Dole plc reports ‘good performance’ in Q1 2025

May 12, 2025 DUBLIN–(BUSINESS WIRE)–Dole plc BB #:124463 today released its financial results for the three months ended March 31, 2025.

Highlights for the three months ended March 31, 2025:

• Good first quarter performance, positioning the Company to deliver a strong full year result for 2025
• Revenue of $2.1 billion, a decrease of 1.0% (an increase of 4.2% on a like-for-like basis)
• Net Income decreased to $44.2 million, primarily due to the benefit of an exceptional net gain on the disposal of Progressive Produce recorded in the prior period
• Adjusted EBITDA of $104.8 million, a decrease of 4.8% (a decrease of 2.0% on a like-for-like basis)
• Adjusted Net Income of $33.1 million and Adjusted Diluted EPS of $0.35
• Quarterly dividend increased by 6.25% to 8.5 cent per share
• Post quarter end, successfully completed $1.2 billion refinance of credit facilities

Commenting on the results, Carl McCann, Executive Chairman, said:

“We are pleased to report another good performance for the first quarter of the 2025 financial year. Group revenue increased 4.2% on a like for like basis and we delivered $104.8 million of Adjusted EBITDA, surpassing our initial projections.

Post quarter end, we successfully completed the refinance of our credit facilities. This refinancing provides enhanced financial flexibility to support our growth initiatives.

Today, we have declared an 8.5 cent dividend for the first quarter, a 6.25% increase. For the current financial year, although the economic environment remains unpredictable, we are pleased to announce an upward revision of our guidance and are now targeting full year Adjusted EBITDA of at least $380.0 million.”

Fresh Fruit
Revenue increased 6.5%, or $53.9 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of pineapples and plantains, partially offset by lower worldwide volumes of pineapples and plantains sold.

Adjusted EBITDA decreased 8.8%, or $6.1 million, primarily driven by anticipated higher fruit costs following Tropical Storm Sara that impacted Honduras in November 2024, as well as higher shipping costs due to the completion of scheduled dry dockings and the impact of an operational disruption for one of our vessels servicing the North American market. These challenges were partially offset by an improved performance in pineapples on a worldwide basis as well as good growth in banana volumes.

Diversified Fresh Produce – EMEA
Revenue increased 4.5%, or $38.5 million, primarily due to strong performance in the U.K., Spain and the Netherlands, partially offset by an unfavorable impact from foreign currency translation of $19.4 million, as a result of the weakening of the Euro and Swedish krona against the U.S. Dollar, and a net negative impact from acquisitions and divestitures of $10.5 million. On a like-for-like basis, revenue increased 8.0%, or $68.4 million.

Adjusted EBITDA increased 6.6%, or $1.7 million, primarily driven by increases in earnings in the U.K., Spain and the Netherlands, partially offset by lower earnings in Germany and an unfavorable impact of foreign currency translation of $0.7 million. On a like-for-like basis, Adjusted EBITDA increased 9.4%, or $2.5 million.

Diversified Fresh Produce – Americas & ROW
Revenue decreased 23.8%, or $113.5 million, primarily due to the disposal of the Progressive Produce business in mid- March 2024. On a like-for-like basis, revenue decreased 6.8%, or $32.6 million, primarily due to lower export pricing in key southern hemisphere export products, primarily cherries, as well as decreases in the North American market, particularly due to lower pricing for grapes and lower volumes in avocados.

Adjusted EBITDA decreased 5.9%, or $0.9 million, primarily driven by the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA increased 10.4%, or $1.5 million, primarily due to a strong performance in the North American market in kiwis as well as in citrus and avocados, partially offset by declines in the southern hemisphere export side in cherries and grapes as well as declines in berries in the North American market.

About Dole plc
A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.