		—			—
Adjusted (Non-GAAP)	$	1,960,695		(1,815,475	)	145,220		7.4	%	(101,757	)	237		$	43,700

____________________

6 Other operating charges for the three months ended September 30, 2023 is comprised of gains on asset sales of $28.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

7 Other operating charges for the three months ended September 30, 2022 is comprised of gains on asset sales of $0.8 million, as reported on the Dole plc the GAAP Consolidated Statements of Operations.

	Three Months Ended September 30, 2023 (U.S. Dollars in thousands)
	Other income, net			Interest income		Interest expense		Income tax expense		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	4,817		2,311		(20,899	)	(13,017	)	5,342		55,657		$	(1,672	)
Loss from discontinued operations, net of income taxes		—		—		—		—		—		—			1,672
Amortization of intangible assets		—		—		—		—		—		2,536			—
Mark to market (gains) losses		(3,670	)	—		—		—		—		(4,783	)		—
(Gain) on asset sales		—		—		—		—		—		(28,802	)		—
Cyber-related incident		—		—		—		—		—		—			—
Other items		—		—		—		—		—		222			—
Adjustments from equity method investments		—		—		—		—		610		610			—
Income tax on items above and discrete tax items		—		—		—		6,603		(139	)	6,464			—
NCI impact on items above		—		—		—		—		—		—			—
Adjusted (Non-GAAP)	$	1,147		2,311		(20,899	)	(6,414	)	5,813		31,904		$	—

	Three Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Other income, net			Interest income		Interest expense		Income tax benefit (expense)		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	9,199		1,427		(15,677	)	34,155		300		58,284		$	(11,704	)
Loss from discontinued operations, net of income taxes		—		—		—		—		—		—			11,704
Amortization of intangible assets		—		—		—		—		—		2,633			—
Mark to market (gains) losses		(5,419	)	—		—		—		—		2,310			—
(Gain) on asset sales		—		—		—		—		—		(530	)		—
Incremental charges on biological assets related to the acquisition of Legacy Dole		—		—		—		—		—		5,520			—
Other items		—		—		—		—		—		(532	)		—
Adjustments from equity method investments		—		—		—		—		628		628			—
Income tax on items above and discrete tax items		—		—		—		(34,400	)	(101	)	(34,501	)		—
NCI impact on items above		—		—		—		—		—		—			—
Adjusted (Non-GAAP)	$	3,780		1,427		(15,677	)	(245	)	827		33,812		$	—

	Three Months Ended September 30, 2023
	(U.S. Dollars and shares in thousands, except per share amounts)
	Net income			Net income attributable to noncontrolling interests			Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	53,985		$	(8,693	)	$	45,292		$	0.48
Loss from discontinued operations, net of income taxes		1,672			—			1,672
Amortization of intangible assets		2,536			—			2,536
Mark to market (gains) losses		(4,783	)		—			(4,783	)
(Gain) on asset sales		(28,802	)		—			(28,802	)
Cyber-related incident		—			—			—
Other items		222			—			222
Adjustments from equity method investments		610			—			610
Income tax on items above and discrete tax items		6,464			—			6,464
NCI impact on items above		—			(645	)		(645	)
Adjusted (Non-GAAP)	$	31,904		$	(9,338	)	$	22,566		$	0.24
Weighted average shares outstanding – diluted		95,148

	Three Months Ended September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
	Net income			Net income attributable to noncontrolling interests			Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	46,580		$	(6,743	)	$	39,837		$	0.42
Loss from discontinued operations, net of income taxes		11,704			—			11,704
Amortization of intangible assets		2,633			—			2,633
Mark to market (gains) losses		2,310			—			2,310
(Gain) on asset sales		(530	)		—			(530	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		5,520			—			5,520
Other items		(532	)		—			(532	)
Adjustments from equity method investments		628			—			628
Income tax on items above and discrete tax items		(34,501	)		—			(34,501	)
NCI impact on items above		—			(878	)		(878	)
Adjusted (Non-GAAP)	$	33,812		$	(7,621	)	$	26,191		$	0.28
Weighted average shares outstanding – diluted		94,908

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.

	Nine Months Ended September 30, 2023 (U.S. Dollars in thousands)
	Revenues, net			Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges8		Operating Income
Reported (GAAP)	$	6,173,013		(5,631,021	)	541,992		8.8	%	(354,569	)	43,442		$	230,865
Loss from discontinued operations, net of income taxes		—		—		—				—		—			—
Amortization of intangible assets		—		—		—				7,726		—			7,726
Mark to market (gains) losses		—		(2,449	)	(2,449	)			—		—			(2,449	)
(Gain) on asset sales		—		—		—				—		(43,356	)		(43,356	)
Cyber-related incident		—		—		—				5,321		—			5,321
Other items		—		1,085		1,085				—		—			1,085
Adjustments from equity method investments		—		—		—				—		—			—
Income tax on items above and discrete tax items		—		—		—				—		—			—
NCI impact on items above		—		—		—				—		—			—
Adjusted (Non-GAAP)	$	6,173,013		(5,632,385	)	540,628		8.8	%	(341,522	)	86		$	199,192

	Nine Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Revenues, net			Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges9		Operating Income
Reported (GAAP)	$	5,981,835		(5,533,069	)	448,766		7.5	%	(323,258	)	9,430		$	134,938
Loss from discontinued operations, net of income taxes		—		—		—				—		—			—
Amortization of intangible assets		—		—		—				8,248		—			8,248
Mark to market (gains) losses		—		2,372		2,372				—		—			2,372
(Gain) on asset sales		—		—		—				—		(8,346	)		(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—		40,464		40,464				—		—			40,464
Other items		—		—		—				(1,015	)	(269	)		(1,284	)
Adjustments from equity method investments		—		—		—				—		—			—
Income tax on items above and discrete tax items		—		—		—				—		—			—
NCI impact on items above		—		—		—				—		—			—
Adjusted (Non-GAAP)	$	5,981,835		(5,490,233	)	491,602		8.2	%	(316,025	)	815		$	176,392

____________________

8 Other operating charges for the six months ended September 30, 2023 is comprised of gains on asset sales of $43.4 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

9 Other operating charges for the nine months ended September 30, 2022 is comprised of gains on asset sales of $9.2 million and a gain on disposal of businesses of $0.2 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

	Nine Months Ended September 30, 2023 (U.S. Dollars in thousands)
	Other income, net			Interest income		Interest expense		Income tax expense		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	7,721		7,260		(62,359	)	(40,604	)	11,508		154,391		$	(27,616	)
Loss from discontinued operations, net of income taxes		—		—		—		—		—		—			27,616
Amortization of intangible assets		—		—		—		—		—		7,726			—
Mark to market (gains) losses		(477	)	—		—		—		—		(2,926	)		—
(Gain) on asset sales		—		—		—		—		—		(43,356	)		—
Cyber-related incident		—		—		—		—		—		5,321			—
Other items		—		—		—		—		—		1,085			—
Adjustments from equity method investments		—		—		—		—		1,352		1,352			—
Income tax on items above and discrete tax items		—		—		—		7,253		(301	)	6,952			—
NCI impact on items above		—		—		—		—		—		—			—
Adjusted (Non-GAAP)	$	7,244		7,260		(62,359	)	(33,351	)	12,559		130,545		$	—

	Nine Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Other income, net			Interest income		Interest expense		Income tax benefit (expense)		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	19,765		4,421		(38,126	)	21,497		4,028		146,523		$	(48,129	)
Loss from discontinued operations, net of income taxes		—		—		—		—		—		—			48,129
Amortization of intangible assets		—		—		—		—		—		8,248			—
Mark to market (gains) losses		(8,191	)	—		—		—		—		(5,819	)		—
(Gain) on asset sales		—		—		—		—		—		(8,346	)		—
Incremental charges on biological assets related to the acquisition of Legacy Dole		—		—		—		—		—		40,464			—
Other items		—		—		—		—		—		(1,284	)		—
Adjustments from equity method investments		—		—		—		—		1,918		1,918			—
Income tax on items above and discrete tax items		—		—		—		(41,320	)	(308	)	(41,628	)		—
NCI impact on items above		—		—		—		—		—		—			—
Adjusted (Non-GAAP)	$	11,574		4,421		(38,126	)	(19,823	)	5,638		140,076		$	—

	Nine Months Ended September 30, 2023
	(U.S. Dollars and shares in thousands, except per share amounts)
	Net income			Net income attributable to noncontrolling interests			Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	126,775		$	(25,049	)	$	101,726		$	1.07
Loss from discontinued operations, net of income taxes		27,616			—			27,616
Amortization of intangible assets		7,726			—			7,726
Mark to market (gains) losses		(2,926	)		—			(2,926	)
(Gain) on asset sales		(43,356	)		—			(43,356	)
Cyber-related incident		5,321			—			5,321
Other items		1,085			—			1,085
Adjustments from equity method investments		1,352			—			1,352
Income tax on items above and discrete tax items		6,952			—			6,952
NCI impact on items above		—			(2,274	)		(2,274	)
Adjusted (Non-GAAP)	$	130,545		$	(27,323	)	$	103,222		$	1.09
Weighted average shares outstanding – diluted		95,094

	Nine Months Ended September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
	Net income			Net income attributable to noncontrolling interests			Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	98,394		$	(18,679	)	$	79,715		$	0.84
Loss from discontinued operations, net of income taxes		48,129			—			48,129
Amortization of intangible assets		8,248			—			8,248
Mark to market (gains) losses		(5,819	)		—			(5,819	)
(Gain) on asset sales		(8,346	)		—			(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		40,464			—			40,464
Other items		(1,284	)		—			(1,284	)
Adjustments from equity method investments		1,918			—			1,918
Income tax on items above and discrete tax items		(41,628	)		—			(41,628	)
NCI impact on items above		—			(2,289	)		(2,289	)
Adjusted (Non-GAAP)	$	140,076		$	(20,968	)	$	119,108		$	1.25
Weighted average shares outstanding – diluted		94,910

Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited

	Revenue for the Three Months Ended
	September 30, 2022				Impact of Foreign Currency Translation				Impact of Acquisitions and Divestitures				Like-for-like Increase (Decrease)				September 30, 2023
	(U.S. Dollars in thousands)
Fresh Fruit	$	751,348			$	—			$	—			$	(2,138	)		$	749,210
Diversified Fresh Produce - EMEA		759,964				54,373				5,540				36,474				856,351
Diversified Fresh Produce - Americas & ROW		479,839				(1,491	)			—				(8,337	)			470,011
Intersegment		(30,456	)			—				—				(2,444	)			(32,900	)
Total	$	1,960,695			$	52,882			$	5,540			$	23,555			$	2,042,672

	Adjusted EBITDA for the Three Months Ended
	September 30, 2022				Impact of Foreign Currency Translation				Impact of Acquisitions and Divestitures				Like-for-like Increase (Decrease)				September 30, 2023
	(U.S. Dollars in thousands)
Fresh Fruit	$	49,382			$	(375	)		$	—			$	(3,896	)		$	45,111
Diversified Fresh Produce - EMEA		30,686				2,013				187				2,037				34,923
Diversified Fresh Produce - Americas & ROW		(870	)			(115	)			932				5,212				5,159
Total	$	79,198			$	1,523			$	1,119			$	3,353			$	85,193

	Revenue for the Nine Months Ended
	September 30, 2022				Impact of Foreign Currency Translation				Impact of Acquisitions and Divestitures				Like-for-like Increase (Decrease)				September 30, 2023
	(U.S. Dollars in thousands)
Fresh Fruit	$	2,306,982			$	—			$	—			$	80,181			$	2,387,163
Diversified Fresh Produce - EMEA		2,400,967				(188	)			23,642				145,659				2,570,080
Diversified Fresh Produce - Americas & ROW		1,391,731				(6,524	)			—				(74,800	)			1,310,407
Intersegment		(117,845	)			—				—				23,208				(94,637	)
Total	$	5,981,835			$	(6,712	)		$	23,642			$	174,248			$	6,173,013

	Adjusted EBITDA for the Nine Months Ended
	September 30, 2022				Impact of Foreign Currency Translation				Impact of Acquisitions and Divestitures				Like-for-like Increase (Decrease)				September 30, 2023
	(U.S. Dollars in thousands)
Fresh Fruit	$	166,087			$	(330	)		$	—			$	14,381			$	180,138
Diversified Fresh Produce - EMEA		88,397				212				1,458				10,865				100,932
Diversified Fresh Produce - Americas & ROW		28,399				(245	)			1,498				(2,461	)			27,191
Total	$	282,883			$	(363	)		$	2,956			$	22,785			$	308,261

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 September 30, 2023 is presented below. Net Debt as of September 30, 2023 was $0.9 billion.

	September 30, 2023				December 31, 2022
	(U.S. Dollars in thousands)
Cash and cash equivalents (Reported GAAP)		217,523				228,840
Debt (Reported GAAP):
Long-term debt, net		(859,677	)			(1,127,321	)
Current maturities		(255,953	)			(97,435	)
Bank overdrafts		(13,772	)			(8,623	)
Total debt, net		(1,129,402	)			(1,233,379	)
Less: Debt discounts and debt issuance costs (Reported GAAP)		(15,233	)			(17,874	)
Total gross debt		(1,144,635	)			(1,251,253	)
Net Debt (Non-GAAP)	$	(927,112	)		$	(1,022,413	)

Free Cash Flow from Continuing Operations Reconciliation

	Nine Months Ended
	September 30, 2023				September 30, 2022
	(U.S. Dollars in thousands)
Net cash provided by operating activities - continuing operations (Reported GAAP)		157,134				183,076
Less: Capital expenditures (Reported GAAP)10		(51,334	)			(58,555	)
Free cash flow from continuing operations (Non-GAAP)	$	105,800			$	124,521

____________________

10 Capital expenditures do not include amounts attributable to discontinued operations.

Supplemental Consolidated Income Statement by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended																Year Ended
	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net	$	1,970,231			$	2,050,909			$	1,960,695			$	2,042,568			$	8,024,403
Cost of sales		(1,818,436	)			(1,885,400	)			(1,829,233	)			(1,891,456	)			(7,424,525	)
Gross profit		151,795				165,509				131,462				151,112				599,878
Selling, marketing, general and administrative expenses		(109,544	)			(110,365	)			(103,349	)			(112,934	)			(436,192	)
Gain (loss) on disposal of businesses		242				—				—				(50	)			192
Impairment of property, plant and equipment		—				—				—				(397	)			(397	)
Gain on asset sales		495				7,926				767				2,596				11,784
Operating income		42,988				63,070				28,880				40,327				175,265
Other income (expense), net		2,464				8,102				9,199				(9,165	)			10,600
Interest income		1,584				1,410				1,427				1,986				6,407
Interest expense		(11,616	)			(10,833	)			(15,677	)			(18,245	)			(56,371	)
Income from continuing operations before income taxes and equity earnings		35,420				61,749				23,829				14,903				135,901
Income tax (expense) benefit		(7,358	)			(5,300	)			34,155				4,106				25,603
Equity method earnings		577				3,151				300				2,698				6,726
Income from continuing operations		28,639				59,600				58,284				21,707				168,230
Loss from discontinued operations, net of income taxes		(25,230	)			(11,195	)			(11,704	)			(8,318	)			(56,447	)
Net income		3,409				48,405				46,580				13,389				111,783
Less: Net income attributable to noncontrolling interests		(4,803	)			(7,133	)			(6,743	)			(6,608	)			(25,287	)
Net (loss) income attributable to Dole plc	$	(1,394	)		$	41,272			$	39,837			$	6,781			$	86,496
Income (loss) per share - basic:
Continuing operations	$	0.26			$	0.55			$	0.54			$	0.16			$	1.51
Discontinued operations		(0.27	)			(0.12	)			(0.12	)			(0.09	)			(0.60	)
Net income (loss) per share attributable to Dole plc - basic	$	(0.01	)		$	0.43			$	0.42			$	0.07			$	0.91
Income (loss) per share - diluted:
Continuing operations	$	0.26			$	0.55			$	0.54			$	0.16			$	1.51
Discontinued operations		(0.27	)			(0.12	)			(0.12	)			(0.09	)			(0.60	)
Net income (loss) per share attributable to Dole plc - diluted	$	(0.01	)		$	0.43			$	0.42			$	0.07			$	0.91
Weighted-average shares:
Basic		94,878				94,878				94,891				94,899				94,886
Diluted		94,909				94,913				94,908				94,928				94,914

Supplemental Reconciliation from Net Income to Adjusted EBITDA by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended																Year Ended
	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022
	(U.S. Dollars in thousands)
Net income (Reported GAAP)	$	3,409			$	48,405			$	46,580			$	13,389			$	111,783
Loss from discontinued operations, net of income taxes		25,230				11,195				11,704				8,318				56,447
Income from continuing operations (Reported GAAP)		28,639				59,600				58,284				21,707				168,230
Income tax expense (benefit)		7,358				5,300				(34,155	)			(4,106	)			(25,603	)
Interest expense		11,616				10,833				15,677				18,245				56,371
Mark to market losses (gains)		(1,138	)			(6,991	)			2,310				8,868				3,049
(Gain) on asset sales		—				(7,816	)			(530	)			(1,970	)			(10,316	)
Impairment on property, plant and equipment		—				—				—				397				397
Incremental charges on biological assets from the Acquisition		17,513				17,431				5,520				681				41,145
Other items		(868	)			116				(532	)			656				(628	)
Adjustments from equity method investments		1,128				2,195				1,603				2,614				7,540
Adjusted EBIT (Non-GAAP)		64,248				80,668				48,177				47,092				240,185
Depreciation		22,533				25,696				25,315				25,159				98,703
Amortization of intangible assets		2,842				2,773				2,633				2,645				10,893
Depreciation and amortization adjustments from equity method investments		2,260				2,666				3,073				2,616				10,615
Adjusted EBITDA (Non-GAAP)	$	91,883			$	111,803			$	79,198			$	77,512			$	360,396

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended																Year Ended
	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Net income (loss) attributable to Dole plc (Reported GAAP)	$	(1,394	)		$	41,272			$	39,837			$	6,781			$	86,496
Loss from discontinued operations, net of income taxes		25,230				11,195				11,704				8,318				56,447
Income from continuing operations attributable to Dole plc		23,836				52,467				51,541				15,099				142,943
Adjustments:
Amortization of intangible assets		2,842				2,773				2,633				2,645				10,893
Mark to market (gains) losses		(1,138	)			(6,991	)			2,310				8,868				3,049
(Gain) on asset sales		—				(7,816	)			(530	)			(1,970	)			(10,316	)
Incremental charges on biological assets from the Acquisition		17,513				17,431				5,520				681				41,145
Other items		(868	)			116				(532	)			1,053				(231	)
Adjustments from equity method investments		678				612				628				662				2,580
Income tax on items above and discrete tax items		(1,931	)			(5,196	)			(34,501	)			(8,876	)			(50,504	)
NCI impact on items above		(458	)			(953	)			(878	)			(898	)			(3,187	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	40,474			$	52,443			$	26,191			$	17,264			$	136,372
Adjusted earnings per share – basic (Non-GAAP)	$	0.43			$	0.55			$	0.28			$	0.18			$	1.44
Adjusted earnings per share – diluted (Non-GAAP)	$	0.43			$	0.55			$	0.28			$	0.18			$	1.44
Weighted average shares outstanding – basic		94,878				94,878				94,891				94,899				94,886
Weighted average shares outstanding – diluted		94,909				94,913				94,908				94,928				94,914

Supplemental Selected Segmental Financial Information by Quarter - for the Year Ended December 31, 2022 - Unaudited

Revenue by Segment:

	Three Months Ended																Year Ended
	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022
	(U.S. Dollars in thousands)
Fresh Fruit	$	749,803			$	805,831			$	751,348			$	740,167			$	3,047,149
Diversified Fresh Produce - EMEA		791,155				849,848				759,964				751,594				3,152,561
Diversified Fresh Produce - Americas & ROW		463,692				448,200				479,839				573,936				1,965,667
Intersegment		(34,419	)			(52,970	)			(30,456	)			(23,129	)			(140,974	)
Total	$	1,970,231			$	2,050,909			$	1,960,695			$	2,042,568			$	8,024,403

Adjusted EBITDA by Segment:

	Three Months Ended																Year Ended
	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022
	(U.S. Dollars in thousands)
Fresh Fruit	$	60,397			$	56,308			$	49,382			$	39,460			$	205,547
Diversified Fresh Produce - EMEA		19,277				38,434				30,686				22,656				111,053
Diversified Fresh Produce - Americas & ROW		12,209				17,061				(870	)			15,396				43,796
Total	$	91,883			$	111,803			$	79,198			$	77,512			$	360,396

Non-GAAP Financial Measures

Dole plc’s results are determined in accordance with U.S. GAAP.

In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations and Net Debt, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.

Adjusted EBIT is calculated from GAAP net income by: (1) 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 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 nine months ended September 30, 2023 and September 30, 2022, 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, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding restructuring charges and costs for legal matters not in the ordinary course of business 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) 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 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 nine months ended September 30, 2023 and September 30, 2022, 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, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding restructuring charges and costs for legal matters not in the ordinary course of business 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) 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 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 nine months ended September 30, 2023 and September 30, 2022, 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, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding restructuring charges and costs for legal matters not in the ordinary course of business 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 provided by operating activities for continuing operations less GAAP capital expenditures.

Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Dole is not able to provide a reconciliation for projected FY'23 results without taking unreasonable efforts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231116584297/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

What is the stock ticker symbol for Dole plc?

The stock ticker symbol for Dole plc is DOLE.

What was the percentage increase in Adjusted EBITDA?

Adjusted EBITDA rose by 7.6% to $85.2 million.

When is the cash dividend for the third quarter of 2023 payable?

The cash dividend for the third quarter of 2023 is payable on January 4, 2024 to shareholders of record on December 14, 2023.