6

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2024

Commission File Number 001-40695

Dole plc
(Exact name of registrant as specified in its charter)

29 North Anne Street, Dublin 7
D07 PH36 Ireland

200 S. Tryon St, Suite #600, Charlotte, NC
United States 28202
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ◻ Form 40-F








On August 14, 2024, Dole plc (the "Company") will host a conference call and simultaneous webcast to discuss the Company's financial results for the three and six months ended June 30, 2024. An archived replay of the webcast and the investor presentation used during the webcast will be available shortly after the live event has concluded in the Investors section of the Company's website, www.doleplc.com/investors. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.



EXHIBIT INDEX

Exhibit No. Description










































DOLE PLC
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 14, 2024
DOLE PLC
(Registrant)
By: /s/ Jacinta Devine
Name: Jacinta Devine
Title: Chief Financial Officer







































Exhibit 99.1
Dole plc Reports Second Quarter 2024 Financial Results
DUBLIN – August 14, 2024 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and six months ended June 30, 2024.
Highlights for the three months ended June 30, 2024:
•Strong second quarter Group results with growth across all segments on a like-for-like basis1
•Revenue of $2.1 billion, a decrease of 0.8%. On a like-for-like basis, revenue increased 4.3%
•Net Income of $88.1 million, an increase of 68.4%
•Adjusted EBITDA2 of $125.4 million, an increase of 2.2%. On a like-for-like basis, Adjusted EBITDA increased 8.2%
•Adjusted Net Income of $47.0 million and Adjusted Diluted EPS of $0.49

Financial Highlights - Unaudited
Three Months EndedSix Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
(U.S. Dollars in millions, except per share amounts)
Revenue
2,124 2,141 4,245 4,130 
Income from continuing operations356.0 63.7 127.5 98.7 
Net Income88.1 52.3 153.5 72.8 
Net Income attributable to Dole plc80.1 42.3 150.3 56.4 
Diluted EPS from continuing operations0.50 0.56 1.30 0.86 
Diluted EPS0.84 0.44 1.57 0.59 
Adjusted EBITDA2
125.4 122.7 235.5 223.1 
Adjusted Net Income2
47.0 48.4 87.6 80.7 
Adjusted Diluted EPS2
0.49 0.51 0.92 0.85 
Commenting on the results, Carl McCann, Executive Chairman, said:
"We are pleased to report another strong result for the second quarter of 2024, with Adjusted EBITDA increasing 2.2% to $125.4 million and 8.2% on a like-for-like basis.
Following the completion of our sale of Progressive Produce, we repaid $100 million of our Term Loan facilities in April, and at the end of the quarter, our Net Debt was $767.5 million.
Our strong first half of the year, and positive momentum within the business, positions us well to deliver a good result for the 2024 financial year. Today, we are pleased to raise our full year Adjusted EBITDA target to at least $370.0 million."
1 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.
2 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.
3 Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations, its assets and liabilities are separately presented in our condensed consolidated balance sheets, and its cash flows are presented separately in our condensed 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.
1

Group Results - Second Quarter
Revenue decreased 0.8%, or $17.1 million, primarily due to a net negative impact from acquisitions and divestitures of $100.3 million and a $9.6 million net unfavorable impact of foreign currency translation. On a like-for-like basis, revenue was 4.3%, or $92.8 million, ahead of prior year, due to strong operational performance across all segments.
Net Income increased 68.4% or $35.8 million, due to strong trading results across the Group.
Adjusted EBITDA increased 2.2%, or $2.7 million, primarily driven by strong performance in the Fresh Fruit segment. On a like-for-like basis, Adjusted EBITDA increased 8.2%, or $10.1 million.
Adjusted Net Income decreased $1.3 million, predominantly due to higher tax expense, partially offset by the increases in Adjusted EBITDA noted above. Adjusted Diluted EPS for the three months ended June 30, 2024 was $0.49 compared to $0.51 in the prior year.
Selected Segmental Financial Information (Unaudited)
Three Months Ended
June 30, 2024
June 30, 2023
(U.S. Dollars in thousands)
RevenueAdjusted EBITDARevenueAdjusted EBITDA
Fresh Fruit$851,451 $70,619 $839,043 $65,816 
Diversified Fresh Produce - EMEA944,851 42,695 915,629 42,603 
Diversified Fresh Produce - Americas & ROW356,057 12,107 417,645 14,262 
Intersegment(28,268)— (31,143)— 
Total$2,124,091 $125,421 $2,141,174 $122,681 


Six Months Ended
June 30, 2024
June 30, 2023
(U.S. Dollars in thousands)
RevenueAdjusted EBITDARevenueAdjusted EBITDA
Fresh Fruit$1,675,680 $140,054 $1,637,953 $135,027 
Diversified Fresh Produce - EMEA1,798,449 68,654 1,713,729 66,009 
Diversified Fresh Produce - Americas & ROW832,939 26,812 840,396 22,032 
Intersegment(61,603)— (61,737)— 
Total$4,245,465 $235,520 $4,130,341 $223,068 
Fresh Fruit
Revenue increased 1.5%, or $12.4 million, primarily due to higher volumes of bananas in Europe and North America, higher worldwide pricing of bananas and higher volume of plantains sold, partially offset by lower volumes and pricing for pineapples.
Adjusted EBITDA increased 7.3%, or $4.8 million, driven by higher revenue and lower fruit sourcing costs, partially offset by higher shipping costs.
Diversified Fresh Produce – EMEA
Revenue increased 3.2%, or $29.2 million, primarily due to strong performance in Ireland, the U.K. and Spain, as well as an incremental positive impact from acquisitions of $7.8 million, partially offset by a $8.7 million unfavorable impact from foreign currency translation. On a like-for-like basis, revenue was 3.3%, or $30.2 million, ahead of prior year.
2

Adjusted EBITDA increased 0.2%, or $0.1 million, primarily driven by strong performance in the Nordics, Spain and South Africa, as well as a positive impact of $0.3 million from acquisitions, offset primarily by a $0.3 million unfavorable impact from foreign currency translation. On a like-for-like basis, Adjusted EBITDA was 0.3%, or $0.1 million, ahead of prior year.
Diversified Fresh Produce – Americas & ROW
Revenue decreased 14.7%, or $61.6 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue was 11.3%, or $47.4 million, ahead of the prior year, primarily due to seasonal timing benefits as well as positive underlying revenue growth in most commodities in North America.
Adjusted EBITDA decreased 15.1%, or $2.2 million, primarily driven by the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA was 36.4%, or $5.2 million, ahead of the prior year, primarily due to improved performance in our North American diversified business and the benefit of continued seasonal timing differences in South America.
Capital Expenditures
Cash capital expenditures from continuing operations for the six months ended June 30, 2024 were $35.7 million, which included investments in shipping containers, farming investments, efficiency projects in our warehouses and ongoing investments in IT and logistics assets. Additions through finance leases from continuing operations were $7.0 million for the six months ended June 30, 2024.
Sale of Progressive Produce
On March 13, 2024, the Company completed the sale of its 65.0% equity interest in the Progressive Produce business to PTF Holdings. As a result of the sale, Dole received gross proceeds of $120.3 million in cash and recognized a gain on the sale of $75.9 million. On April 25, 2024, Dole voluntarily prepaid $100.0 million of its Term Loan facilities with proceeds from the sale of Progressive Produce.
Free Cash Flow from Continuing Operations and Net Debt
Free cash flow from continuing operations was an outflow of $30.4 million for the six months ended June 30, 2024. Free cash flow was primarily driven by normal seasonal impacts. There were higher outflows from receivables based on higher revenues (excluding the impact of divestitures) and timing of collections and lower inflows from inventories, partly offset by inflows from accounts payables, accrued liabilities and other liabilities. Net Debt as of June 30, 2024 was $767.5 million.
Outlook for Fiscal Year 2024 (forward-looking statement)
We are very pleased that we have consolidated our strong start to the year with another very good performance in the second quarter, putting us in an excellent position to deliver a strong result for the full year.
While forecasting remains complex, our first half result gives us confidence to raise our full year Adjusted EBITDA target to at least $370.0 million for 2024.
For financial year 2024, we are maintaining our previously issued guidance for both capital expenditure from continuing operations and interest expense.
Dividend
On August 13, 2024, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2024 of $0.08 per share, payable on October 3, 2024 to shareholders of record on September 11, 2024. A cash dividend of $0.08 per share was paid on July 5, 2024 for the first quarter of 2024.
3

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 second quarter 2024 financial results. The webcast can be accessed at www.doleplc.com/investor-relations. The conference call can be accessed by registering at https://registrations.events/direct/Q4I2332517. The conference ID is 23325.
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.
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
4

Appendix
Condensed Consolidated Statements of Operations - Unaudited
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net$2,124,091 $2,141,174 $4,245,465 $4,130,341 
Cost of sales(1,923,505)(1,944,601)(3,850,202)(3,754,729)
Gross profit200,586 196,573 395,263 375,612 
Selling, marketing, general and administrative expenses(116,604)(115,667)(235,554)(236,546)
Gain on disposal of business1,995 — 75,945 — 
(Loss) gain on asset sales(89)10,723 328 14,696 
Impairment of goodwill— — (36,684)— 
Impairment of property, plant and equipment— — (1,277)— 
Operating income85,888 91,629 198,021 153,762 
Other income, net6,377 1,129 13,999 2,904 
Interest income2,624 2,640 5,703 4,949 
Interest expense(18,788)(19,748)(36,736)(41,460)
Income from continuing operations before income taxes and equity earnings76,101 75,650 180,987 120,155 
Income tax expense (25,460)(16,593)(59,861)(27,587)
Equity method earnings5,406 4,688 6,408 6,166 
Income from continuing operations 56,047 63,745 127,534 98,734 
Income (loss) from discontinued operations, net of income taxes32,018 (11,438)25,967 (25,944)
Net income88,065 52,307 153,501 72,790 
Net income attributable to noncontrolling interests(7,948)(10,032)(3,241)(16,356)
Net income attributable to Dole plc$80,117 $42,275 $150,260 $56,434 
Income (loss) per share - basic:
Continuing operations$0.51 $0.57 $1.31 $0.86 
Discontinued operations0.34 (0.12)0.27 (0.27)
Net income per share attributable to Dole plc - basic$0.85 $0.45 $1.58 $0.59 
Income (loss) per share - diluted:
Continuing operations$0.50 $0.56 $1.30 $0.86 
Discontinued operations0.34 (0.12)0.27 (0.27)
Net income per share attributable to Dole plc - diluted$0.84 $0.44 $1.57 $0.59 
Weighted-average shares:
Basic94,930 94,909 94,930 94,904 
Diluted95,340 95,112 95,285 95,068 
5

Condensed Consolidated Statements of Cash Flows - Unaudited
Six Months Ended
June 30, 2024June 30, 2023
Operating Activities(U.S. Dollars in thousands)
Net income$153,501 $72,790 
(Income) loss from discontinued operations, net of taxes(25,967)25,944 
Income from continuing operations127,534 98,734 
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:
Depreciation and amortization48,395 52,635 
Impairment of goodwill36,684 — 
Impairment of fixed assets1,277 — 
Net gain on sale of assets and asset write-offs(328)(14,696)
Net gain on sale of business(75,945)— 
Net (gain) loss on financial instruments(7,096)1,015 
Stock-based compensation expense4,133 2,768 
Equity method earnings(6,408)(6,166)
Amortization of debt discounts and debt issuance costs4,780 3,186 
Deferred tax (benefit) expense(12,704)48 
Pension and other postretirement benefit plan expense 1,088 3,091 
Dividends received from equity method investments4,193 5,105 
Other(110)(1,179)
Changes in operating assets and liabilities:
Receivables, net of allowances(127,190)(36,994)
Inventories(3,772)44,282 
Prepaids, other current assets and other assets(7,282)(13,790)
Accounts payable, accrued liabilities and other liabilities18,009 (61,295)
Net cash provided by operating activities - continuing operations5,258 76,744 
Investing activities
Sales of assets1,898 18,562 
Capital expenditures(35,693)(35,595)
Proceeds from sale of business, net of transaction costs115,845 — 
Insurance proceeds527 1,850 
Purchases of investments(260)(1,150)
(Purchases) sales of unconsolidated affiliates(388)1,498 
Other(2,579)(1,677)
Net cash provided by (used in) investing activities - continuing operations79,350 (16,512)
Financing activities
Proceeds from borrowings and overdrafts908,034 869,701 
Repayments on borrowings and overdrafts(1,021,795)(889,593)
Dividends paid to shareholders(15,189)(15,184)
Dividends paid to noncontrolling interests(19,445)(16,174)
Other noncontrolling interest activity, net— (480)
Payment of contingent consideration(996)(1,169)
Net cash (used in) financing activities - continuing operations(149,391)(52,899)
Effect of foreign exchange rate changes on cash(8,079)3,210 
Net cash provided by (used in) operating activities - discontinued operations18,464 (2,898)
Net cash used in investing activities - discontinued operations(1,720)(5,410)
Cash provided by discontinued operations, net16,744 (8,308)
(Decrease) increase in cash and cash equivalents(56,118)2,235 
Cash and cash equivalents at beginning of period, including discontinued operations277,005 228,840 
Cash and cash equivalents at end of period, including discontinued operations$220,887 $231,075 
Supplemental cash flow information:
Income tax payments, net of refunds$(56,096)$(39,323)
Interest payments on borrowings$(33,832)$(41,159)
6

Condensed Consolidated Balance Sheets - Unaudited
June 30, 2024
December 31, 2023
ASSETS(U.S. Dollars and shares in thousands)
Cash and cash equivalents$219,649 $275,580 
Short-term investments6,182 5,899 
Trade receivables, net of allowances for credit losses of $20,324 and $18,360, respectively549,352 538,177 
Grower advance receivables, net of allowances for credit losses of $19,673 and $19,839, respectively99,423 109,958 
Other receivables, net of allowances for credit losses of $13,309 and $13,227, respectively120,603 117,069 
Inventories, net of allowances of $5,056 and $4,792, respectively368,309 378,592 
Prepaid expenses64,597 61,724 
Other current assets20,239 17,401 
Fresh Vegetables current assets held for sale484,416 414,457 
Other assets held for sale1,825 1,832 
Total current assets1,934,595 1,920,689 
Long-term investments 15,302 15,970 
Investments in unconsolidated affiliates131,470 131,704 
Actively marketed property13,781 13,781 
Property, plant and equipment, net of accumulated depreciation of $467,197 and $444,775, respectively1,077,675 1,102,234 
Operating lease right-of-use assets315,801 340,458 
Goodwill434,797 513,312 
DOLE brand306,280 306,280 
Other intangible assets, net of accumulated amortization of $118,505 and $134,420, respectively28,578 41,232 
Other assets110,707 109,048 
Deferred tax assets, net69,630 66,485 
Total assets$4,438,616 $4,561,193 
LIABILITIES AND EQUITY
Accounts payable$592,724 $670,904 
Income taxes payable68,131 22,917 
Accrued liabilities360,269 357,427 
Bank overdrafts38,613 11,488 
Current portion of long-term debt, net55,201 222,940 
Current maturities of operating leases61,651 63,653 
Payroll and other tax25,704 27,791 
Contingent consideration1,099 1,788 
Pension and other postretirement benefits15,725 16,570 
Fresh Vegetables current liabilities held for sale275,626 291,342 
Dividends payable and other current liabilities39,723 29,892 
Total current liabilities1,534,466 1,716,712 
Long-term debt, net882,287 845,013 
Operating leases, less current maturities258,229 287,991 
Deferred tax liabilities, net83,892 92,653 
Income taxes payable, less current portion— 16,664 
Contingent consideration, less current portion7,252 7,327 
Pension and other postretirement benefits, less current portion116,640 121,689 
Other long-term liabilities48,461 52,295 
Total liabilities2,931,227 3,140,344 
Redeemable noncontrolling interests33,817 34,185 
Stockholders’ equity:
Common stock — $0.01 par value; 300,000 shares authorized; 94,952 and 94,929 shares outstanding as of June 30, 2024 and December 31, 2023950 949 
Additional paid-in capital801,774 796,800 
Retained earnings697,504 562,562 
Accumulated other comprehensive loss(129,373)(110,791)
Total equity attributable to Dole plc1,370,855 1,249,520 
Equity attributable to noncontrolling interests102,717 137,144 
Total equity1,473,572 1,386,664 
Total liabilities, redeemable noncontrolling interests and equity$4,438,616 $4,561,193 
7

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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(U.S. Dollars in thousands)
Net income (Reported GAAP)$88,065 $52,307 $153,501 $72,790 
(Income) loss from discontinued operations, net of income taxes(32,018)11,438 (25,967)25,944 
Income from continuing operations (Reported GAAP)56,047 63,745 127,534 98,734 
Income tax expense 25,460 16,593 59,861 27,587 
Interest expense18,788 19,748 36,736 41,460 
Mark to market (gains) losses(2,214)1,035 (5,084)1,857 
(Gain) loss on asset sales— (10,387)31 (14,554)
Gain on disposal of business(1,995)— (75,945)— 
Cyber-related incident— 571 — 5,321 
Impairment of goodwill— — 36,684 — 
Other items4,574 190 (1,726)863 
Adjustments from equity method investments2,946 2,922 4,460 4,245 
Adjusted EBIT (Non-GAAP)99,106 94,417 182,551 165,513 
Depreciation22,388 23,142 44,236 47,445 
Amortization of intangible assets1,886 2,574 4,159 5,190 
Depreciation and amortization adjustments from equity method investments2,041 2,548 4,574 4,920 
Adjusted EBITDA (Non-GAAP)$125,421 $122,681 $235,520 $223,068 












4 For the three months ended June 30, 2024, other items is primarily comprised of $0.1 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds.
5 For the six months ended June 30, 2024, other items is primarily comprised of $1.6 million of insurance proceeds, net of asset writedowns. For the three months ended June 30, 2023, other items is primarily comprised of $0.9 million of asset writedowns, net of insurance proceeds.
8

Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - 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. Refer to the Appendix for supplementary detail.

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(U.S. Dollars and shares in thousands, except per share amounts)
Net income attributable to Dole plc (Reported GAAP)$80,117 $42,275 $150,260 $56,434 
(Income) loss from discontinued operations, net of income taxes(32,018)11,438 (25,967)25,944 
Income from continuing operations attributable to Dole plc 48,099 53,713 124,293 82,378 
Adjustments:
Amortization of intangible assets1,886 2,574 4,159 5,190 
Mark to market (gains) losses(2,214)1,035 (5,084)1,857 
(Gain) loss on asset sales— (10,387)31 (14,554)
Gain on disposal of business(1,995)— (75,945)— 
Cyber-related incident— 571 — 5,321 
Impairment of goodwill— — 36,684 — 
Other items6,774 190 (1,726)863 
Adjustments from equity method investments720 623 1,251 742 
Income tax on items above and discrete tax items788 797 15,107 488 
NCI impact of items above(326)(736)(11,187)(1,629)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)$47,032 $48,380 $87,583 $80,656 
Adjusted earnings per share – basic (Non-GAAP)$0.50 $0.51 $0.92 $0.85 
Adjusted earnings per share – diluted (Non-GAAP)$0.49 $0.51 $0.92 $0.85 
Weighted average shares outstanding – basic94,930 94,909 94,930 94,904 
Weighted average shares outstanding – diluted95,340 95,112 95,285 95,068 
    


6 For the three months ended June 30, 2024, other items is primarily comprised of $0.1 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds.
7 For the six months ended June 30, 2024, other items is primarily comprised of $1.6 million of insurance proceeds, net of asset writedowns. For the six months ended June 30, 2023, other items is primarily comprised of $0.9 million of asset writedowns, net of insurance proceeds.
9

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - 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 June 30, 2024
(U.S. Dollars in thousands)
Revenues, netCost of salesGross profitGross Margin %Selling, marketing, general and administrative expensesOther operating charges8Operating Income
Reported (GAAP)$2,124,091 (1,923,505)200,586 9.4 %(116,604)1,906 $85,888 
(Income) loss from discontinued operations, net of income taxes— — — — — — 
Amortization of intangible assets— — — 1,886 — 1,886 
Mark to market (gains) losses— — — — — — 
(Gain) loss on asset sales— — — — — — 
Gain on disposal of business— — — — (1,995)(1,995)
Impairment of goodwill— — — — — — 
Other items— 157 157 — — 157 
Adjustments from equity method investments— — — — — — 
Income tax on items above and discrete tax items— — — — — — 
NCI impact of items above— — — — — — 
Adjusted (Non-GAAP)$2,124,091 (1,923,348)200,743 9.5 %(114,718)(89)$85,936 
Three Months Ended June 30, 2023
(U.S. Dollars in thousands)
Revenues, netCost of salesGross profitGross Margin %Selling, marketing, general and administrative expensesOther operating charges9Operating Income
Reported (GAAP)$2,141,174 (1,944,601)196,573 9.2 %(115,667)10,723 $91,629 
(Income) loss from discontinued operations, net of income taxes— — — — — — 
Amortization of intangible assets— — — 2,574 — 2,574 
Mark to market (gains) losses— 54 54 — — 54 
(Gain) loss on asset sales— — — — (10,387)(10,387)
Cyber-related incident— — — 571 — 571 
Other items— 190 190 — — 190 
Adjustments from equity method investments— — — — — — 
Income tax on items above and discrete tax items— — — — — — 
NCI impact on items above— — — — — — 
Adjusted (Non-GAAP)$2,141,174 (1,944,357)196,817 9.2 %(112,522)336 $84,631 
8 Other operating charges for the three months ended June 30, 2024 is primarily comprised of a gain on disposal of business of $2.0 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
9 Other operating charges for the three months ended June 30, 2023 is comprised of gains on asset sales of $10.7 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
10

Three Months Ended June 30, 2024
(U.S. Dollars in thousands)
Other income, netInterest incomeInterest expenseIncome tax expenseEquity method earningsIncome from continuing operationsIncome (loss) from discontinued operations, net of income taxes
Reported (GAAP)$6,377 2,624 (18,788)(25,460)5,406 56,047 32,018 
(Income) loss from discontinued operations, net of income taxes— — — — — — (32,018)
Amortization of intangible assets— — — — — 1,886 — 
Mark to market (gains) losses(2,214)— — — — (2,214)— 
(Gain) loss on asset sales— — — — — — — 
Gain on disposal of business— — — — — (1,995)— 
Impairment of goodwill— — — — — — — 
Other items(83)— — — — 74 — 
Adjustments from equity method investments— — — — 720 720 — 
Income tax on items above and discrete tax items— — — 888 (100)788 — 
NCI impact of items above— — — — — — — 
Adjusted (Non-GAAP)$4,080 2,624 (18,788)(24,572)6,026 55,306 $— 

Three Months Ended June 30, 2023
(U.S. Dollars in thousands)
Other income, netInterest incomeInterest expenseIncome tax expenseEquity method earningsIncome from continuing operationsIncome (loss) from discontinued operations, net of income taxes
Reported (GAAP)$1,129 2,640 (19,748)(16,593)4,688 63,745 (11,438)
(Income) loss from discontinued operations, net of income taxes— — — — — — 11,438 
Amortization of intangible assets— — — — — 2,574 — 
Mark to market (gains) losses981 — — — — 1,035 — 
(Gain) loss on asset sales— — — — — (10,387)— 
Cyber-related incident— — — — — 571 — 
Other items— — — — — 190 — 
Adjustments from equity method investments— — — — 623 623 — 
Income tax on items above and discrete tax items— — — 878 (81)797 — 
NCI impact of items above— — — — — — — 
Adjusted (Non-GAAP)$2,110 2,640 (19,748)(15,715)5,230 59,148 $— 



11

Three Months Ended June 30, 2024
U.S. Dollars and shares in thousands, except per share amounts
Net incomeNet income attributable to noncontrolling interestsNet income attributable to Dole plcDiluted net income per share
Reported (GAAP)$88,065 $(7,948)$80,117 $0.84 
(Income) loss from discontinued operations, net of income taxes(32,018)— (32,018)
Amortization of intangible assets1,886 — 1,886 
Mark to market (gains) losses(2,214)— (2,214)
(Gain) loss on asset sales— — — 
Gain on disposal of business(1,995)— (1,995)
Impairment of goodwill— — — 
Other items74 — 74 
Adjustments from equity method investments720 — 720 
Income tax on items above and discrete tax items788 — 788 
NCI impact of items above— (326)(326)
Adjusted (Non-GAAP)$55,306 $(8,274)$47,032 $0.49 
Weighted average shares outstanding – diluted95,340 
Three Months Ended June 30, 2023
U.S. Dollars and shares in thousands, except per share amounts
Net incomeNet income attributable to noncontrolling interestsNet income attributable to Dole plcDiluted net income per share
Reported (GAAP)$52,307 $(10,032)$42,275 $0.44 
(Income) loss from discontinued operations, net of income taxes11,438 — 11,438 
Amortization of intangible assets2,574 — 2,574 
Mark to market (gains) losses1,035 — 1,035 
(Gain) loss on asset sales(10,387)— (10,387)
Cyber-related incident571 — 571 
Other items190 — 190 
Adjustments from equity method investments623 — 623 
Income tax on items above and discrete tax items797 — 797 
NCI impact of items above— (736)(736)
Adjusted (Non-GAAP)$59,148 $(10,768)$48,380 $0.51 
Weighted average shares outstanding – diluted95,112 


12

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - 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.
Six Months Ended June 30, 2024
(U.S. Dollars in thousands)
Revenues, netCost of salesGross profitGross Margin %Selling, marketing, general and administrative expensesOther operating charges10Operating Income
Reported (GAAP)$4,245,465 (3,850,202)395,263 9.3 %(235,554)38,312 $198,021 
(Income) loss from discontinued operations, net of income taxes— — — — — — 
Amortization of intangible assets— — — 4,159 — 4,159 
Mark to market (gains) losses— (120)(120)— — (120)
(Gain) loss on asset sales— — — — 31 31 
Gain on disposal of business— — — — (75,945)(75,945)
Impairment of goodwill— — — — 36,684 36,684 
Other items— (1,643)(1,643)— — (1,643)
Adjustments from equity method investments— — — — — — 
Income tax on items above and discrete tax items— — — — — — 
NCI impact of items above— — — — — — 
Adjusted (Non-GAAP)$4,245,465 (3,851,965)393,500 9.3 %(231,395)(918)$161,187 
Six Months Ended June 30, 2023
(U.S. Dollars in thousands)
Revenues, netCost of salesGross profitGross Margin %Selling, marketing, general and administrative expenses
Other operating charges11
Operating Income
Reported (GAAP)$4,130,341 (3,754,729)375,612 9.1 %(236,546)14,696 $153,762 
(Income) loss from discontinued operations, net of income taxes— — — — — — 
Amortization of intangible assets— — — 5,190 — 5,190 
Mark to market (gains) losses— (1,336)(1,336)— — (1,336)
(Gain) loss on asset sales— — — — (14,554)(14,554)
Cyber-related incident— — — 5,321 — 5,321 
Other items— 863 863 — — 863 
Adjustments from equity method investments— — — — — — 
Income tax on items above and discrete tax items— — — — — — 
NCI impact of items above— — — — — — 
Adjusted (Non-GAAP)$4,130,341 (3,755,202)375,139 9.1 %(226,035)142 $149,246 
10 Other operating charges for the six months ended June 30, 2024 is primarily comprised of a gain on disposal of business of $75.9 million, offset by a goodwill impairment charge of $36.7 million and a fixed asset impairment charge of $1.3 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
11 Other operating charges for the six months ended June 30, 2023 is comprised of gains on asset sales of $14.7 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
13

Six Months Ended June 30, 2024
(U.S. Dollars in thousands)
Other income, netInterest incomeInterest expenseIncome tax expenseEquity method earningsIncome from continuing operationsIncome (loss) from discontinued operations, net of income taxes
Reported (GAAP)$13,999 5,703 (36,736)(59,861)6,408 127,534 25,967 
(Income) loss from discontinued operations, net of income taxes— — — — — — (25,967)
Amortization of intangible assets— — — — — 4,159 — 
Mark to market (gains) losses(4,964)— — — — (5,084)— 
(Gain) loss on asset sales— — — — — 31 — 
Gain on disposal of business— — — — — (75,945)— 
Impairment of goodwill— — — — — 36,684 — 
Other items(83)— — — — (1,726)— 
Adjustments from equity method investments— — — — 1,251 1,251 — 
Income tax on items above and discrete tax items— — — 15,307 (200)15,107 — 
NCI impact of items above— — — — — — — 
Adjusted (Non-GAAP)$8,952 5,703 (36,736)(44,554)7,459 102,011 $— 


Six Months Ended June 30, 2023
(U.S. Dollars in thousands)
Other income, netInterest incomeInterest expenseIncome tax expenseEquity method earningsIncome from continuing operationsIncome (loss) from discontinued operations, net of income taxes
Reported (GAAP)$2,904 4,949 (41,460)(27,587)6,166 98,734 (25,944)
(Income) loss from discontinued operations, net of income taxes— — — — — — 25,944 
Amortization of intangible assets— — — — — 5,190 — 
Mark to market (gains) losses3,193 — — — — 1,857 — 
(Gain) loss on asset sales— — — — — (14,554)— 
Cyber-related incident— — — — — 5,321 — 
Other items— — — — — 863 — 
Adjustments from equity method investments— — — — 742 742 — 
Income tax on items above and discrete tax items— — — 650 (162)488 — 
NCI impact of items above— — — — — — — 
Adjusted (Non-GAAP)$6,097 4,949 (41,460)(26,937)6,746 98,641 $— 



14

Six Months Ended June 30, 2024
U.S. Dollars and shares in thousands, except per share amounts
Net incomeNet income attributable to noncontrolling interestsNet income attributable to Dole plcDiluted net income per share
Reported (GAAP)$153,501 $(3,241)$150,260 $1.57 
(Income) loss from discontinued operations, net of income taxes(25,967)— (25,967)
Amortization of intangible assets4,159 — 4,159 
Mark to market (gains) losses(5,084)— (5,084)
(Gain) loss on asset sales31 — 31 
Gain on disposal of business(75,945)— (75,945)
Impairment of goodwill36,684 — 36,684 
Other items(1,726)— (1,726)
Adjustments from equity method investments1,251 — 1,251 
Income tax on items above and discrete tax items15,107 — 15,107 
NCI impact of items above— (11,187)(11,187)
Adjusted (Non-GAAP)$102,011 $(14,428)$87,583 $0.92 
Weighted average shares outstanding – diluted95,285 
Six Months Ended June 30, 2023
U.S. Dollars and shares in thousands, except per share amounts
Net incomeNet income attributable to noncontrolling interestsNet income attributable to Dole plcDiluted net income per share
Reported (GAAP)$72,790 $(16,356)$56,434 $0.59 
(Income) loss from discontinued operations, net of income taxes25,944 — 25,944 
Amortization of intangible assets5,190 — 5,190 
Mark to market (gains) losses1,857 — 1,857 
(Gain) loss on asset sales(14,554)— (14,554)
Cyber-related incident5,321 — 5,321 
Other items863 — 863 
Adjustments from equity method investments742 — 742 
Income tax on items above and discrete tax items488 — 488 
NCI impact of items above— (1,629)(1,629)
Adjusted (Non-GAAP)$98,641 $(17,985)$80,656 $0.85 
Weighted average shares outstanding – diluted95,068 


15

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

Revenue for the Three Months Ended
June 30, 2023Impact of Foreign Currency TranslationImpact of Acquisitions and DivestituresLike-for-like Increase (Decrease)June 30, 2024
(U.S. Dollars in thousands)
Fresh Fruit$839,043 $— $— $12,408 $851,451 
Diversified Fresh Produce - EMEA915,629 (8,737)7,799 30,160 944,851 
Diversified Fresh Produce - Americas & ROW417,645 (899)(108,061)47,372 356,057 
Intersegment(31,143)— — 2,875 (28,268)
Total$2,141,174 $(9,636)$(100,262)$92,815 $2,124,091 



Adjusted EBITDA for the Three Months Ended
June 30, 2023Impact of Foreign Currency TranslationImpact of Acquisitions and DivestituresLike-for-like Increase (Decrease)June 30, 2024
(U.S. Dollars in thousands)
Fresh Fruit$65,816 $45 $— $4,758 $70,619 
Diversified Fresh Produce - EMEA42,603 (311)257 146 42,695 
Diversified Fresh Produce - Americas & ROW14,262 (10)(7,337)5,192 12,107 
Total$122,681 $(276)$(7,080)$10,096 $125,421 


Revenue for the Six Months Ended
June 30, 2023Impact of Foreign Currency TranslationImpact of Acquisitions and DivestituresLike-for-like Increase (Decrease)June 30, 2024
(U.S. Dollars in thousands)
Fresh Fruit$1,637,953 $— $— $37,727 $1,675,680 
Diversified Fresh Produce - EMEA1,713,729 3,932 13,971 66,817 1,798,449 
Diversified Fresh Produce - Americas & ROW840,396 (726)(127,501)120,770 832,939 
Intersegment(61,737)— 134 (61,603)
Total$4,130,341 $3,206 $(113,530)$225,448 $4,245,465 



Adjusted EBITDA for the Six Months Ended
June 30, 2023Impact of Foreign Currency TranslationImpact of Acquisitions and DivestituresLike-for-like Increase (Decrease)June 30, 2024
(U.S. Dollars in thousands)
Fresh Fruit$135,027 $(1)$— $5,028 $140,054 
Diversified Fresh Produce - EMEA66,009 37 125 2,483 68,654 
Diversified Fresh Produce - Americas & ROW22,032 (19)(8,626)13,425 26,812 
Total$223,068 $17 $(8,501)$20,936 $235,520 
16

Net Debt Reconciliation
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 June 30, 2024 is presented below. Net Debt as of June 30, 2024 was $767.5 million.
June 30, 2024
December 31, 2023
(U.S. Dollars in thousands)
Cash and cash equivalents (Reported GAAP)$219,649 $275,580 
Debt (Reported GAAP):
Long-term debt, net(882,287)(845,013)
Current maturities(55,201)(222,940)
Bank overdrafts(38,613)(11,488)
Total debt, net(976,101)(1,079,441)
Less: Debt discounts and debt issuance costs (Reported GAAP)(11,064)(14,395)
Total gross debt(987,165)(1,093,836)
Net Debt (Non-GAAP)
$(767,516)$(818,256)

Free Cash Flow from Continuing Operations Reconciliation

Six Months Ended
June 30, 2024June 30, 2023
(U.S. Dollars in thousands)
Net cash (used in) provided by operating activities - continuing operations (Reported GAAP)$5,259 $76,744 
Less: Capital expenditures (Reported GAAP)12(35,693)(35,595)
Free cash flow from continuing operations (Non-GAAP)
$(30,434)$41,149 
12 Capital expenditures do not include amounts attributable to discontinued operations.
17

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) subtracting the income or 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 mark to market losses or subtracting mark to market gains related to unrealized impacts from certain 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 three and six months ended June 30, 2024 and June 30, 2023, 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, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on goodwill 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) subtracting the income or 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 certain 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 three and six months ended June 30, 2024 and June 30, 2023, 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, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on goodwill 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) subtracting the income or 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 certain 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 three and six months ended June 30, 2024 and June 30, 2023, 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, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges on goodwill 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 used in or 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.
18
Dole (NYSE:DOLE)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Dole Charts.
Dole (NYSE:DOLE)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Dole Charts.