Slide 1: Q2'24 Results Presentation
Q2'24 Results Presentation
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s undertake any obligation to update any forward-looking statement to reflect current views with respect to future events, financial performance, expected events or circumstances after the date on which such st
Slide 3: Q2'24 Highlights
Q2'24 Highlights
Slide 4: Q2'24 Highlights
Q2'24 Highlights Revenue Q2'24 Q2'23 Variance Variance LFL (1) ▪ Strong second quarter Group results, with growth across all segments on a like for like (“LFL”) basis (1) $2,124m $2,141m (0.8%) +4.3% ➢ Revenue +4.3% on a LFL basis Adjusted EBITDA (2) ➢ Adjusted EBITDA (2) +8.2% on a LFL basis Q2'24
Slide 5: Operational Review
Operational Review
Slide 6: Operational Review Q2'24
Operational Review Q2'24 Diversified Fresh Produce Diversified Fresh Produce Fresh Fruit EMEA Americas & ROW Fresh Vegetables Continued positive momentum in Good start to the year continued in Strong performance in the second Following the termination of the sale our European operations, driven by t
Slide 7: Financial Review
Financial Review
Slide 8: Group Results
Group Results Q2'24 Q2'23 H1’24 H1’23 Revenue - $’m 2,124 2,141 4,245 4,130 Income from Continuing Operations (4) - $’m 56.0 63.7 127.5 98.7 Net Income - $’m 88.1 52.3 153.5 72.8 Net Income attributable to Dole plc - $’m 80.1 42.3 150.3 56.4 Diluted EPS from Continuing Operations - $ 0.50 0.56 1.30
Slide 9: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q2'24 Q2'23 H1’24 H1'23 Adjusted Adjusted Adjusted Adjusted Revenue EBITDA Revenue EBITDA Revenue EBITDA Revenue EBITDA Fresh Fruit 851 70.6 839 65.8 1,676 140.0 1,638 135.0 Diversified Fresh Produce – EMEA 945 42.7 915 42.6 1,798 68.7 1,714 66.0 Diversifi
Slide 10: Fresh Fruit
Fresh Fruit REVENUE $’M Q2'24 REVIEW ▪ 1.5% increase in revenue +1.5% 839 851 YoY ▪ Increase primarily due to higher banana volumes in Europe and North America, higher worldwide pricing of bananas, and higher volume of plantains sold, Q2'23 Q2'24 partially offset by lower volumes and pricing for pin
Slide 11: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M Q2'24 REVIEW +3.2% -13.4% YoY ▪ 3.2% increase in revenue primarily driven by strong performance in Ireland, the U.K. and Spain, an 916 945 incremental net positive impact from acquisitions, +3.3% partially offset by an unfavorable impact from LFL foreign cu
Slide 12: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q2'24 REVIEW (14.7%) YoY ▪ 14.7% decrease in revenue, primarily due to the sale of Progressive Produce in March 2024 418 356 ▪ On a LFL basis, revenue increased 11.3% primarily + 11.3% LFL due to seasonal timing benefits as well as positive Q2'23
Slide 13: Capital Allocation and Leverage
Capital Allocation and Leverage NET DEBT CASH CAPEX (6) Q2'24: $17.5m Continuing Operations $’m Q2'24 Q2'23 H1’24: $35.7m Total Gross Debt (987.1) (1,235.0) Cash and Cash Equivalents 219.6 231.1 Net Debt (Non-GAAP) (767.5) (1,003.9) Q2'24: $0.9m ASSET & BUSINESS SALES H1’24: $117.7m NET LEVERAGE Q2'
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: $370 million 15.7917 in Capital Expenditure – continuing operations ~ $110 - $120 million Interest Expense ~ $75 - $80 million Q2'24 RESULTS 15
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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (U.S. Dollars in thousands) Net income (Reported GAAP) $88,065 $52,307 $153,501 $72,790 (Income) loss from disconti
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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (U.S. Dollars in thousands, except per share amounts) Net income attr
Slide 22: Like for Like Analysis – Q2'24
Like for Like Analysis – Q2'24 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like June 30, 2023 Currency Acquisitions and Increase June 30, 2024 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $839,043 $ - $ - $12,408 $851,451 Diversified Fresh P
Slide 23: Like for Like Analysis – H1'24
Like for Like Analysis – H1'24 Revenue for the Six Months Ended Impact of Foreign Impact of Like-for-like June 30, 2023 Currency Acquisitions and Increase June 30, 2024 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $1,637,953 $ - $ - $37,727 $1,675,680 Diversified Fresh
Slide 24: Net Debt
Net Debt June 30, 2024 (U.S. Dollars in thousands) Debt (Reported GAAP) Long-term debt, net (882,287) Current maturities (55,201) Bank overdrafts (38,613) Total debt, net (976,101) Less: Debt discounts and debt issuance costs (11,064) Total gross debt (987,165) Cash and cash equivalents 219,649 Net
Slide 25: Contact: investors@doleplc.com
Contact: investors@doleplc.com