DUBLIN - Dole plc (NYSE: DOLE) today announced its financial results for the first quarter ended March 31, 2024, surpassing analyst expectations for adjusted earnings per share (EPS).
The company reported a Q1 adjusted EPS of $0.43, which was $0.10 higher than the analyst estimate of $0.33. Revenue for the quarter was in line with consensus estimates, coming in at $2.12 billion.
Dole's first-quarter performance showcased a robust increase in net income, which soared by 219.5% to $65.4 million. The company also experienced a 6.6% rise in revenue compared to the same quarter last year, indicating a strong operational performance across all segments. Adjusted EBITDA grew by 9.7% to $110.1 million, reflecting the company's effective management and strategic initiatives.
Carl McCann, Executive Chairman of Dole, expressed satisfaction with the quarter's results, highlighting the 6.6% revenue growth and the increase in adjusted EBITDA. "We successfully completed the sale of our 65% equity stake in Progressive Produce in March and used the net proceeds to strengthen our financial position by reducing our long-term debt by $100 million," McCann stated. He also noted that the company's strong start to the year positions it well to deliver another good result in 2024.
Looking forward, Dole maintains its full-year guidance, aiming to deliver an adjusted EBITDA in line with 2023 on a like-for-like basis, which implies a target of at least $360 million. The company also expects to keep its capital expenditure for continuing operations between $110 million and $120 million while reducing its interest expense guidance to a range of $75 million to $80 million.
The first quarter's success was driven by higher worldwide volumes of bananas and pineapples sold, better pricing and volumes in avocados, and generally strong volumes and better pricing across most commodities. These positive results were partially offset by lower worldwide pricing for bananas and the impact of the disposal of the Progressive Produce business.
Dole's robust financial position is further evidenced by its ability to reduce net debt to $776 million at the end of the quarter. The company remains committed to delivering strong results for the fiscal year 2024, backed by its solid start and strategic initiatives.
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