Dole (DOLE) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong group results with like-for-like revenue up 4.3% and Adjusted EBITDA up 8.2%, maintaining positive momentum for a robust full-year result.

• Net income rose to $88.1 million, a 68.4% increase year-over-year, with adjusted net income at $47 million.

• Adjusted EBITDA was $125.4 million, up 2.2% year-over-year.

• Sale of Progressive Produce completed, with $100 million of term loan repaid.

• Net leverage reduced to 1.9x at quarter-end.

Financial highlights

• Q2 revenue was $2.12 billion, down 0.8% due to divestitures and FX, but up 4.3% like-for-like.

• Adjusted EBITDA was $125.4 million, up from $122.7 million in Q2 2023.

• Adjusted net income was $47 million; adjusted diluted EPS $0.49, slightly below prior year.

• Net income rose to $88.1 million, with diluted EPS $0.84 vs. $0.44 in Q2 2023.

• Gross margin for Q2 was 9.4%, up from 9.2% in Q2 2023.

Outlook and guidance

• Full-year 2024 Adjusted EBITDA target raised to at least $370 million.

• FY 2024 capital expenditure expected at $110–$120 million.

• Interest expense for the full year projected at $75–$80 million.

• Dividend of $0.08 per share declared for Q2.

• Strategic focus on core growth, disciplined capital allocation, and exiting Fresh Vegetables.