February 23, 2024
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Dole’s momentum continues in the third quarter


Westlake Village-based Dole plc reported its third-quarter earnings on Nov. 16 and noted higher revenue and net income than in the same quarter a year ago.

Dole reported revenue worth $2 billion for the quarter ended Sept. 30, up 4.2% from the same quarter a year ago.

In a press release, Dole said the revenue increase was driven by strong performance in the company’s diversified Europe, Middle East, and Africa fresh sales, which were about $97 million more in the third quarter of 2023.

Net income was at $54 million in the third quarter, a 16% increase from the same quarter a year ago.

Adjusted net income did decrease slightly, about $3.6 million, due to higher interest expense and tax expense, offset by the increases in Adjusted earnings before interest, taxes, depreciation, and amortization.

Adjusted EBITDA increased 7.6%, or $6 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments, Dole said in a press release.

The company also raised its guidance for full year EBITDA to at least $365 million.

“We are very pleased that our momentum from the first half of the year has continued into the third quarter. We delivered another strong set of results, with Revenue growth of 4.2% and Adjusted EBITDA growth of 7.6%,” Carl McCann, executive chairman at Dole, said in a press release.

“As we move towards the end of the financial year, our strong result for the first nine months positions us to deliver a good result for the year.”

Dole ended the quarter with cash and cash equiavents worth $217.5 million. The company also announced a third quarter dividend of eight cents per share payable on Jan. 4 to shareholders of record on Dec. 14.