Slide 1: Q1'24 Results Presentation
Q1’24 Results Presentation
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s speak only as of the date on which such statements are made, and we do not current views with respect to future events, financial performance, expected undertake any obligation to update any forward-looking s
Slide 3: Q1'24 Highlights
Q1’24 Highlights
Slide 4: Q1'24 Highlights
Q1’24 Highlights Revenue ▪ Good start to the financial year with strong results delivered in Q1’24 across the Group Q1'24 Q1'23 Variance ➢ Revenue +6.6% $2,121m $1,989m +6.6% Adjusted EBITDA (1) ➢ Adjusted EBITDA (1) +9.7% Q1'24 Q1'23 Variance ➢ Adjusted Diluted EPS (1) +26.5% $110.1m $100.4m +9.7%
Slide 5: Operational Review
Operational Review
Slide 6: Operational Review Q1'24
Operational Review Q1’24 Fresh Fruit Diversified Fresh Produce Fresh Vegetables Solid start to the year EMEA On March 28, 2024, we announced the termination of the agreement to sell the European operations maintaining Strong start to the year with higher pricing division to Fresh Express due to the
Slide 7: Financial Review
Financial Review
Slide 8: Group Results
Group Results Q1’24 Q1’23 Revenue - $’m 2,121 1,989 Income from Continuing Operations (3) - $’m 71.5 35.0 Net Income - $’m 65.4 20.5 Net Income attributable to Dole plc - $’m 70.1 14.2 Diluted EPS from Continuing Operations - $ 0.80 0.30 Diluted EPS - $ 0.74 0.15 Non-GAAP performance measures (4) Ad
Slide 9: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q1’24 Q1’23 Adjusted Adjusted Revenue Revenue EBITDA EBITDA Fresh Fruit 824 69.4 799 69.2 Diversified Fresh Produce – EMEA 854 26.0 798 23.4 Diversified Fresh Produce – Americas & ROW 477 14.7 423 7.8 Intersegment (33) - (31) - Total 2,121 110.1 1,989 100.
Slide 10: Fresh Fruit
Fresh Fruit REVENUE $’M Q1’24 REVIEW ▪ 3.2% increase in revenue +3.2% 799 824 YoY ▪ Increase primarily due to higher worldwide volumes of bananas and pineapples sold and an increase in worldwide pricing of pineapples, offset in part by Q1'23 Q1'24 lower worldwide pricing for bananas ▪ Adjusted EBITD
Slide 11: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M Q1’24 REVIEW +7.0% -13.4% YoY ▪ 7.0% increase in revenue primarily driven by strong performance in Ireland, the U.K. and Northern 798 854 Europe, a favorable impact from foreign currency +4.6% translation and an incremental net positive impact LFL (5) Q1'23
Slide 12: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q1’24 REVIEW +12.8% YoY ▪ 12.8% increase in revenue ▪ Increase driven by higher volumes of cherries sold, 423 477 improved pricing and volumes in avocados and +17.4% LFL (6) generally strong volumes and better pricing across Q1'23 Q1'24 most commo
Slide 13: Capital Allocation and Leverage
Capital Allocation and Leverage NET DEBT (7) CASH CAPEX (8) Q1’24: $18.2m Continuing Operations $’m Q1’24 Q1’23 Total Gross Debt (1,015.2) (1,297.9) Cash and Cash Equivalents 239.4 266.2 Net Debt (Non-GAAP) (775.8) (1,031.7) ASSET & BUSINESS Q1’24: $116.9m SALES NET LEVERAGE (9) Q1’24: $0.08 DIVIDEN
Slide 14: FY'24 Outlook And Strategic Priorities
FY’24 Outlook And Strategic Priorities
Slide 15: FY'24 Outlook
FY’24 Outlook FY’24 Adjusted EBITDA – continuing operations Target: $360 million (11) 15.7917 in Capital Expenditure – continuing operations ~ $110 - $120 million Interest Expense ~ $75 - $80 million 11) Previous guidance issued on February 29, 2024, has been maintained and has been updated to refle
Slide 16: FY'24 Strategic Priorities
FY’24 Strategic Priorities Accelerating Investing for Exiting the Focusing on Advancing on growth in core growth while Fresh cost control our business areas maintaining Vegetables and operating sustainability and categories disciplined business efficiencies goals and approach to across our adapting
Slide 17: Q&A
Q&A
Slide 18: Appendix: Non-GAAP Measures and Reconciliations
Appendix Non-GAAP Measures and Reconciliations
Slide 19: Non-GAAP Measures
Non-GAAP Measures Dole plc’s results are determined in accordance with U.S GAAP. 2023, included 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
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Mar 31, 2024 Mar 31, 2023 (U.S. Dollars in thousands) Net income (Reported GAAP) $65,436 $20,483 Loss from discontinued operations, net of income taxes 6,051 14,506 Income from continuing
Slide 21: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC SHAREHOLDERS TO ADJUSTED NET INCOME – UNAUDITED Three Months Ended Mar 31, 2024 Mar 31, 2023 (U.S. Dollars in thousands, except per share amounts) Net income attributable to Dole plc (Reported GAAP) $70,143 $1
Slide 22: Like for Like Analysis – Q1'24
Like for Like Analysis – Q1’24 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Mar 31, 2023 Currency Acquisitions and Increase Mar 31, 2024 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $798,910 $ - $ - $25,319 $824,229 Diversified Fresh Pro
Slide 23: Net Debt
Net Debt Mar 31, 2024 (U.S. Dollars in thousands) Debt (Reported GAAP) Long-term debt, net (774,361) Current maturities (215,281) Bank overdrafts (12,054) Total debt, net (1,001,696) Less: Debt discounts and debt issuance costs (13,517) Total gross debt (1,015,213) Cash and cash equivalents 239,397
Slide 24: Contact: investors@doleplc.com
Contact: investors@doleplc.com