Dole plc reported positive results for the third quarter ending Sept. 30.
“We are pleased to deliver another positive result for the third quarter of 2024, continuing the good momentum we have built over the course of this year, with Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increasing 2.3% to $82.1 million on a like-for-like basis,” Carl McCann, executive chairman, said in a news release. “Our performance over the first nine months positions us well to deliver a strong result for the full year. Today, we are pleased to raise our full-year Adjusted EBITDA target by $10 million to at least $380 million.”
For its fresh fruits division, Dole reported revenue increased 6.6%, or $49.6 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of bananas and pineapples. The increase was partially offset by lower worldwide volumes for pineapples and lower pricing and volume for plantains.
For its diversified produce segment, Dole reported revenue decreased 17%, or $80 million, primarily due to the disposal of the Progressive Produce business in mid-March this year.
On a like-for-like basis, revenue was 7.2%, or $33.6 million, ahead of the prior year, primarily due to volume and pricing growth in most commodities in North America.
The company offered these highlights for the three months ending Sept. 30:
- Positive third-quarter performance, positioning the company to deliver a strong full year result for 2024.
- Revenue of $2.1 billion, an increase of 1%. On a like-for-like basis, revenue increased 5.8%.
- Net Income decreased to $21.5 million, primarily due to the benefit of an exceptional $28.8 million gain on sale of a non-core asset recorded in the prior period.
- Adjusted EBITDA of $82.1 million, a decrease of 3.7%. On a like-for-like basis, adjusted EBITDA increased 2.3%.
