Produce giant Dole posted its first-quarter financial results, noting a 6,6% increase in revenue and growth “across all segments”, the company shared.

Revenue rose $132.2 million, due to “strong operational performance across all segments” and a $12.8 million favorable impact of foreign currency translation. This was partially offset by a net negative impact from acquisitions and divestitures of $13.3 million. 

On a like-for-like basis, revenue was 6.7%, or $132.6 million, ahead of the prior year. This refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Net Income increased 219.5% ($45.0 million), due to strong operational performance across the Group, as well as the gain on the sale of Progressive Produce of $74.0 million, offset partially by an impairment of goodwill of $36.7 million.

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Adjusted EBITDA increased 9.7%, or $9.7 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments. On a like-for-like basis, Adjusted EBITDA increased 10.8%, or $10.8 million.

Adjusted Net Income increased $8.3 million, predominantly due to increases in Adjusted EBITDA as noted above and lower depreciation and interest expense, partially offset by higher tax expense. 

Adjusted Diluted EPS for the three months ended March 31, 2024 was $0.43 compared to $0.34 in the prior year.

"Our strong start to the year positions us well to deliver another good result in 2024. For the full year, we are maintaining our target to deliver Adjusted EBITDA in line with 2023 on a like-for-like basis. Adjusting for the sale of Progressive Produce, this implies an Adjusted EBITDA target of at least $360 million,” said Executive Chairman Carl McCann.

Fresh fruit

Revenue for the segment increased 3.2%, or $25.3 million, primarily due to higher worldwide volumes of bananas and pineapples sold. Additionally, an increase in worldwide pineapple pricing helped offset lower global banana prices.

Adjusted EBITDA increased 0.3%, or $0.2 million, driven by higher volumes and lower fruit sourcing costs, partially offset by lower pricing and decreases in commercial cargo.