Dole plc has had a "Satisfactory full year financial performance delivered in a challenging operating environment" as it releases financial results for the three months and year ended December 31, 2022.
Highlights for the year ended December 31, 2022:
- First full year of Dole plc results post-acquisition
- Good progress made on integration of legacy businesses and rebranding of European operations
- Launch of Dole Exotics and the "BeExotic" brand
- Released first Dole plc Sustainability Report, outlining medium to long-term sustainability goals
- Post year end, announced the Agreement to sell our Fresh Vegetables division to Fresh Express, for gross proceeds of approximately $293.0 million
- Satisfactory full year financial performance delivered in a challenging operating environment
- Full year revenue of $9.2 billion and Adjusted EBITDA1 of $337.7 million, in-line with our latest guidance
Commenting on the results, Carl McCann, Executive Chairman of Dole said: “We were very pleased to have a strong final quarter. We delivered Adjusted EBITDA growth of 21.7% for the fourth quarter and our full year revenue and Adjusted EBITDA were in line with guidance. Post year end, we announced the sale of our Fresh Vegetables business. This sale will strengthen the financial position of the Group and increase our focus on our core activities. With our diversified product offering and wide geographic footprint, we believe our business is well positioned for growth. For the 2023 financial year, we are targeting Adjusted EBITDA of $350.0 million."
Outlook and Strategic Priorities for Fiscal Year 2023 (forward-looking statement)
"The operating environment in 2023 continues to bring both new opportunities and new challenges.
We are continuing to see improvements in global supply chains and signs of moderating inflation, which can have a positive impact on our business. However, we have also witnessed further weather events, such as colder weather in Spain and Northern Africa, which have created challenges for importers in Northern Europe at the start of the year.
Within our own business, we recently experienced a cybersecurity incident identified as ransomware. The incident had a limited overall impact on our operations; however, it was disruptive for our Chilean and Fresh Vegetables businesses in particular.
Overall, for full year 2023, we believe our business is well positioned for growth. While forecasting in the current environment is complex, we are targeting full year Adjusted EBITDA of $350.0 million. This target assumes no contribution from the Fresh Vegetables division."