Produce giant Dole announced its financial results for the fourth quarter and full 2024 year, noting a  4.6% ($95.2 million) rise in revenue driven by strong performance across segments.

Revenue was affected by $2.5 million in foreign currency translation and $111.2 million from acquisitions and divestitures, particularly due to the sale of Progressive Produce. On a like-for-like basis, revenue increased 10.1% ($208.9 million).  

Net loss reached $31.6 million, down from a $28.9 million profit last year, primarily due to a $61.2 million loss from discontinued operations, including a non-cash adjustment of $104.9 million. 

Adjusted EBITDA fell 2.9% ($2.2 million), with a negative impact from acquisitions, although the Fresh Fruit segment performed well. On a like-for-like basis, Adjusted EBITDA increased 3.7% ($2.8 million).  

Adjusted Net Income increased 3.0% ($0.5 million) due to lower interest expense, despite the decline in Adjusted EBITDA. Adjusted Diluted EPS remained at $0.16.  

Full year results  

Revenue grew by 2.8% ($230.1 million), boosted by strong operational performance and favorable foreign currency translation, but impacted by $335.6 million from acquisitions and divestitures. On a like-for-like basis, revenue increased 6.7% ($552.2 million).  

Net income was $143.4 million, down $12.3 million, mainly from a fair value loss of $78.2 million in discontinued operations. 

Adjusted EBITDA increased 1.8% ($7.1 million) due to stronger performance in Fresh Fruit, despite a decline in another segment. On a like-for-like basis, Adjusted EBITDA improved by 6.7% ($25.7 million).  

Adjusted Net Income rose 2.4% ($2.8 million) from higher Adjusted EBITDA and lower expenses, with Adjusted Diluted EPS up to $1.27 from $1.24. 

The Fresh Fruit segment revenue was up 5.0% ($157.7 million), led by higher banana sales and pricing; Adjusted EBITDA rose 2.8% ($5.9 million).  

Diversified Fresh Produce revenue in the EMEA region was up 5.1% ($175.7 million) with strong performances in the UK and Ireland, although Adjusted EBITDA fell 1.5% ($2.1 million).  

Diversified Fresh Produce revenue in the Americas & ROW decreased 6.3% ($113.9 million) due to the Progressive Produce sale, but increased 13.0% on a like-for-like basis. Adjusted EBITDA improved by 7.6% ($3.2 million) on a like-for-like basis by 52.3% ($22.3 million).

Fourth quarter results 

The Fresh Fruit segment revenue was up 9.4% ($70.4 million) due to higher banana volumes and pricing, offset by lower prices and volumes for pineapples and plantains in Europe. Adjusted EBITDA rose by 10.8% ($3.1 million).  

Revenue for the Diversified Fresh Produce segment in the EMEA region increased 5.5% ($47.7 million), largely from strong UK and Spain performance, but Adjusted EBITDA dipped 0.5% ($0.2 million).  

The Diversified Fresh Produce segment in the Americas & ROW fell 5.4% ($26.5 million) due to the Progressive Produce divestiture but increased 16.1% on a like-for-like basis. Adjusted EBITDA decreased 33.7% ($5.2 million). 

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