Touting a “strong result,” Dole plc has released its financial results for the three-month period ending June 30.
“We are pleased to report another strong result for the second quarter of 2024, with adjusted [earnings before interest, taxes, depreciation and amortization] increasing 2.2% to $125.4 million and 8.2% on a like-for-like basis,” Carl McCann, executive chairman, said in a news release. “Following the completion of our sale of Progressive Produce, we repaid $100 million of our term loan facilities in April, and at the end of the quarter, our net debt was $767.5 million. Our strong first half of the year, and positive momentum within the business, positions us well to deliver a good result for the 2024 financial year. Today, we are pleased to raise our full-year adjusted EBITDA target to at least $370 million.”
For the second quarter, Dole reported that revenue increased by 1.5%, or $12.4 million, primarily due to higher volumes of bananas in Europe and North America, higher worldwide pricing of bananas and higher volume of plantains sold, partially offset by lower volumes and pricing for pineapples.
For diversified fresh produce sold in Europe, the Middle East, and Africa, Dole reported revenue increased by 3.2%, or $29.2 million, primarily due to strong performance in Ireland, the United Kingdom and Spain, as well as an incremental positive impact from acquisitions of $7.8 million, partially offset by a $8.7 million unfavorable impact from foreign currency translation. On a like-for-like basis, revenue was 3.3%, or $30.2 million, ahead of prior year, Dole reported.
For sales in the Americas and the rest of the world, Dole reported revenue decreased by 14.7%, or $61.6 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024.
On March 13, Dole completed the sale of its 65% equity interest in the Progressive Produce business to PTF Holdings. As a result of the sale, Dole said it received gross proceeds of $120.3 million in cash and recognized a gain on the sale of $75.9 million.
