A strong operational performance across all segments drives revenue and net income growth at the group
Dole has said it recorded a “strong” set of results for the first quarter of 2024, with revenue, EBITDA and net income all climbing.
Revenue for the period ended 31 March was up 6.6 per cent to US$2.1bn, thanks to a ”strong operational performance across all segments” and a US$12.8m favourable impact of foreign currency translation.
Adjusted EBITDA increased 9.7 per cent, or US$9.7m, up to US$110.1m, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments, the group outlined.
Adjusted net income grew from US$32.3m last year to US$40.6m.
“We are pleased to deliver a strong result for the first quarter of 2024, with revenue growth of 6.6 per cent and Adjusted EBITDA increasing 9.7 per cent to US$110.1m,” said executive chairman Carl McCann.
“We successfully completed the sale of our 65 per cent equity stake in Progressive Produce in March and used the net proceeds to strengthen our financial position by reducing our long-term debt by US$100m,” he explained. ”At the end of the quarter, our net debt was US$776m.
“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,” McCann added. ”Adjusting for the sale of Progressive Produce, this implies an Adjusted EBITDA target of at least US$360m.”
