Commenting on the results, Carl McCann, Executive Chairman, said:
“We are very pleased that our momentum from the first half of the year has continued into the third quarter. We delivered another strong set of results, with Revenue growth of 4.2% and Adjusted EBITDA growth of 7.6%," said Carl McCann, Executive Chairman.
"As we move towards the end of the financial year, our strong result for the first nine months positions us to deliver a good result for the year and we are now targeting Adjusted EBITDA for 2023 of at least $365.0 million.
"Once again, we would like to extend our appreciation to all of our people across the Group for their dedication and efforts in delivering these results.”
Highlights for the three months ended September 30, 2023:
- Revenue of $2.0 billion, an increase of 4.2%
- Net Income of $54.0 million, an increase of 15.9%
- Adjusted EBITDA1 of $85.2 million, an increase of 7.6%
- Adjusted Net Income of $22.6 million and Adjusted Diluted EPS of $0.24
- Cash proceeds of $45.5 million related to asset sales
Group Results - Third Quarter
Revenue increased 4.2%, or $82.0 million, primarily due to strong performance in the Diversified EMEA segment, offset partially by the Diversified Americas and Fresh Fruit segments. On a like-for-like basis3, revenue was 1.2%, or $23.6 million, ahead of prior year.
Adjusted EBITDA increased 7.6%, or $6.0 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments. On a like-for-like basis, Adjusted EBITDA increased 4.2%, or $3.4 million.
Adjusted Net Income decreased $3.6 million, predominantly due to higher interest expense and tax expense, offset by the increases in Adjusted EBITDA as noted above and lower depreciation. Adjusted Diluted EPS for the three months ended September 30, 2023 was $0.24 compared to $0.28 in the prior year.