Dole plc has reported a strong performance for the first quarter of 2025, despite a slight decline in revenue. The company generated revenue of $2.1 billion, representing a 1.0% decrease compared to the same period in 2024. However, on a like-for-like basis—excluding the impact of foreign currency translation, acquisitions, and divestitures—revenue increased by 4.2%.
Net income for the quarter dropped to $44.2 million, down from $65.4 million in the prior year. The decline was primarily due to an exceptional net gain on the disposal of Progressive Produce recorded in the previous period, which significantly boosted last year's figures. Adjusted EBITDA, a key performance metric, reached $104.8 million, reflecting a 4.8% decrease from the same quarter in 2024. On a like-for-like basis, Adjusted EBITDA decreased by 2.0%. Adjusted net income for the quarter was $33.1 million, with adjusted diluted earnings per share (EPS) of $0.35, compared to $0.43 in the prior year.
Commenting on the results, Carl McCann, Executive Chairman of Dole, expressed satisfaction with the company's performance, highlighting the 4.2% like-for-like revenue increase and the achievement of $104.8 million in Adjusted EBITDA. McCann also noted the successful completion of a $1.2 billion refinancing of the company's credit facilities after the quarter ended. This refinancing is expected to enhance financial flexibility, supporting Dole's growth initiatives.
© Dole
The first quarter also saw an increase in the company's quarterly dividend, which was raised by 6.25% to 8.5 cents per share. McCann emphasized that, despite an unpredictable economic environment, the company has revised its full-year guidance upwards and now targets an Adjusted EBITDA of at least $380 million for 2025.
Dole's revenue decline was largely attributed to a net negative impact from acquisitions and divestitures, particularly the disposal of Progressive Produce in mid-March 2024, which reduced revenue in the Diversified Fresh Produce - Americas and ROW segment. The company also faced a $21 million impact from foreign currency translation. However, these setbacks were offset by strong performance in the Fresh Fruit and Diversified Fresh Produce - EMEA segments.
Net income was affected by the absence of the prior year's exceptional gain of $37.3 million from the sale of Progressive Produce, alongside an $8 million decline in other income, primarily due to fair value adjustments of financial instruments. Adjusted EBITDA also decreased due to lower performance in the Fresh Fruit segment and the impact of foreign currency translation.
Looking ahead, Dole remains focused on leveraging its strengthened financial position following the refinancing, maintaining its commitment to shareholder returns through the increased dividend, and pursuing growth opportunities in core segments.
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For more information:
James O'Regan
Dole
Tel: +353 1 887 2794
Email: [email protected]
www.dole.com
