6-K
Dole plc (DOLE)
6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2025
Commission File Number 001-40695
Dole plc
(Translation of registrant's name into English)
29 North Anne Street, Dublin 7
D07 PH36 Ireland
200 S. Tryon St, Suite #600, Charlotte, NC
United States 28202
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ◻ Form 40-F
On May 12, 2025, Dole plc (the "Company") will host a conference call and simultaneous webcast to discuss the Company's financial results for the three months ended March 31, 2025. An archived replay of the webcast and the investor presentation used during the webcast will be available shortly after the live event has concluded in the Investors section of the Company's website, www.doleplc.com/investors. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
EXHIBIT INDEX
Exhibit No. Description
99.1 Dole plc Press Release issued May 12, 2025 – Dole plc Reports First Quarter 2025 Financial Results
DOLE PLC
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: May 12, 2025 | DOLE PLC<br><br>(Registrant) |
|---|---|
| By: /s/ Jacinta Devine | |
| Name: Jacinta Devine | |
| Title: Chief Financial Officer |
Document
Exhibit 99.1
Dole plc Reports First Quarter 2025 Financial Results
DUBLIN – May 12, 2025 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months ended March 31, 2025.
Highlights for the three months ended March 31, 2025:
•Good first quarter performance, positioning the Company to deliver a strong full year result for 2025
•Revenue of $2.1 billion, a decrease of 1.0% (an increase of 4.2% on a like-for-like basis1)
•Net Income decreased to $44.2 million, primarily due to the benefit of an exceptional net gain on the disposal of Progressive Produce recorded in the prior period
•Adjusted EBITDA2 of $104.8 million, a decrease of 4.8% (a decrease of 2.0% on a like-for-like basis)
•Adjusted Net Income2 of $33.1 million and Adjusted Diluted EPS of $0.35
•Quarterly dividend increased by 6.25% to 8.5 cent per share
•Post quarter end, successfully completed $1.2 billion refinance of credit facilities
Financial Highlights - Unaudited
| Three Months Ended | |||
|---|---|---|---|
| March 31, 2025 | March 31, 2024 | ||
| (U.S. Dollars in millions, except per share amounts) | |||
| Revenue | 2,099 | 2,121 | |
| Income from Continuing Operations3 | 44.1 | 71.5 | |
| Net Income | 44.2 | 65.4 | |
| Net Income attributable to Dole plc | 38.9 | 70.1 | |
| Diluted EPS from Continuing Operations | 0.41 | 0.80 | |
| Diluted EPS | 0.41 | 0.74 | |
| Adjusted EBITDA2 | 104.8 | 110.1 | |
| Adjusted Net Income2 | 33.1 | 40.6 | |
| Adjusted Diluted EPS2 | 0.35 | 0.43 |
Commenting on the results, Carl McCann, Executive Chairman, said:
“We are pleased to report another good performance for the first quarter of the 2025 financial year. Group revenue increased 4.2% on a like for like basis and we delivered $104.8 million of Adjusted EBITDA, surpassing our initial projections.
Post quarter end, we successfully completed the refinance of our credit facilities. This refinancing provides enhanced financial flexibility to support our growth initiatives.
Today, we have declared an 8.5 cent dividend for the first quarter, a 6.25% increase. For the current financial year, although the economic environment remains unpredictable, we are pleased to announce an upward revision of our guidance and are now targeting full year Adjusted EBITDA of at least $380.0 million.”
1 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. Refer to the Appendix and "Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances.
2 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, Net Leverage 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.
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.
Group Results - First Quarter
Revenue decreased 1.0%, or $22.0 million primarily due to a net negative impact from acquisitions and divestitures of $89.8 million, particularly in the Diversified Fresh Produce - Americas & ROW segment as a result of the disposal of the Progressive Produce business in mid-March 2024, as well as an unfavorable impact from foreign currency translation of $21.0 million. These decreases were offset by positive operational performance in the Fresh Fruit and Diversified Fresh Produce - EMEA segments. On a like-for-like basis, revenue increased 4.2%, or $88.8 million.
Net Income decreased 32.5% , or $21.3 million, to $44.2 million, primarily due to the prior year benefit of a net exceptional gain of $37.3 million related to the disposal of the Progressive Produce business ($74.0 million gain on disposal less a non-cash goodwill impairment charge of $36.7 million). There was also a decrease of other income of $8.0 million, primarily related to fair value adjustments of financial instruments. These decreases were partially offset by higher earnings in equity method investments relating to a non-cash gain on a M&A transaction related to an equity method investment, as well as higher net income within discontinued operations.
Adjusted EBITDA decreased 4.8%, or $5.3 million, primarily driven by decreases in the Fresh Fruit segment, a net negative impact from acquisitions and divestitures of $2.4 million, particularly in the Diversified Fresh Produce - Americas & ROW segment related to the disposal of the Progressive Produce business, and an unfavorable impact from foreign currency translation of $0.7 million. These decreases were partially offset by increases in the Diversified Fresh Produce - EMEA segment. On a like-for-like basis, Adjusted EBITDA decreased 2.0%, or $2.2 million.
Adjusted Net Income decreased 18.4%, or $7.5 million, predominantly due to the decreases in Adjusted EBITDA noted above as well as higher depreciation expense. Adjusted Diluted EPS for the three months ended March 31, 2025 was $0.35 compared to $0.43 in the prior year.
Selected Segmental Financial Information (Unaudited)
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||||||
| (U.S. Dollars in thousands) | ||||||||
| Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | |||||
| Fresh Fruit | $ | 878,145 | $ | 63,331 | $ | 824,229 | $ | 69,435 |
| Diversified Fresh Produce - EMEA | 892,087 | 27,660 | 853,598 | 25,959 | ||||
| Diversified Fresh Produce - Americas & ROW | 363,413 | 13,831 | 476,882 | 14,705 | ||||
| Intersegment | (34,241) | — | (33,335) | — | ||||
| Total | $ | 2,099,404 | $ | 104,822 | $ | 2,121,374 | $ | 110,099 |
Fresh Fruit
Revenue increased 6.5%, or $53.9 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of pineapples and plantains, partially offset by lower worldwide volumes of pineapples and plantains sold.
Adjusted EBITDA decreased 8.8%, or $6.1 million, primarily driven by anticipated higher fruit costs following Tropical Storm Sara that impacted Honduras in November 2024, as well as higher shipping costs due to the completion of scheduled dry dockings and the impact of an operational disruption for one of our vessels servicing the North American market. These challenges were partially offset by an improved performance in pineapples on a worldwide basis as well as good growth in banana volumes.
Diversified Fresh Produce – EMEA
Revenue increased 4.5%, or $38.5 million, primarily due to strong performance in the U.K., Spain and the Netherlands, partially offset by an unfavorable impact from foreign currency translation of $19.4 million, as a result of the weakening of the Euro and Swedish krona against the U.S. Dollar, and a net negative impact from acquisitions and divestitures of $10.5 million. On a like-for-like basis, revenue increased 8.0%, or $68.4 million.
Adjusted EBITDA increased 6.6%, or $1.7 million, primarily driven by increases in earnings in the U.K., Spain and the Netherlands, partially offset by lower earnings in Germany and an unfavorable impact of foreign currency translation of $0.7 million. On a like-for-like basis, Adjusted EBITDA increased 9.4%, or $2.5 million.
Diversified Fresh Produce – Americas & ROW
Revenue decreased 23.8%, or $113.5 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue decreased 6.8%, or $32.6 million, primarily due to lower export pricing in key southern hemisphere export products, primarily cherries, as well as decreases in the North American market, particularly due to lower pricing for grapes and lower volumes in avocados.
Adjusted EBITDA decreased 5.9%, or $0.9 million, primarily driven by the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA increased 10.4%, or $1.5 million, primarily due to a strong performance in the North American market in kiwis as well as in citrus and avocados, partially offset by declines in the southern hemisphere export side in cherries and grapes as well as declines in berries in the North American market.
Capital Expenditures
Cash capital expenditures from continuing operations for the three months ended March 31, 2025 were $52.8 million, including the buyout of two vessel finance leases of $36.0 million that were already reflected within Net Debt as of December 31, 2024. Other expenditures included investments in vessel dry dockings, farming investments, efficiency projects in our warehouses and ongoing investments in IT and logistics assets. Additions through finance leases from continuing operations were $0.2 million for the three months ended March 31, 2025.
Free Cash Flow from Continuing Operations and Net Debt
Free cash flow from continuing operations was an outflow of $131.6 million for the three months ended March 31, 2025. Free cash flow was primarily driven by normal seasonal impacts. There were outflows from receivables based on timing of collections. Free cash flow was also impacted by the buyout of finance leases discussed above. Net Debt and Net Leverage as of March 31, 2025 was $742.1 million and 1.9x, respectively.
Debt Refinancing
On May 1, 2025, we announced the successful completion of the refinance of our corporate credit facilities. The new credit facilities consist of a $600.0 million multicurrency five-year Revolving Credit Facility (“RCF”), a $250.0 million five-year Term Loan A (“TLA”) and a $350.0 million seven-year Farm Credit term loan. These new credit facilities replace an existing RCF, TLA and a senior secured Term Loan B. All facilities have been successfully syndicated.
Outlook for Fiscal Year 2025 (forward-looking statement)
The Group's performance in the first quarter of 2025 was ahead of our own expectations. This result provides a strong foundation for the rest of the year, in a very dynamic macro-economic environment.
Like most multinational businesses, we continue to monitor the evolving macro-economic scenario. We believe our industry is a good example of the benefits of international trade, providing year-round healthy products to our consumers and are confident the existing trade flows will continue on acceptable terms. Short term disruptions may arise across a range of areas such as foreign exchange rates, labor markets and supply chains.
Our good start to the year, along with our resilient and diverse business model, gives us confidence in our ability to navigate the challenges of the current volatile economic environment. Consequently, we are pleased to revise our guidance upward and are now targeting full year Adjusted EBITDA of at least $380.0 million
For fiscal year 2025, we are maintaining our guidance for maintenance capital expenditure of approximately $100.0 million, broadly in line with our expected annual depreciation expense. Additionally, we also anticipate some increased capital expenditure over the course of the year related to our reinvestments in Honduras following Tropical Storm Sara, albeit significantly supported by insurance proceeds.
We remain focused on exploring a range of development opportunities through both internal and external investment, which we believe can further strengthen our business and drive growth for the years ahead.
Our full-year interest expense guidance remains at approximately $70.0 million, based on the assumption that base rates will stay broadly stable in 2025 and without considering any exceptional cash proceeds from disposals.
Dividend
On May 9, 2025, the Board of Directors of Dole plc declared a cash dividend for the first quarter of 2025 of $0.085 per share, payable on July 7, 2025 to shareholders of record on June 9, 2025. A cash dividend of $0.08 per share was paid on April 3, 2025 for the fourth quarter of 2024.
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 85 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 first quarter 2025 financial results. The webcast can be accessed at www.doleplc.com/investor-relations or directly at
https://events.q4inc.com/attendee/573569584. The conference call can be accessed by registering at
https://registrations.events/direct/Q4I84584929.
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.
Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
+353 1 887 2794
Media Contact:
Brian Bell, Ogilvy
+353 87 2436 130
Appendix
Condensed Consolidated Statements of Operations - Unaudited
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| (U.S. Dollars and shares in thousands, except per share amounts) | ||||
| Revenues, net | $ | 2,099,404 | $ | 2,121,374 |
| Cost of sales | (1,917,211) | (1,926,697) | ||
| Gross profit | 182,193 | 194,677 | ||
| Selling, marketing, general and administrative expenses | (118,412) | (118,950) | ||
| Gain on disposal of businesses | 361 | 73,950 | ||
| Gain on asset sales | 3,801 | 417 | ||
| Impairment of goodwill | — | (36,684) | ||
| Impairment and asset write-downs of property, plant and equipment | (38) | (1,277) | ||
| Operating income | 67,905 | 112,133 | ||
| Other (expense) income, net | (348) | 7,622 | ||
| Interest income | 3,040 | 3,079 | ||
| Interest expense | (17,182) | (17,948) | ||
| Income from continuing operations before income taxes and equity earnings | 53,415 | 104,886 | ||
| Income tax expense | (17,578) | (34,401) | ||
| Equity method earnings | 8,292 | 1,002 | ||
| Income from continuing operations | 44,129 | 71,487 | ||
| Income (loss) from discontinued operations, net of income taxes | 30 | (6,051) | ||
| Net income | 44,159 | 65,436 | ||
| Net (income) loss attributable to noncontrolling interests | (5,247) | 4,707 | ||
| Net income attributable to Dole plc | $ | 38,912 | $ | 70,143 |
| Income (loss) per share - basic: | ||||
| Continuing operations | $ | 0.41 | $ | 0.80 |
| Discontinued operations | — | (0.06) | ||
| Net income per share attributable to Dole plc - basic | $ | 0.41 | $ | 0.74 |
| Income (loss) per share - diluted: | ||||
| Continuing operations | $ | 0.41 | $ | 0.80 |
| Discontinued operations | — | (0.06) | ||
| Net income per share attributable to Dole plc - diluted | $ | 0.41 | $ | 0.74 |
| Weighted-average shares: | ||||
| Basic | 95,109 | 94,929 | ||
| Diluted | 95,677 | 95,229 |
Condensed Consolidated Statements of Cash Flows - Unaudited
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| Operating Activities | (U.S. Dollars in thousands) | |||
| Net income | $ | 44,159 | $ | 65,436 |
| (Income) loss from discontinued operations, net of taxes | (30) | 6,051 | ||
| Income from continuing operations | 44,129 | 71,487 | ||
| Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: | ||||
| Depreciation and amortization | 26,544 | 24,121 | ||
| Impairment of goodwill | — | 36,684 | ||
| Impairment and asset write-downs of property, plant and equipment | 38 | 1,277 | ||
| Net gain on sale of assets | (3,801) | (417) | ||
| Net gain on sale of businesses | (361) | (73,950) | ||
| Net loss (gain) on financial instruments | 4,822 | (4,498) | ||
| Stock-based compensation expense | 1,447 | 1,832 | ||
| Equity method earnings | (8,292) | (1,002) | ||
| Amortization of debt discounts and debt issuance costs | 1,290 | 1,591 | ||
| Deferred tax benefit | (516) | (11,062) | ||
| Pension and other postretirement benefit plan expense | 1,364 | 992 | ||
| Dividends received from equity method investments | 197 | — | ||
| Gain on insurance proceeds | (1,407) | (527) | ||
| Other | (1,365) | 367 | ||
| Changes in operating assets and liabilities: | ||||
| Receivables, net of allowances | (144,356) | (123,162) | ||
| Inventories | 1,420 | (43,605) | ||
| Prepaids, other current assets and other assets | (1,745) | (1,443) | ||
| Accounts payable, accrued liabilities and other liabilities | 1,803 | 86,359 | ||
| Net cash (used in) operating activities - continuing operations | (78,789) | (34,956) | ||
| Investing activities | ||||
| Sales of assets | 4,824 | 1,023 | ||
| Capital expenditures | (52,836) | (18,238) | ||
| Proceeds from sale of businesses, net of transaction costs | 361 | 115,845 | ||
| Insurance proceeds | 15,826 | 527 | ||
| Purchases of investments | (1) | (187) | ||
| Purchases of unconsolidated affiliates | — | (374) | ||
| Acquisitions, net of cash acquired | — | (57) | ||
| Other | (12) | (2,040) | ||
| Net cash (used in) provided by investing activities - continuing operations | (31,838) | 96,499 | ||
| Financing activities | ||||
| Proceeds from borrowings and overdrafts | 312,077 | 490,871 | ||
| Repayments on borrowings and overdrafts | (248,815) | (573,994) | ||
| Dividends paid to shareholders | (7,765) | (7,594) | ||
| Dividends paid to noncontrolling interests | (2,192) | (7,173) | ||
| Payment of contingent consideration | (38) | (796) | ||
| Net cash provided by (used in) financing activities - continuing operations | 53,267 | (98,686) | ||
| Effect of foreign exchange rate changes on cash | 5,954 | (5,630) | ||
| Net cash (used in) provided by operating activities - discontinued operations | (22,054) | 5,753 | ||
| Net cash used in investing activities - discontinued operations | (1,737) | (382) | ||
| Cash (used in) provided by discontinued operations, net | (23,791) | 5,371 | ||
| Decrease in cash and cash equivalents | (75,197) | (37,402) | ||
| Cash and cash equivalents at beginning of period, including discontinued operations | 331,719 | 277,005 | ||
| Cash and cash equivalents at end of period, including discontinued operations | $ | 256,522 | $ | 239,603 |
| Supplemental cash flow information: | ||||
| Income tax payments, net of refunds | $ | (9,465) | $ | (10,498) |
| Interest payments on borrowings | $ | (16,657) | $ | (17,394) |
Condensed Consolidated Balance Sheets - Unaudited
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| ASSETS | (U.S. Dollars and shares in thousands) | |||
| Cash and cash equivalents | $ | 254,878 | $ | 330,017 |
| Short-term investments | 6,132 | 6,019 | ||
| Trade receivables, net of allowances for credit losses of $19,981 and $19,493, respectively | 619,534 | 473,511 | ||
| Grower advance receivables, net of allowances for credit losses of $32,850 and $29,304, respectively | 109,786 | 104,956 | ||
| Other receivables, net of allowances for credit losses of $14,959 and $15,248, respectively | 128,107 | 125,412 | ||
| Inventories, net of allowances of $4,269 and $4,178, respectively | 432,993 | 430,090 | ||
| Prepaid expenses | 72,320 | 66,136 | ||
| Other current assets | 19,295 | 15,111 | ||
| Fresh Vegetables current assets held for sale | 318,837 | 332,042 | ||
| Other assets held for sale | 851 | 1,419 | ||
| Total current assets | 1,962,733 | 1,884,713 | ||
| Long-term investments | 14,403 | 14,630 | ||
| Investments in unconsolidated affiliates | 128,714 | 129,322 | ||
| Actively marketed property | 45,391 | 45,778 | ||
| Property, plant and equipment, net of accumulated depreciation of $530,954 and $498,895, respectively | 1,079,824 | 1,082,056 | ||
| Operating lease right-of-use assets | 337,351 | 337,468 | ||
| Goodwill | 438,334 | 429,590 | ||
| DOLE brand | 306,280 | 306,280 | ||
| Other intangible assets, net of accumulated amortization of $123,532 and $118,956, respectively | 23,690 | 25,238 | ||
| Other assets | 98,336 | 108,804 | ||
| Deferred tax assets, net | 81,880 | 82,484 | ||
| Total assets | $ | 4,516,936 | $ | 4,446,363 |
| LIABILITIES AND EQUITY | ||||
| Accounts payable | $ | 670,897 | $ | 648,586 |
| Income taxes payable | 54,140 | 42,753 | ||
| Accrued liabilities | 430,386 | 437,017 | ||
| Bank overdrafts | 9,433 | 11,443 | ||
| Current portion of long-term debt, net | 44,744 | 80,097 | ||
| Current maturities of operating leases | 64,342 | 62,896 | ||
| Payroll and other tax | 35,247 | 28,056 | ||
| Contingent consideration | 3,280 | 3,399 | ||
| Pension and other postretirement benefits | 18,309 | 18,491 | ||
| Fresh Vegetables current liabilities held for sale | 206,407 | 244,669 | ||
| Dividends payable and other current liabilities | 21,903 | 14,696 | ||
| Total current liabilities | 1,559,088 | 1,592,103 | ||
| Long-term debt, net | 933,983 | 866,075 | ||
| Operating leases, less current maturities | 278,654 | 280,836 | ||
| Deferred tax liabilities, net | 74,469 | 79,598 | ||
| Income taxes payable, less current portion | 6,210 | 6,210 | ||
| Contingent consideration, less current portion | 3,064 | 4,007 | ||
| Pension and other postretirement benefits, less current portion | 130,678 | 129,870 | ||
| Other long-term liabilities | 52,538 | 52,746 | ||
| Total liabilities | 3,038,684 | 3,011,445 | ||
| Redeemable noncontrolling interests | 33,114 | 35,554 | ||
| Stockholders’ equity: | ||||
| Common stock — $0.01 par value; 300,000 shares authorized; 95,138 and 95,041 shares outstanding as of March 31, 2025 and December 31, 2024, respectively | 951 | 950 | ||
| Additional paid-in capital | 796,920 | 801,099 | ||
| Retained earnings | 688,607 | 657,430 | ||
| Accumulated other comprehensive loss | (148,664) | (166,180) | ||
| Total equity attributable to Dole plc | 1,337,814 | 1,293,299 | ||
| Equity attributable to noncontrolling interests | 107,324 | 106,065 | ||
| Total equity | 1,445,138 | 1,399,364 | ||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 4,516,936 | $ | 4,446,363 |
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 | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| (U.S. Dollars in thousands) | ||||
| Net income (Reported GAAP) | $ | 44,159 | $ | 65,436 |
| (Income) loss from discontinued operations, net of income taxes | (30) | 6,051 | ||
| Income from continuing operations (Reported GAAP) | 44,129 | 71,487 | ||
| Income tax expense | 17,578 | 34,401 | ||
| Interest expense | 17,182 | 17,948 | ||
| Mark to market losses (gains) | 5,916 | (2,870) | ||
| (Gain) loss on asset sales | (2,441) | 31 | ||
| Gain on disposal of businesses | (361) | (73,950) | ||
| Impairment of goodwill | — | 36,684 | ||
| Other items4 | 94 | (1,800) | ||
| Adjustments from equity method investments | (5,712) | 1,514 | ||
| Adjusted EBIT (Non-GAAP) | 76,385 | 83,445 | ||
| Depreciation | 24,813 | 21,848 | ||
| Amortization of intangible assets | 1,731 | 2,273 | ||
| Depreciation and amortization adjustments from equity method investments | 1,893 | 2,533 | ||
| Adjusted EBITDA (Non-GAAP) | $ | 104,822 | $ | 110,099 |
4 For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. For the three months ended March 31, 2024, other items is primarily comprised of $1.8 million of insurance proceeds, net of asset writedowns.
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 | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| (U.S. Dollars and shares in thousands, except per share amounts) | ||||
| Net income attributable to Dole plc (Reported GAAP) | $ | 38,912 | $ | 70,143 |
| (Income) loss from discontinued operations, net of income taxes | (30) | 6,051 | ||
| Income from continuing operations attributable to Dole plc | 38,882 | 76,194 | ||
| Adjustments: | ||||
| Amortization of intangible assets | 1,731 | 2,273 | ||
| Mark to market losses (gains) | 5,916 | (2,870) | ||
| (Gain) loss on asset sales | (2,441) | 31 | ||
| Gain on disposal of businesses | (361) | (73,950) | ||
| Impairment of goodwill | — | 36,684 | ||
| Other items5 | 94 | (1,800) | ||
| Adjustments from equity method investments | (7,444) | 531 | ||
| Income tax on items above and discrete tax items | (1,941) | 14,319 | ||
| NCI impact of items above | (1,360) | (10,861) | ||
| Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) | $ | 33,076 | $ | 40,551 |
| Adjusted earnings per share – basic (Non-GAAP) | $ | 0.35 | $ | 0.43 |
| Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.35 | $ | 0.43 |
| Weighted average shares outstanding – basic | 95,109 | 94,929 | ||
| Weighted average shares outstanding – diluted | 95,677 | 95,229 |
5 For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. For the three months ended March 31, 2024, other items is primarily comprised of $1.8 million of insurance proceeds, net of asset writedowns.
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 March 31, 2025<br><br>(U.S. Dollars in thousands) | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items6 | Operating Income | ||||||||||||||||
| Reported (GAAP) | $ | 2,099,404 | (1,917,211) | 182,193 | 8.7 | % | (118,412) | 4,124 | $ | 67,905 | ||||||||||||
| (Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | ||||||||||||||||
| Amortization of intangible assets | — | — | — | 1,731 | — | 1,731 | ||||||||||||||||
| Mark to market losses (gains) | — | 200 | 200 | — | — | 200 | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | (2,441) | (2,441) | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (361) | (361) | ||||||||||||||||
| Other items | — | — | — | 94 | — | 94 | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | 2,099,404 | (1,917,011) | 182,393 | 8.7 | % | (116,587) | 1,322 | $ | 67,128 | Three Months Ended March 31, 2024<br><br>(U.S. Dollars in thousands) | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items7 | Operating Income | ||||||||||||||||
| Reported (GAAP) | $ | 2,121,374 | (1,926,697) | 194,677 | 9.2 | % | (118,950) | 36,406 | $ | 112,133 | ||||||||||||
| (Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | ||||||||||||||||
| Amortization of intangible assets | — | — | — | 2,273 | — | 2,273 | ||||||||||||||||
| Mark to market losses (gains) | — | (120) | (120) | — | — | (120) | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | 31 | 31 | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (73,950) | (73,950) | ||||||||||||||||
| Impairment of goodwill | — | — | — | — | 36,684 | 36,684 | ||||||||||||||||
| Other items | — | (1,800) | (1,800) | — | — | (1,800) | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | 2,121,374 | (1,928,617) | 192,757 | 9.1 | % | (116,677) | (829) | $ | 75,251 |
6 Other operating items for the three months ended March 31, 2025 is comprised of a gain on disposal of businesses of $0.4 million and gain of asset sales of $3.8 million, offset partially by other immaterial activity, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
7 Other operating items for the three months ended March 31, 2024 is comprised of a gain on disposal of businesses of $74.0 million, offset by a goodwill impairment charge of $36.7 million and impairment and asset write-downs of property, plant and equipment of $1.3 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
| Three Months Ended March 31, 2025<br><br>(U.S. Dollars in thousands) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Income (loss) from discontinued operations, net of income taxes | ||||||||||||
| Reported (GAAP) | $ | (348) | 3,040 | (17,182) | (17,578) | 8,292 | 44,129 | 30 | ||||||||||
| (Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | (30) | |||||||||||
| Amortization of intangible assets | — | — | — | — | — | 1,731 | — | |||||||||||
| Mark to market losses (gains) | 5,716 | — | — | — | — | 5,916 | — | |||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | (2,441) | — | |||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (361) | — | |||||||||||
| Other items | — | — | — | — | — | 94 | — | |||||||||||
| Adjustments from equity method investments | — | — | — | — | (7,444) | (7,444) | — | |||||||||||
| Income tax on items above and discrete tax items | — | — | — | (1,869) | (72) | (1,941) | — | |||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | |||||||||||
| Adjusted (Non-GAAP) | $ | 5,368 | 3,040 | (17,182) | (19,447) | 776 | 39,683 | $ | — | |||||||||
| Three Months Ended March 31, 2024<br><br>(U.S. Dollars in thousands) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Income (loss) from discontinued operations, net of income taxes | ||||||||||||
| Reported (GAAP) | $ | 7,622 | 3,079 | (17,948) | (34,401) | 1,002 | 71,487 | (6,051) | ||||||||||
| (Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 6,051 | |||||||||||
| Amortization of intangible assets | — | — | — | — | — | 2,273 | — | |||||||||||
| Mark to market losses (gains) | (2,750) | — | — | — | — | (2,870) | — | |||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | 31 | — | |||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (73,950) | — | |||||||||||
| Impairment of goodwill | — | — | — | — | — | 36,684 | — | |||||||||||
| Other items | — | — | — | — | — | (1,800) | — | |||||||||||
| Adjustments from equity method investments | — | — | — | — | 531 | 531 | — | |||||||||||
| Income tax on items above and discrete tax items | — | — | — | 14,419 | (100) | 14,319 | — | |||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | |||||||||||
| Adjusted (Non-GAAP) | $ | 4,872 | 3,079 | (17,948) | (19,982) | 1,433 | 46,705 | $ | — | |||||||||
| Three Months Ended March 31, 2025<br><br>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) | $ | 44,159 | $ | (5,247) | $ | 38,912 | $ | 0.41 | ||||||||||
| (Income) loss from discontinued operations, net of income taxes | (30) | — | (30) | |||||||||||||||
| Amortization of intangible assets | 1,731 | — | 1,731 | |||||||||||||||
| Mark to market losses (gains) | 5,916 | — | 5,916 | |||||||||||||||
| (Gain) loss on asset sales | (2,441) | — | (2,441) | |||||||||||||||
| Gain on disposal of businesses | (361) | — | (361) | |||||||||||||||
| Other items | 94 | — | 94 | |||||||||||||||
| Adjustments from equity method investments | (7,444) | — | (7,444) | |||||||||||||||
| Income tax on items above and discrete tax items | (1,941) | — | (1,941) | |||||||||||||||
| NCI impact of items above | — | (1,360) | (1,360) | |||||||||||||||
| Adjusted (Non-GAAP) | $ | 39,683 | $ | (6,607) | $ | 33,076 | $ | 0.35 | ||||||||||
| Weighted average shares outstanding – diluted | 95,677 | Three Months Ended March 31, 2024<br><br>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) | $ | 65,436 | $ | 4,707 | $ | 70,143 | $ | 0.74 | ||||||||||
| (Income) loss from discontinued operations, net of income taxes | 6,051 | — | 6,051 | |||||||||||||||
| Amortization of intangible assets | 2,273 | — | 2,273 | |||||||||||||||
| Mark to market losses (gains) | (2,870) | — | (2,870) | |||||||||||||||
| (Gain) loss on asset sales | 31 | — | 31 | |||||||||||||||
| Gain on disposal of businesses | (73,950) | — | (73,950) | |||||||||||||||
| Impairment of goodwill | 36,684 | — | 36,684 | |||||||||||||||
| Other items | (1,800) | — | (1,800) | |||||||||||||||
| Adjustments from equity method investments | 531 | — | 531 | |||||||||||||||
| Income tax on items above and discrete tax items | 14,319 | — | 14,319 | |||||||||||||||
| NCI impact of items above | — | (10,861) | (10,861) | |||||||||||||||
| Adjusted (Non-GAAP) | $ | 46,705 | $ | (6,154) | $ | 40,551 | $ | 0.43 | ||||||||||
| Weighted average shares outstanding – diluted | 95,229 |
Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited
| Revenue for the Three Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | March 31, 2025 | ||||||
| (U.S. Dollars in thousands) | ||||||||||
| Fresh Fruit | $ | 824,229 | $ | (37) | $ | — | $ | 53,953 | $ | 878,145 |
| Diversified Fresh Produce - EMEA | 853,598 | (19,446) | (10,488) | 68,423 | 892,087 | |||||
| Diversified Fresh Produce - Americas & ROW | 476,882 | (1,531) | (79,307) | (32,631) | 363,413 | |||||
| Intersegment | (33,335) | — | — | (906) | (34,241) | |||||
| Total | $ | 2,121,374 | $ | (21,014) | $ | (89,795) | $ | 88,839 | $ | 2,099,404 |
| Adjusted EBITDA for the Three Months Ended | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| March 31, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | March 31, 2025 | ||||||
| (U.S. Dollars in thousands) | ||||||||||
| Fresh Fruit | $ | 69,435 | $ | 115 | (52) | $ | (6,167) | $ | 63,331 | |
| Diversified Fresh Produce - EMEA | 25,959 | (745) | (5) | 2,451 | 27,660 | |||||
| Diversified Fresh Produce - Americas & ROW | 14,705 | (108) | (2,298) | 1,532 | 13,831 | |||||
| Total | $ | 110,099 | $ | (738) | $ | (2,355) | $ | (2,184) | $ | 104,822 |
Net Debt and Net Leverage Reconciliation – Unaudited
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. Net Leverage is calculated as total Net Debt divided by Last Twelve Months ("LTM") Adjusted EBITDA as of the period end. The calculation of Net Debt and Net Leverage as of March 31, 2025 is presented below. Net Debt as of March 31, 2025 was $742.1 million and Net Leverage was 1.9x.
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| (U.S. Dollars in thousands) | ||||
| Cash and cash equivalents (Reported GAAP) | $ | 254,878 | $ | 330,017 |
| Debt (Reported GAAP): | ||||
| Long-term debt, net | (933,983) | (866,075) | ||
| Current maturities | (44,744) | (80,097) | ||
| Bank overdrafts | (9,433) | (11,443) | ||
| Total debt, net | (988,160) | (957,615) | ||
| Add: Debt discounts and debt issuance costs (Reported GAAP) | (8,770) | (9,531) | ||
| Total gross debt | (996,930) | (967,146) | ||
| Net Debt (Non-GAAP) | $ | (742,052) | $ | (637,129) |
| LTM Adjusted EBITDA (Non-GAAP) | 386,926 | 392,203 | ||
| Net Leverage (Non-GAAP) | 1.9x | 1.6x | ||
| Last Twelve Months ("LTM") Adjusted EBITDA | ||||
| FY'24 Adjusted EBITDA | 392,203 | 392,203 | ||
| Less: Q1'24 Adjusted EBITDA | (110,099) | |||
| Plus: Q1'25 Adjusted EBITDA | 104,822 | |||
| LTM Adjusted EBITDA | $ | 386,926 | $ | 392,203 |
Free Cash Flow from Continuing Operations Reconciliation – Unaudited
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| (U.S. Dollars in thousands) | ||||
| Net cash provided by operating activities - continuing operations (Reported GAAP) | $ | (78,789) | $ | (34,956) |
| Less: Capital expenditures (Reported GAAP)8 | (52,836) | (18,238) | ||
| Free cash flow from continuing operations (Non-GAAP) | $ | (131,625) | $ | (53,194) |
8 Capital expenditures do not include amounts attributable to discontinued operations.
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, Net Debt and Net Leverage, 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) 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 months ended March 31, 2025 and March 31, 2024, included adding impairment charges on goodwill, 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; 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 months ended March 31, 2025 and March 31, 2024, included adding impairment charges on goodwill, 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; and (8) the Company’s share of these items from equity method investments.
Last Twelve Months ("LTM") Adjusted EBITDA is calculated as Adjusted EBITDA, as defined above, for the last twelve months as of the period end, which for the three months ended March 31, 2025, is calculated as subtracting the Adjusted EBITDA for the three months ended March 31, 2024 from the Adjusted EBITDA for the year ended December 31, 2024 and then adding Adjusted EBITDA for the three months ended March 31, 2025. LTM Adjusted EBITDA for the year ended December 31, 2024 is the same as Adjusted EBITDA for the year ended December 31, 2024.
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 months ended March 31, 2025 and March 31, 2024, included adding impairment charges on goodwill, 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; (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.
Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above.
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 U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. The impact of foreign currency translation represents an estimate of the effect of translating the results of operations denominated in a foreign currency to U.S. Dollar at prior year average rates, as compared to current year average rates.
Dole is not able to provide a reconciliation for projected FY'25 results without taking unreasonable efforts.
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