Reveune climbs 2.8 per cent while company highlights “strong operational performance” last year
Dole has released its financial report for 2024, welcoming “very strong” full year results achieved following ”a year of good momentum” for the group.
Revenue stood at US$8.5bn, an increase of 2.8 per cent – or growth of 6.7 per cent on a like-for-like basis – from US$8.24bn in 2023.
This was due to strong performances across all segments and a favourable impact from foreign currency translation of US$13.4 million, the company explained.
These positive impacts were partially offset by a net negative impact from acquisitions and divestitures of US$335.6mn, particularly in the Diversified Fresh Produce – Americas & ROW segment, as a result of the disposal of the Progressive Produce business.
Net Income decreased from US$155.7mn to US$143.4mn, which Dole attributed to the non-cash write down of the carrying value of the Fresh Vegetables division in the fourth quarter, offset ”significantly” by the ”strong operational performance” of the group.
Net income attributable to Dole rose from US$124.1mn in 2023 to US$125.5mn.
“We are pleased to report another strong result in the fourth quarter, rounding out a year of positive progress and development for the Group,” said Carl McCann, executive chairman at Dole. ”Adjusted EBITDA increased 6.7 per cent on a like-for-like basis, a result which was ahead of our latest guidance.
”We finished the year in a strong financial position, with net leverage reducing to 1.6x, as we prioritised capital allocation and maximising cash flow generation.
”For the current financial year, although there is increased uncertainty due to the evolving geopolitical environment, we believe our business is well positioned to deliver another good result,” he continued.
”At this early stage of the financial year, we are targeting full year Adjusted EBITDA in the range of US$370mn–US$380mn.
”Finally, we would like to extend thanks to all our dedicated people for their contributions and focus throughout the year, helping to drive our group forward and delivering our strong 2024 financial result,” McCann added.
