DUBLIN, IRELAND - Dole plc recently released its financial results for the three and nine months ended September 30, 2024.
“We are pleased to deliver another positive result for the third quarter of 2024, continuing the good momentum we have built over the course of this year, with Adjusted EBITDA increasing 2.3 percent to $82.1 million on a like-for-like basis,” shared Carl McCann, Executive Chairman. “Our performance over the first nine months positions us well to deliver a strong result for the full year. Today, we are pleased to raise our full year Adjusted EBITDA target by $10.0 million to at least $380.0 million.”
Here are the highlights for the three months ended September 30, 2024:
- Positive third quarter performance, positioning the company to deliver a strong full year result for 2024
- Revenue of $2.1 billion, an increase of 1 percent. On a like-for-like basis, revenue increased 5.8 percent
- Net Income decreased to $21.5 million, primarily due to the benefit of an exceptional $28.8 million gain on sale of a non-core asset recorded in the prior period
- Adjusted EBITDA of $82.1 million, a decrease of 3.7 percent. On a like-for-like basis, Adjusted EBITDA increased 2.3 percent
- Adjusted Net Income of $18 million and Adjusted Diluted EPS of $0.19
- Increasing full year Adjusted EBITDA guidance by $10 million. Targeting Adjusted EBITDA of at least $380 million for the full year
A press release shared group results for the third quarter, showing revenue increased 1 percent, or $19.7 million primarily due to positive operational performance across all segments and a $12.7 million net favorable impact of foreign currency translation, offset partially due to a net negative impact from acquisitions and divestitures of $110.9 million. On a like-for-like basis, revenue was 5.8 percent, or $117.9 million, ahead of the prior year.
Adjusted net income decreased by $4.5 million, predominantly due to the decreases in adjusted EBITDA noted above, as well as higher income tax expense, offset partially by lower interest expense. Adjusted Diluted EPS for the three months ended September 30, 2024 was $0.19 compared to $0.24 in the prior year.
Click here to dive into the full financial report.
Leave a tab open for ANUK so you never miss an industry update.
