Dole plc Reports Fourth Quarter and Full Year 2023 Financial Results

Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months and year ended December 31, 2023.

Highlights for the year ended December 31, 2023:

Very strong full year results achieved following a year of good momentum for the Group
Revenue of $8.2 billion, an increase of 2.8%
Net income of $155.7 million, an increase of 39.3%, and Diluted EPS of $1.30
Adjusted EBITDA1 of $385.1 million, an increase of $24.7 million, or 6.9%
Adjusted Net Income of $118.1 million and Adjusted Diluted EPS of $1.24
Free Cash Flow from Continuing Operations of $220.6 million
Net Debt of $818.3 million, a reduction of $204.2 million

Financial Highlights - Unaudited

Three Months Ended

Year Ended

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

(U.S. Dollars in millions, except per share amounts)

Revenue

2,072

2,043

8,245

8,024

Income from Continuing Operations2

23.1

21.7

177.5

168.2

Net Income

28.9

13.4

155.7

111.8

Net Income attributable to Dole plc

22.3

6.8

124.1

86.5

Diluted EPS from Continuing Operations

0.17

0.16

1.53

1.51

Diluted EPS

0.23

0.07

1.30

0.91

Adjusted EBITDA1

76.9

77.5

385.1

360.4

Adjusted Net Income1

14.8

17.3

118.1

136.4

Adjusted Diluted EPS1

0.16

0.18

1.24

1.44

1 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). See full GAAP financial results in the appendix. Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt and Free Cash Flow from Continuing Operations are non-GAAP financial measures. Refer to the appendix of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP financial measures.

2 Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our consolidated statements of operations, its assets and liabilities are separately presented in our consolidated balance sheets, and its cash flows are presented separately in our consolidated statements of cash flows for all periods presented. Unless otherwise noted, our discussion of our results included herein, outlook and all supplementary tables, including non-GAAP financial measures, are presented on a continuing operations basis.

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

“2023 was a year of positive development for the Group. We are very pleased with our strong full year results, delivering Adjusted EBITDA growth of 6.9% and reducing our net debt by over $200 million.

Earlier this week, we announced an agreement to sell our 65% equity stake in Progressive Produce to Arable Capital Partners. The proceeds from this sale will be used to further strengthen our financial position and increase our focus on our core activities.

We believe our business is well positioned to deliver another good result in 2024, and at this early stage of the year, our target is to deliver full year Adjusted EBITDA in line with 2023 on a like-for-like basis.

Our results in 2023 would not be possible without the efforts of our people, and we extend thanks to everyone for their continued dedication and contributions during this past year.”

Group Results - Fourth Quarter

Revenue increased 1.5%, or $29.7 million, primarily due to a positive impact from foreign currency translation of $33.4 million, a net positive impact from acquisitions and divestitures of $12.2 million and an increase in revenue in the Diversified EMEA segment on a like-for-like basis3. Excluding the impact of foreign currency translation and acquisitions and divestitures, on a like-for-like basis, Group revenue decreased 0.8%, or $15.9 million, driven partially by lower revenue in the Diversified Americas segment.

Adjusted EBITDA decreased 0.8%, or $0.7 million, primarily driven by a decrease for the Fresh Fruit segment against a very strong prior year comparative, partially offset by a strong performance in the Diversified EMEA segment. On a like-for-like basis, Adjusted EBITDA decreased 2.0%, or $1.5 million.

Adjusted Net Income decreased $2.4 million, predominantly due to the decreases in Adjusted EBITDA and higher interest expense. Adjusted Diluted EPS was $0.16 compared to $0.18 in the prior year.

Group Results - Full Year

Revenue increased 2.8%, or $220.9 million, and, on a like-for-like basis, revenue increased 2.0%, or $158.3 million. The increase was driven by increases in the Diversified EMEA and Fresh Fruit segments primarily as a result of inflation-justified price increases, a positive impact from foreign currency translation of $26.7 million and a net positive impact from acquisitions and divestitures of $35.8 million. These positive impacts were partially offset by lower revenue in the Diversified Americas segment.

Adjusted EBITDA increased 6.9%, or $24.7 million, primarily due to stronger performance in the Diversified EMEA and Fresh Fruit segments, partially offset by a lower result in the Diversified Americas segment due to seasonal timing differences in the Chilean cherry season. On a like-for-like basis, Adjusted EBITDA increased 5.9%, or $21.2 million.

Adjusted Net Income decreased by $18.3 million, predominantly due to higher interest expense and tax expense, partially offset by the increases in Adjusted EBITDA as noted above and lower depreciation expense. Adjusted Diluted EPS for the year ended December 31, 2023 was $1.24 compared to $1.44 in the prior year.

3 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Selected Segmental Financial Information (Unaudited)

Three Months Ended

December 31, 2023

December 31, 2022

(U.S. Dollars in thousands)

Revenue

Adjusted EBITDA

Revenue

Adjusted EBITDA

Fresh Fruit

748,703

28,792

740,167

39,460

Diversified Fresh Produce - EMEA

862,865

32,638

751,594

22,656

Diversified Fresh Produce - Americas & ROW

489,761

15,427

573,936

15,396

Intersegment

(29,074

)

—

(23,129

)

—

Total

2,072,255

76,857

2,042,568

77,512

Year Ended

December 31, 2023

December 31, 2022

(U.S. Dollars in thousands)

Revenue

Adjusted EBITDA

Revenue

Adjusted EBITDA

Fresh Fruit

3,135,866

208,930

3,047,149

205,547

Diversified Fresh Produce - EMEA

3,432,945

133,570

3,152,561

111,053

Diversified Fresh Produce - Americas & ROW

1,800,168

42,618

1,965,667

43,796

Intersegment

(123,711

)

—

(140,974

)

—

Total

8,245,268

385,118

8,024,403

360,396

Fourth Quarter Commentary

Fresh Fruit

Revenue increased 1.2%, or $8.5 million, compared to the prior year quarter. The increase was primarily due to higher worldwide volumes of bananas sold, an increase in banana pricing in Europe and an increase in worldwide pricing of pineapples. These increases were offset in part by lower banana prices in North America and less worldwide volumes of pineapples sold.

Adjusted EBITDA decreased by 27.0%, or $10.7 million. The decrease was primarily due to higher fruit sourcing costs in bananas, as well as weaker performance in our commercial cargo business and other diversified products.

Diversified Fresh Produce – EMEA

Revenue increased 14.8%, or $111.3 million, primarily driven by inflation-justified price increases across the segment, a positive impact from foreign currency translation of $33.4 million due to the strengthening of the Euro and British pound sterling against the U.S. Dollar and a net positive impact from acquisitions and divestitures of $12.2 million. On a like-for-like basis, revenue increased 8.7%, or $65.7 million.

Adjusted EBITDA increased 44.1%, or $10.0 million. The increase in Adjusted EBITDA was as a result of strong performance across the segment, particularly within the Dutch, Swedish and South African businesses, as well as a net favorable impact from acquisition and divestitures of $0.4 million and a positive impact from foreign currency translation of $1.1 million. On a like-for-like basis, Adjusted EBITDA increased 37.4%, or $8.5 million.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 14.7%, or $84.2 million, primarily due to lower volumes of cherries due to seasonal timing differences, as well as continued challenging performance for the berry category in North America, partially offset by inflation-justified price increases and continued strong performance for potatoes and onions in North America.

Adjusted EBITDA increased marginally by 0.2%, driven primarily by significant recoveries in profitability for apples and, to a lesser extent, kiwis, after a challenging 2022, mostly offset by the impact of seasonal timing differences in the Chilean cherry season, as well as by a challenging performance for the berry category in North America.

Full Year Commentary

Fresh Fruit

Revenue increased 2.9%, or $88.7 million, predominantly driven by higher worldwide pricing of bananas and pineapples and an increase in worldwide volumes of bananas sold, partially offset by lower worldwide volumes of pineapples sold.

Adjusted EBITDA increased 1.6%, or $3.4 million. Adjusted EBITDA was positively impacted by strong revenue performance, partially offset by higher fruit sourcing costs, an increase in materials and handling costs and lower profit from the commercial cargo business.

Diversified Fresh Produce – EMEA

Revenue increased 8.9%, or $280.4 million, primarily driven by inflation-justified price increases across the segment, a net positive impact from acquisitions and divestitures of $35.8 million and a positive impact from foreign currency translation of $33.2 million, as a result of the strengthening of the Euro and British pound sterling against the U.S. Dollar, partly offset by the weakening of the Swedish krona against the U.S. Dollar. On a like-for-like basis, revenue increased 6.7%, or $211.4 million.

Adjusted EBITDA increased 20.3%, or $22.5 million. The increase was primarily due to strong performance across the segment, particularly within the Spanish, Dutch, Czech and South African businesses, as well as a net favorable impact from acquisitions and divestitures of $1.8 million. Excluding the impact of foreign currency translation and acquisition and divestitures, Adjusted EBITDA was 17.4%, or $19.3 million, ahead of the prior year.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 8.4%, or $165.5 million, primarily due to lower volumes of most commodities sold, particularly in cherries, as well as in berries, grapes and apples, partially offset by inflation-justified price increases, a strong recovery in pricing of grapes and apples after a challenging 2022 and continued strong performance for potatoes and onions in North America.

Adjusted EBITDA decreased 2.7%, or $1.2 million, primarily due to a weak performance for the North American berry business and lower profits in the Chilean cherry business due to seasonal timing differences, partially offset by strong recovery in Chilean apples and grapes after challenging seasons in 2022 and by strong trading activity for most other products that we market in North America, particularly for potatoes and onions.

Capital Expenditures

Capital expenditures for the year ended December 31, 2023 were $78.0 million and included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. This amount only includes capital expenditures from continuing operations and also excludes non-cash finance lease additions of $8.9 million for the year ended December 31, 2023.

Sales of Assets

Sales of assets for the year ended December 31, 2023 were $83.6 million, compared to $36.7 million for the year ended December 31, 2022. These sales resulted in a gain on asset sales of $54.1 million for the year ended December 31, 2023, compared to $11.8 million for the year ended December 31, 2022. The increase was driven by $44.0 million of cash proceeds received from the sale of idle land in Hawaii during the third quarter of 2023, as well as $14.0 million of cash proceeds received from the sale of a cooler in California during the fourth quarter of 2023.

Free Cash Flow from Continuing Operations and Net Debt

Free Cash Flow from Continuing Operations was $220.6 million for the year ended December 31, 2023. Free Cash Flow from Continuing Operations benefited from strong Adjusted EBITDA performance and good working capital management across the Group over the course of the year. In particular, in the fourth quarter, we benefited from a strong seasonal working capital inflow. At the end of the year, Net Debt was $0.8 billion, a reduction from $1.0 billion as of December 31, 2022.

Progressive Produce Transaction

On February 27, 2024, we entered into a stock purchase agreement with PTF Holdings, LLC, the parent company of Pacific Trellis Fruit, LLC, to sell our 65% equity stake in Progressive Produce LLC for gross cash consideration of $120.2 million. PTF Holdings, LLC is a portfolio company of Arable Capital Partners, LLC. This transaction is expected to close in March 2024, subject to the satisfaction of customary closing conditions.

Outlook for Fiscal Year 2024 (forward-looking statement)

We are pleased with the Group's exceptional performance in 2023, delivering $385.1 million of Adjusted EBITDA from continuing operations. The result gives the Group a strong starting point from which to build further momentum in the 2024 financial year.

As we move through 2024, the operating environment continues to present new challenges as well as opportunities. On the macro-economic side, we have been pleased that inflation has continued to moderate across our key operating regions. We are also pleased by the relative stability being seen in some key foreign exchange rates, energy prices and, more recently, in interest rates.

While forecasting in this environment remains complex, overall, we believe our business is well positioned to deliver another good result in 2024. Given our strong 2023 overperformance, our target at this early stage of the year is to deliver full year Adjusted EBITDA in line with 2023 on a like-for-like basis.

For fiscal year 2024, we are guiding capital expenditure from continuing operations to be in the range of $110 - $120 million.

Dividend

On February 28, 2024, the Board of Directors of Dole plc declared a cash dividend for the fourth quarter of 2023 of $0.08 per share, payable on April 4, 2024 to shareholders of record on March 21, 2024. A cash dividend of $0.08 per share was paid on January 4, 2024 for the third quarter of 2023.

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 75 countries, our goal is to make the world a healthier and a more sustainable place.

Webcast and Conference Call Information

Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the fourth quarter and full year 2023 financial results. The webcast can be accessed at www.doleplc.com/investors.

The conference call can be accessed live by dialing (646) 307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481 4247 for UK and other international participants. The conference ID is 2525779.

Forward-looking information

Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.

Appendix

Consolidated Statements of Operations - Unaudited

Three Months Ended

Year Ended

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

(U.S. Dollars and shares in thousands, except per share amounts)

Revenues, net

2,072,255

2,042,568

8,245,268

8,024,403

Cost of sales

(1,920,077

)

(1,891,456

)

(7,551,098

)

(7,424,525

)

Gross profit

152,178

151,112

694,170

599,878

Selling, marketing, general and administrative expenses

(119,334

)

(112,934

)

(473,903

)

(436,192

)

Gain on disposal of businesses

—

(50

)

—

192

Impairment and asset write-downs of property, plant and equipment

(2,217

)

(397

)

(2,217

)

(397

)

Gain on asset sales

10,666

2,596

54,108

11,784

Operating income

41,293

40,327

272,158

175,265

Other (expense) income, net

(2,922

)

(9,165

)

4,799

10,600

Interest income

2,823

1,986

10,083

6,407

Interest expense

(18,754

)

(18,245

)

(81,113

)

(56,371

)

Income from continuing operations before income taxes and equity earnings

22,440

14,903

205,927

135,901

Income tax (expense) benefit

(2,987

)

4,106

(43,591

)

25,603

Equity method earnings

3,683

2,698

15,191

6,726

Income from continuing operations

23,136

21,707

177,527

168,230

Income (loss) from discontinued operations, net of income taxes

5,798

(8,318

)

(21,818

)

(56,447

)

Net income

28,934

13,389

155,709

111,783

Less: Net income attributable to noncontrolling interests

(6,597

)

(6,608

)

(31,646

)

(25,287

)

Net income attributable to Dole plc

22,337

6,781

124,063

86,496

Income (loss) per share - basic:

Continuing operations

0.18

0.16

1.54

1.51

Discontinued operations

0.06

(0.09

)

(0.23

)

(0.60

)

Net income per share attributable to Dole plc - basic

0.24

0.07

1.31

0.91

Income (loss) per share - diluted:

Continuing operations

0.17

0.16

1.53

1.51

Discontinued operations

0.06

(0.09

)

(0.23

)

(0.60

)

Net income per share attributable to Dole plc - diluted

0.23

0.07

1.30

0.91

Weighted-average shares:

Basic

94,929

94,899

94,917

94,886

Diluted

95,187

94,928

95,118

94,914

Consolidated Balance Sheets - Unaudited

December 31, 2023

December 31, 2022

ASSETS

(U.S. Dollars in thousands)

Cash and cash equivalents

275,580

228,840

Short-term investments

5,899

5,367

Trade receivables, net of allowances for credit losses of $18,360 and $18,001, respectively

538,177

610,384

Grower advance receivables, net of allowances of $19,839 and $15,817, respectively

109,958

106,864

Other receivables, net of allowances of $13,227 and $14,538, respectively

117,069

132,947

Inventories, net of allowances of $4,792 and $4,186, respectively

378,592

394,150

Prepaid expenses

61,724

48,995

Other current assets

17,401

15,034

Fresh Vegetables current assets held for sale

414,457

62,252

Other assets held-for-sale

1,832

645

Total current assets

1,920,689

1,605,478

Long-term investments

15,970

16,498

Investments in unconsolidated affiliates

131,704

124,234

Actively marketed property

13,781

31,007

Property, plant and equipment, net of accumulated depreciation of $444,775 and $375,721, respectively

1,102,234

1,116,124

Operating lease right-of-use assets

340,458

293,658

Goodwill

513,312

497,453

DOLE brand

306,280

Other intangible assets, net of accumulated amortization of $134,420 and $120,315, respectively

41,232

50,990

Fresh Vegetables non-current assets held for sale

—

343,828

Other assets

109,048

142,180

Deferred tax assets, net

66,485

64,112

Total assets

4,561,193

4,591,842

LIABILITIES AND EQUITY

Accounts payable

670,904

640,620

Income taxes payable

22,917

11,558

Accrued liabilities

357,427

381,688

Bank overdrafts

11,488

8,623

Current portion of long-term debt, net

222,940

97,435

Current maturities of operating leases

63,653

57,372

Payroll and other tax

27,791

27,187

Contingent consideration

1,788

1,791

Pension and postretirement benefits

16,570

17,287

Fresh Vegetables current liabilities held for sale

291,342

199,255

Dividends payable and other current liabilities

29,892

17,698

Total current liabilities

1,716,712

1,460,514

Long-term debt, net

845,013

1,127,321

Operating leases, less current maturities

287,991

246,723

Deferred tax liabilities, net

92,653

118,403

Income taxes payable, less current portion

16,664

30,458

Contingent consideration, less current portion

7,327

5,022

Pension and postretirement benefits, less current portion

121,689

124,646

Fresh Vegetables non-current liabilities held for sale

—

116,380

Other long-term liabilities

52,295

43,390

Total liabilities

3,140,344

3,272,857

Redeemable noncontrolling interests

34,185

32,311

Stockholders’ equity:

Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of December 31, 2023 and December 31, 2022, respectively

949

Additional paid-in capital

796,800

795,063

Retained earnings

562,562

469,249

Accumulated other comprehensive loss

(110,791

)

(104,133

)

Total equity attributable to Dole plc

1,249,520

1,161,128

Equity attributable to noncontrolling interests

137,144

125,546

Total equity

1,386,664

1,286,674

Total liabilities, redeemable noncontrolling interests and equity

4,561,193

4,591,842

Consolidated Statements of Cash Flows - Unaudited

Year Ended

December 31, 2023

December 31, 2022

Operating Activities

(U.S. Dollars in thousands)

Net income

155,709

111,783

Loss from discontinued operations, net of income taxes

21,818

56,447

Income from continuing operations

177,527

168,230

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

104,168

109,596

Incremental charges on purchase accounting valuation of biological assets and inventory

—

41,145

Net gain on sale of assets

(54,108

)

(11,784

)

Stock-based compensation expense

6,045

4,500

Equity method earnings

(15,191

)

(6,726

)

Amortization of debt discounts and debt issuance costs

6,390

6,213

Deferred tax benefit

(12,600

)

(31,061

)

Pension and other postretirement benefit plan expense

7,735

3,151

Dividends received from equity method investees

9,388

9,817

Other

4,268

7,164

Changes in operating assets and liabilities:

Receivables, net of allowances

58,794

55,150

Inventories

20,688

(31,685

)

Prepaids, other current assets and other assets

(27,521

)

(11,073

)

Accounts payable, accrued liabilities and other liabilities

13,022

10,975

Net cash provided by operating activities - continuing operations

298,605

323,612

Investing Activities

Sales of assets

83,557

36,676

Capital expenditures

(78,041

)

(85,564

)

Acquisitions, net of cash acquired

(1,263

)

(4,886

)

Insurance proceeds

1,054

2,278

Purchases of investments

(1,153

)

(458

)

Net sales (purchases) of investments in unconsolidated affiliates

1,013

(3,029

)

Other

912

Net cash provided by (used in) investing activities - continuing operations

5,224

(54,071

)

Financing Activities

Proceeds from borrowings and overdrafts

1,407,970

1,293,280

Repayments on borrowings and overdrafts

(1,576,067

)

(1,411,467

)

Payment of debt issuance costs

(44

)

(304

)

Dividends paid to shareholders

(30,373

)

(30,364

)

Dividends paid to noncontrolling interests

(28,522

)

(21,632

)

Other noncontrolling interest activity, net

(1,300

)

—

Payments of contingent consideration

(1,662

)

(2,909

)

Net cash used in financing activities - continuing operations

(229,998

)

(173,396

)

Effect of foreign currency exchange rate changes on cash

5,448

(20,712

)

Net cash used in operating activities - discontinued operations

(22,622

)

(84,720

)

Net cash used in investing activities - discontinued operations

(8,492

)

(12,434

)

Cash used in discontinued operations, net

(31,114

)

(97,154

)

Increase (decrease) in cash and cash equivalents

48,165

(21,721

)

Cash and cash equivalents at beginning of period, including discontinued operations

228,840

250,561

Cash and cash equivalents at end of period, including discontinued operations

277,005

228,840

Supplemental cash flow information:

Income tax payments, net of refunds

(63,969

)

(50,469

)

Interest payments on borrowings

(82,367

)

(53,404

)

Non-cash Investing and Financing Activities:

Accrued property, plant and equipment

(1,465

)

(488

)

Reconciliation from Net Income to Adjusted EBITDA – Unaudited

The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.

Three Months Ended

Year Ended

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

(U.S. Dollars in thousands)

Net income (Reported GAAP)

28,934

13,389

155,709

111,783

(Income) loss from discontinued operations, net of income taxes

(5,798

)

8,318

21,818

56,447

Income from continuing operations (Reported GAAP)

23,136

21,707

177,527

168,230

Income tax expense (benefit)

2,987

(4,106

)

43,591

(25,603

)

Interest expense

18,754

18,245

81,113

56,371

Mark to market losses

5,450

8,868

2,524

3,049

Gain on asset sales

(9,139

)

(1,970

)

(52,495

)

(10,316

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

681

—

41,145

Cyber-related incident

—

5,321

—

Other items4,5

1,833

1,053

2,918

(231

)

Adjustments from equity method investments

4,309

2,614

10,714

7,540

Adjusted EBIT (Non-GAAP)

47,330

47,092

271,213

240,185

Depreciation

24,788

25,159

93,970

98,703

Amortization of intangible assets

2,472

2,645

10,198

10,893

Depreciation and amortization adjustments from equity method investments

2,267

2,616

9,737

10,615

Adjusted EBITDA (Non-GAAP)

76,857

77,512

385,118

360,396

4 For the three months ended December 31, 2023, other items is primarily comprised of $1.9 million asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items. For the three months ended December 31, 2022, other items is primarily comprised of $0.5 million of net losses on equity method disposals, $0.4 million of impairment charges on property, plant and equipment and other immaterial items.

5 For the year ended December 31, 2023, other items is primarily comprised of $3.0 million of asset write-downs, net of insurance proceeds, $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items. For the year ended December 31, 2022, other items is primarily comprised of $0.9 million of net legal and restructuring adjustments and $0.5 million of insurance proceeds, net of asset write-downs, partially offset by $0.5 million of net losses on equity method acquisitions and disposals, $0.4 million of impairment charges on property, plant and equipment and other immaterial items.

Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited

Three Months Ended

Year Ended

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

(U.S. Dollars and shares in thousands, except per share amounts)

Net income attributable to Dole plc (Reported GAAP)

22,337

6,781

124,063

86,496

(Income) loss from discontinued operations, net of income taxes

(5,798

)

8,318

21,818

56,447

Income from continuing operations attributable to Dole plc

16,539

15,099

145,881

142,943

Amortization of intangible assets

2,472

2,645

10,198

10,893

Mark to market losses

5,450

8,868

2,524

3,049

Gain on asset sales

(9,139

)

(1,970

)

(52,495

)

(10,316

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

681

—

41,145

Cyber-related incident

—

5,321

—

Other items6,7

1,833

1,053

2,918

(231

)

Adjustments from equity method investments

604

662

1,956

2,580

Income tax on items above and discrete tax items

(1,709

)

(8,876

)

5,243

(50,504

)

NCI impact on items above

(1,220

)

(898

)

(3,494

)

(3,187

)

Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)

14,830

17,264

118,052

136,372

Adjusted earnings per share – basic (Non-GAAP)

0.16

0.18

1.24

1.44

Adjusted earnings per share – diluted (Non-GAAP)

0.16

0.18

1.24

1.44

Weighted average shares outstanding – basic

94,929

94,899

94,917

94,886

Weighted average shares outstanding – diluted

95,187

94,928

95,118

94,914

6 For the three months ended December 31, 2023, other items is primarily comprised of $1.9 million asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items. For the three months ended December 31, 2022, other items is primarily comprised of $0.5 million of net losses on equity method disposals, $0.4 million of impairment charges on property, plant and equipment and other immaterial items.

7 For the year ended December 31, 2023, other items is primarily comprised of $3.0 million of asset write-downs, net of insurance proceeds, $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items. For the year ended December 31, 2022, other items is primarily comprised of $0.9 million of net legal and restructuring adjustments and $0.5 million of insurance proceeds, net of asset write-downs, partially offset by $0.5 million of net losses on equity method acquisitions and disposals, $0.4 million of impairment charges on property, plant and equipment and other immaterial items.

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited

Three Months Ended December 31, 2023 (U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administration expenses

Other operating charges8

Operating Income

Reported (GAAP)

2,072,255

(1,920,077

)

152,178

7.3 %

(119,334

)

8,449

41,293

(Income) loss from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

2,472

—

2,472

Mark to market losses

—

(189

)

(189

)

—

(189

)

Gain on asset sales

—

(9,139

)

(9,139

)

Cyber-related incident

—

Other items

—

2,120

(34

)

—

2,086

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact on items above

—

Adjusted (Non-GAAP)

2,072,255

(1,918,146

)

154,109

7.4 %

(116,896

)

(690

)

36,523

8 Other operating charges for the three months ended December 31, 2023 is primarily comprised of a $10.7 million gain on asset sales, partially offset by $2.2 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

Three Months Ended December 31, 2022 (U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administration expenses

Other operating charges9

Operating Income

Reported (GAAP)

2,042,568

(1,891,456

)

151,112

7.4 %

(112,934

)

2,149

40,327

(Income) loss from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

2,645

—

2,645

Mark to market losses

—

476

—

476

Gain on asset sales

—

(1,970

)

(1,970

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

681

—

681

Other items

—

(452

)

(452

)

—

961

509

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact on items above

—

Adjusted (Non-GAAP)

2,042,568

(1,890,751

)

151,817

7.4 %

(110,289

)

1,140

42,668

9 Other operating charges for the three months ended December 31, 2022 is primarily comprised of a $2.6 million gain on asset sales, partially offset by $0.4 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

Three Months Ended December 31, 2023 (U.S. Dollars in thousands)

Other (expense) income, net

Interest income

Interest expense

Income tax (expense)

Equity earnings

Income from continuing operations

Income from discontinued operations, net of income taxes

Reported (GAAP)

(2,922

)

2,823

(18,754

)

(2,987

)

3,683

23,136

5,798

(Income) loss from discontinued operations, net of income taxes

—

(5,798

)

Amortization of intangible assets

—

2,472

—

Mark to market losses

5,639

—

5,450

—

Gain on asset sales

—

(9,139

)

—

Cyber-related incident

—

Other items

(253

)

—

1,833

—

Adjustments from equity method investments

—

604

—

Income tax on items above and discrete tax items

—

(1,610

)

(99

)

(1,709

)

—

NCI impact on items above

—

Adjusted (Non-GAAP)

2,464

2,823

(18,754

)

(4,597

)

4,188

22,647

—

Three Months Ended December 31, 2022 (U.S. Dollars in thousands)

Other expense, net

Interest income

Interest expense

Income tax benefit (expense)

Equity earnings

Income from continuing operations

Loss from discontinued operations, net of income taxes

Reported (GAAP)

(9,165

)

1,986

(18,245

)

4,106

2,698

21,707

(8,318

)

(Income) loss from discontinued operations, net of income taxes

—

8,318

Amortization of intangible assets

—

2,645

—

Mark to market losses

8,392

—

8,868

—

Gain on asset sales

—

(1,970

)

—

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

681

—

Other items

—

544

1,053

—

Adjustments from equity method investments

—

662

—

Income tax on items above and discrete tax items

—

(8,777

)

(99

)

(8,876

)

—

NCI impact on items above

—

Adjusted (Non-GAAP)

(773

)

1,986

(18,245

)

(4,671

)

3,805

24,770

—

Three Months Ended December 31, 2023 (U.S. Dollars and shares in thousands, except per share amounts)

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

28,934

(6,597

)

22,337

0.23

(Income) loss from discontinued operations, net of income taxes

(5,798

)

—

(5,798

)

Amortization of intangible assets

2,472

—

2,472

Mark to market losses

5,450

—

5,450

Gain on asset sales

(9,139

)

—

(9,139

)

Cyber-related incident

—

Other items

1,833

—

1,833

Adjustments from equity method investments

604

—

604

Income tax on items above and discrete tax items

(1,709

)

—

(1,709

)

NCI impact on items above

—

(1,220

)

(1,220

)

Adjusted (Non-GAAP)

22,647

(7,817

)

14,830

0.16

Weighted average shares outstanding – diluted

95,187

Three Months Ended December 31, 2022 (U.S. Dollars and shares in thousands, except per share amounts)

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

13,389

(6,608

)

6,781

0.07

(Income) loss from discontinued operations, net of income taxes

8,318

—

8,318

Amortization of intangible assets

2,645

—

2,645

Mark to market losses

8,868

—

8,868

Gain on asset sales

(1,970

)

—

(1,970

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

681

—

681

Other items

1,053

—

1,053

Adjustments from equity method investments

662

—

662

Income tax on items above and discrete tax items

(8,876

)

—

(8,876

)

NCI impact on items above

—

(898

)

(898

)

Adjusted (Non-GAAP)

24,770

(7,506

)

17,264

0.18

Weighted average shares outstanding – diluted

94,928

Year Ended December 31, 2023 (U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administration expenses

Other operating charges10

Operating Income

Reported (GAAP)

8,245,268

(7,551,098

)

694,170

8.4 %

(473,903

)

51,891

272,158

(Income) loss from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

10,198

—

10,198

Mark to market losses

—

(2,638

)

(2,638

)

—

(2,638

)

Gain on asset sales

—

(52,495

)

(52,495

)

Cyber-related incident

—

5,321

—

5,321

Other items

—

3,205

(34

)

—

3,171

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact on items above

—

Adjusted (Non-GAAP)

8,245,268

(7,550,531

)

694,737

8.4 %

(458,418

)

(604

)

235,715

10 Other operating charges for the year ended December 31, 2023 is primarily comprised of a $54.1 million gain on asset sales, partially offset by $2.2 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

Year Ended December 31, 2022 (U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administration expenses

Other operating charges11

Operating Income

Reported (GAAP)

8,024,403

(7,424,525

)

599,878

7.5 %

(436,192

)

11,579

175,265

(Income) loss from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

10,893

—

10,893

Mark to market losses

—

2,848

—

2,848

Gain on asset sales

—

(10,316

)

(10,316

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

41,145

—

41,145

Other items

—

(452

)

(452

)

(910

)

587

(775

)

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact on items above

—

Adjusted (Non-GAAP)

8,024,403

(7,380,984

)

643,419

8.0 %

(426,209

)

1,850

219,060

11 Other operating charges for the year ended December 31, 2022 is primarily comprised of a $11.8 million gain on asset sales, partially offset by $0.4 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

Year Ended December 31, 2023 (U.S. Dollars in thousands)

Other income, net

Interest income

Interest expense

Income tax (expense)

Equity earnings

Income from continuing operations

Loss from discontinued operations, net of income taxes

Reported (GAAP)

4,799

10,083

(81,113

)

(43,591

)

15,191

177,527

(21,818

)

(Income) loss from discontinued operations, net of income taxes

—

21,818

Amortization of intangible assets

—

10,198

—

Mark to market losses

5,162

—

2,524

—

Gain on asset sales

—

(52,495

)

—

Cyber-related incident

—

5,321

—

Other items

(253

)

—

2,918

—

Adjustments from equity method investments

—

1,956

—

Income tax on items above and discrete tax items

—

5,643

(400

)

5,243

—

NCI impact on items above

—

Adjusted (Non-GAAP)

9,708

10,083

(81,113

)

(37,948

)

16,747

153,192

—

Year Ended December 31, 2022 (U.S. Dollars in thousands)

Other income, net

Interest income

Interest expense

Income tax expense

Equity earnings

Income from continuing operations

Loss from discontinued operations, net of income taxes

Reported (GAAP)

10,600

6,407

(56,371

)

25,603

6,726

168,230

(56,447

)

(Income) loss from discontinued operations, net of income taxes

—

56,447

Amortization of intangible assets

—

10,893

—

Mark to market losses

201

—

3,049

—

Gain on asset sales

—

(10,316

)

—

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

—

41,145

—

Other items

—

544

(231

)

—

Adjustments from equity method investments

—

2,580

—

Income tax on items above and discrete tax items

—

(50,097

)

(407

)

(50,504

)

—

NCI impact on items above

—

Adjusted (Non-GAAP)

10,801

6,407

(56,371

)

(24,494

)

9,443

164,846

—

Year Ended December 31, 2023 (U.S. Dollars and shares in thousands, except per share amounts)

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

155,709

(31,646

)

124,063

1.30

(Income) loss from discontinued operations, net of income taxes

21,818

—

21,818

Amortization of intangible assets

10,198

—

10,198

Mark to market losses

2,524

—

2,524

Gain on asset sales

(52,495

)

—

(52,495

)

Cyber-related incident

5,321

—

5,321

Other items

2,918

—

2,918

Adjustments from equity method investments

1,956

—

1,956

Income tax on items above and discrete tax items

5,243

—

5,243

NCI impact on items above

—

(3,494

)

(3,494

)

Adjusted (Non-GAAP)

153,192

(35,140

)

118,052

1.24

Weighted average shares outstanding – diluted

95,118

Year Ended December 31, 2022 (U.S. Dollars and shares in thousands, except per share amounts)

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

111,783

(25,287

)

86,496

0.91

(Income) loss from discontinued operations, net of income taxes

56,447

—

56,447

Amortization of intangible assets

10,893

—

10,893

Mark to market losses

3,049

—

3,049

Gain on asset sales

(10,316

)

—

(10,316

)

Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole

41,145

—

41,145

Other items

(231

)

—

(231

)

Adjustments from equity method investments

2,580

—

2,580

Income tax on items above and discrete tax items

(50,504

)

—

(50,504

)

NCI impact on items above

—

(3,187

)

(3,187

)

Adjusted (Non-GAAP)

164,846

(28,474

)

136,372

1.44

Weighted average shares outstanding – diluted

94,914

Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited

Revenue for the Three Months Ended

December 31, 2022

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

December 31, 2023

(U.S. Dollars in thousands)

Fresh Fruit

740,167

—

8,536

748,703

Diversified Fresh Produce - EMEA

751,594

33,388

12,170

65,713

862,865

Diversified Fresh Produce - Americas & ROW

573,936

—

(84,230

)

489,761

Intersegment

(23,129

)

—

(5,945

)

(29,074

)

Total

2,042,568

33,443

12,170

(15,926

)

2,072,255

Adjusted EBITDA for the Three Months Ended

December 31, 2022

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

December 31, 2023

(U.S. Dollars in thousands)

Fresh Fruit

39,460

(82

)

—

(10,586

)

28,792

Diversified Fresh Produce - EMEA

22,656

1,132

376

8,474

32,638

Diversified Fresh Produce - Americas & ROW

15,396

(15

)

(529

)

575

15,427

Total

77,512

1,035

(153

)

(1,537

)

76,857

Revenue for the Year Ended

December 31, 2022

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

December 31, 2023

(U.S. Dollars in thousands)

Fresh Fruit

3,047,149

—

88,717

3,135,866

Diversified Fresh Produce - EMEA

3,152,561

33,200

35,812

211,372

3,432,945

Diversified Fresh Produce - Americas & ROW

1,965,667

(6,469

)

—

(159,030

)

1,800,168

Intersegment

(140,974

)

—

17,263

(123,711

)

Total

8,024,403

26,731

35,812

158,322

8,245,268

Adjusted EBITDA for the Year Ended

December 31, 2022

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

December 31, 2023

(U.S. Dollars in thousands)

Fresh Fruit

205,547

(412

)

—

3,795

208,930

Diversified Fresh Produce - EMEA

111,053

1,345

1,834

19,338

133,570

Diversified Fresh Produce - Americas & ROW

43,796

(260

)

969

(1,887

)

42,618

Total

360,396

673

2,803

21,246

385,118

Net Debt Reconciliation – Unaudited

Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. The calculation of Net Debt as of December 31, 2023 is presented below. Net Debt as of December 31, 2023 was $0.8 billion.

December 31, 2023

December 31, 2022

(U.S. Dollars in thousands)

Cash and cash equivalents (Reported GAAP)

275,580

228,840

Debt (Reported GAAP):

Long-term debt, net

(845,013

)

(1,127,321

)

Current maturities

(222,940

)

(97,435

)

Bank overdrafts

(11,488

)

(8,623

)

Total debt, net

(1,079,441

)

(1,233,379

)

Less: Debt discounts and debt issuance costs (Reported GAAP)

(14,395

)

(17,874

)

Total gross debt

(1,093,836

)

(1,251,253

)

Net Debt (Non-GAAP)

(818,256

)

(1,022,413

)

Free Cash Flow from Continuing Operations Reconciliation – Unaudited

Year Ended

December 31, 2023

December 31, 2022

(U.S. Dollars in thousands)

Net cash provided by operating activities - continuing operations (Reported GAAP)

298,605

323,612

Less: Capital expenditures (Reported GAAP)12

(78,041

)

(85,564

)

Free cash flow from continuing operations (Non-GAAP)

220,564

238,048

12 Capital expenditures do not include amounts attributable to discontinued operations.

Non-GAAP Financial Measures

Dole plc’s results are determined in accordance with U.S. GAAP.

In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations and Net Debt, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.

Adjusted EBIT is calculated from GAAP net income by: (1) adding the loss or subtracting the income from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the years ended December 31, 2023 and December 31, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding costs incurred for the cyber-related incident; and (6) the Company’s share of these items from equity method investments.

Adjusted EBITDA is calculated from GAAP net income by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the years ended December 31, 2023 and December 31, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.

Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the years ended December 31, 2023 and December 31, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on property, plant and equipment, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding costs incurred for the cyber-related incident; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.

Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.

Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs.

Free cash flow from continuing operations is calculated from GAAP net cash provided by operating activities for continuing operations less GAAP capital expenditures.

Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Dole is not able to provide a reconciliation for projected FY'24 results without taking unreasonable efforts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229620633/en/

Investor Contact: James O'Regan, Head of Investor Relations, Dole plc joregan@totalproduce.com +353 1 887 2794

Media Contact: Brian Bell, Ogilvy brian.bell@ogilvy.com +353 87 2436 130

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