Dole (DOLE) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2024, exceeding Adjusted EBITDA guidance and continuing multi-year growth in core business areas.

• Full year results were supported by the $100 million sale of Progressive Produce and shipping fleet expansion, contributing to significant debt reduction.

• Net leverage reduced to 1.6x at year-end, reflecting disciplined capital allocation and strong free cash flow.

• Net loss in Q4 due to a $78.2 million non-cash write-down of the Fresh Vegetables division; full year net income impacted by this charge.

Financial highlights

• Full year group revenue rose 2.8% to $8.5 billion (6.7% like-for-like); Adjusted EBITDA up 1.8% to $392.2 million (6.7% like-for-like).

• Adjusted net income for the year was $120.9 million, with adjusted diluted EPS of $1.27, up 2.4%.

• Net debt at year-end was $637.1 million, reduced by $181.1 million; net leverage at 1.6x.

• Free cash flow from continuing operations was $180.3 million for the year.

• Q4 revenue was $2.2 billion, up 4.6% (10.1% like-for-like); Q4 Adjusted EBITDA was $74.6 million (up 3.7% like-for-like).

Outlook and guidance

• FY2025 Adjusted EBITDA guidance is $370–$380 million, reflecting a 4% decline at midpoint due to Tropical Storm Sara and normalization after a record 2024.

• Maintenance CapEx for 2025 expected to align with depreciation, around $100 million; interest expense expected at ~$70 million.

• Strategic priorities include accelerating growth in core areas, disciplined capital allocation, cost control, and exiting the Fresh Vegetables business.

• Management anticipates a slower start to 2025, with most headwinds impacting Q1, and a more balanced phasing throughout the year.