Dole says yearly results were “very strong”

Dole has reported on what it described as a “very strong” set of results for 2023, with increases in revenue and net income.

The group’s adjusted EBITDA climbed and net debt was cut, but year-on-year adjusted net income fell.

Revenue grew 2.8 per cent compared with the full-year of 2022, or US$220.9m, up to US$8.2bn.

This was driven by increases in the diversified EMEA and fresh fruit segments, primarily as a result of inflation-justified price increases, a positive impact from foreign currency translation of US$26.7m and a net positive impact from acquisitions and divestitures of US$35.8m.

Adjusted EBITDA increased 6.9 per cent to US$381.5m, primarily due to stronger performance in the diversified EMEA and fresh fruit segments, partially offset by a lower result in the diversified Americas segment due to seasonal timing differences in the Chilean cherry season.

The group’s adjusted net income decreased by US$18.3m, down from US$136.4m to US$118.1m.

This was predominantly due to higher interest expense and tax expense, partially offset by the increases in adjusted EBITDA and lower depreciation expense.

“2023 was a year of positive development for the group,” said executive chairman Carl McCann. ”We are very pleased with our strong full year results, delivering adjusted EBITDA growth of 6.9 per cent and reducing our net debt by over US$200m.

”Earlier this week, we announced an agreement to sell our 65 per cent equity stake in Progressive Produce to Arable Capital Partners,” he continued. ”The proceeds from this sale will be used to further strengthen our financial position and increase our focus on our core activities.

”We believe our business is well positioned to deliver another good result in 2024, and at this early stage of the year, our target is to deliver full year adjusted EBITDA in line with 2023 on a like-for-like basis.

Our results in 2023 would not be possible without the efforts of our people, and we extend thanks to everyone for their continued dedication and contributions during this past year,” McCann added.