Company said performance in three-month period positions it to deliver a strong full-year result for 2024
Dole reported revenue of US$2.1bn for the third quarter of 2024, up 1 per cent on the year-earlier period. The company said this was primarily due to positive operational performance across all segments and a US$12.7mn net favourable impact of foreign currency translation, offset partially due to a net negative impact from acquisitions and divestitures of US$110.9mn.
On a like-for-like basis, revenue was up 5.8 per cent, or US$117.9mn on the year-earlier period. Net income fell by 60.1 per cent, or US$32.5mn, primarily due to the benefit of an exceptional US$28.8mn gain on sale of a non-core asset recorded in the prior period.
There was also a decrease of other income of US$9.3mn, primarily related to fair value adjustments of financial instruments. Adjusted Ebitda decreased by 3.7 per cent, or US$3.1mn, mainly driven by decreases in the Fresh Fruit and Diversified Fresh Produce - EMEA segments, partially offset by strong performance in the Diversified Fresh Produce - Americas & ROW segment.
On a like-for-like basis, adjusted Ebitda increased by 2.3 per cent, or US$1.9mn. Adjusted net income fell by US$4.5mn, predominantly due to the decreases in adjusted Ebitda noted above as well as higher income tax expense, offset partially by lower interest expense.
Adjusted Diluted EPS for the three months ended 30 September, 2024 was US$0.19 compared to US$0.24 in the prior year.
