• Group Revenue: Increased by 4.2% on a like-for-like basis to $2.1 billion.

• Adjusted EBITDA: Decreased 2% to $104.8 million.

• Adjusted Net Income: $33.1 million.

• Adjusted EPS: $0.35 per share, down from $0.43 in Q1 2024.

• Dividend Increase: 6.25% to $0.085 per share.

• Fresh Fruit Adjusted EBITDA: $63.3 million.

• Diversified EMEA Adjusted EBITDA: $27.7 million.

• Net Income: $44.2 million, a decrease of $21.3 million year-on-year.

• Fresh Fruit Revenue: Increased 6.5% due to higher banana volumes and pricing.

• Diversified Segment Revenue: Increased 4.5% on a reported basis.

• Cash Capital Expenditure: $52.8 million in the quarter.

• Free Cash Flow: Outflow of $131.6 million from continuing operations.

• Net Leverage: Increased to 1.9 times at the end of March.

• Full Year Adjusted EBITDA Guidance: Revised upwards to at least $380 million.

• Warning! GuruFocus has detected 4 Warning Sign with DOLE.

Release Date: May 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Dole PLC (NYSE:DOLE) reported a 4.2% increase in group revenue on a like-for-like basis, reaching $2.1 billion.

• The company increased its dividend by 6.25%, marking the first increase since 2021, reflecting confidence in long-term growth.

• Dole PLC (NYSE:DOLE) successfully completed a $1.2 billion refinancing of credit facilities at favorable rates, enhancing financial flexibility.

• The Diversified EMEA segment showed strong like-for-like growth, with adjusted EBITDA reaching $27.7 million.

• The company revised its full-year adjusted EBITDA guidance upwards to at least $380 million, indicating a positive outlook for the year.

Negative Points

• Adjusted EBITDA decreased by 2% to $104.8 million, primarily due to higher sourcing and shipping costs.

• The Fresh Fruit segment faced challenges from Tropical Storm Sarah, impacting production and sourcing costs.

• Adjusted net income decreased to $33.1 million, with adjusted EPS dropping to $0.35 from $0.43 in Q1 2024.

• The Diversified Americas segment experienced a 6.8% decline in revenue on a like-for-like basis due to lower export pricing and reduced volumes.

• The company faced a $21 million unfavorable impact from foreign currency translation, affecting reported revenue.

Q & A Highlights

Q: Can you elaborate on the factors contributing to the revised EBITDA guidance for the year? A: Rory Byrne, CEO, explained that the revised guidance is due to better-than-expected performance in Q1, particularly overcoming challenges from Tropical Storm Sarah. Additionally, favorable foreign exchange rates are expected to positively impact the remaining quarters. The guidance includes current tariff scenarios and their potential impacts.