Like-for-like revenue climbs in the first quarter, with Carl McCann announcing an upward revision of the group’s full-year guidance
Dole has said it turned in a good first quarter (Q1) performance, positioning it to deliver a “strong full year result for 2025”.
The group pointed to an increase in like-for-like revenue of 4.2 per cent on the same period of 2024.
However, overall revenue dropped 1 per cent from US$2.12bn to US$2.099bn.
This decrease was, the company explained, primarily due to a net negative impact from acquisitions and divestitures of US$89.8mn, particularly in the Diversified Fresh Produce – Americas & ROW segment, as a result of the disposal of the Progressive Produce business in mid-March 2024, as well as an unfavourable impact from foreign currency translation of US$21mn.
These were offset by positive operational performance in the Fresh Fruit and Diversified Fresh Produce – EMEA segments, it noted.
Net income decreased 32.5 per cent, or U$21.3mn, to US$44.2mn, attributed to the prior-year benefit of a net exceptional gain of US$37.3mn related to the disposal of the Progressive Produce business.
There was also a decrease of other income of US$8mn, primarily related to fair value adjustments of financial instruments.
Net Income attributable to Dole dropped from US$70.1mn last year to US$38.9mn.
Adjusted EBITDA decreased 4.8 per cent to US$104.8mn, driven by decreases in the Fresh Fruit segment, a net negative impact from acquisitions and divestitures of US$2.4mn, particularly in the Diversified Fresh Produce – Americas & ROW segment.
“We are pleased to report another good performance for the first quarter of the 2025 financial year,” said executive chairman Carl McCann.
”Group revenue increased 4.2 per cent on a like-for-like basis and we delivered US$104.8mn of adjusted EBITDA, surpassing our initial projections.
”Post quarter-end, we successfully completed the refinance of our credit facilities,” he continued. “This refinancing provides enhanced financial flexibility to support our growth initiatives.
”Today, we have declared an 8.5 cent dividend for the first quarter, a 6.25 per cent increase.
”For the current financial year, although the economic environment remains unpredictable, we are pleased to announce an upward revision of our guidance and are now targeting full year adjusted EBITDA of at least US$380mn,” he added.
