Dole (DOLE) Q1 2025 Earnings Call May 12, 2025 08:00 AM ET Speaker0 Welcome to Dole plc's First Quarter twenty twenty five Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded for playback purposes. Currently, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relation ...

Company Performance - Dole reported quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.39 per share, and down from $0.43 per share a year ago, representing an earnings surprise of -10.26% [1] - The company posted revenues of $2.1 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.54%, but down from $2.12 billion year-over-year [2] - Over the last four quarters, Dole has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Performance - Dole shares have increased approximately 9% since the beginning of the year, contrasting with the S&P 500's decline of -3.8% [3] - The current consensus EPS estimate for the coming quarter is $0.48 on revenues of $2.14 billion, and for the current fiscal year, it is $1.33 on revenues of $8.39 billion [7] Industry Outlook - The Agriculture - Operations industry, to which Dole belongs, is currently in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact stock performance [5][8]

Results Presentation Q1'25 Disclaimer Today's presentation includes forward-looking statements that reflect Dole plc's current views with respect to future events, financial performance, expected synergies and industry conditions. 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 ...

Financial Transactions - Dole's sale of its 65.0% stake in the Progressive Produce business to PTF Holdings generated gross proceeds of $120.3 million in cash[319]. - A goodwill impairment charge of $36.7 million was recorded in March 2024 due to the sale of the Progressive Produce business[319]. Fair Value Assessments - As of October 1, 2024, the fair value of the Fresh Fruit reporting unit was approximately 10% above its carrying amount, while the Diversified Fresh Produce – Americas & ROW reporting unit was about 8% above its carrying amount[324]. - Dole's indefinite-lived intangible assets, including the DOLE brand, were assessed and found to have fair values sufficiently above their carrying amounts as of October 1, 2024[326]. Regulatory and Environmental Factors - The EU's greenhouse gas emissions trading system (ETS) will require Dole to purchase allowances for 40% of its emissions in 2024, increasing to 100% by 2026[309]. - The company is subject to various international regulatory restrictions and tariffs that can influence its performance in core markets[312]. - Dole's exposure to foreign currency fluctuations includes transactions in multiple currencies such as the U.S. dollar, euro, and British pound sterling[305]. - The company is currently evaluating the financial impacts of new tariffs announced by the U.S. Presidential administration in early 2025[314]. Competitive Landscape - Dole's operations are affected by a diverse range of competitors, which can lead to reduced volumes and lower prices[306]. Pension Plan Obligations - The weighted average discount rate for Dole's U.S. pension plan obligations was 5.14% for the year ended December 31, 2024[335]. - A 25-basis point decrease in the U.S. discount rate would increase the projected benefit obligation by $2.9 million and net periodic benefit income by $0.7 million[335]. - The expected annual rate of return on U.S. pension plan assets was 6.70% as of December 31, 2024[337]. - The U.S. pension plan investment portfolio consisted of approximately 23% in equity securities, 51% in fixed income securities, and 14% in real estate as of December 31, 2024[337]. - The weighted average discount rate for Dole's international pension plan obligations was 5.66% for the year ended December 31, 2024[335]. - A 25-basis point decrease in the international discount rate would increase the projected benefit obligation by $5.7 million, with minimal impact on net periodic benefit cost[335]. - The expected annual rate of return on international pension plan assets was 4.38% as of December 31, 2024[338]. - The investment portfolio of international pension plans was approximately 11% in equity securities, 35% in fixed income securities, and 3% in real estate as of December 31, 2024[338]. - A 25-basis point change in the expected rate of return on U.S. pension plan assets would impact net periodic benefit income by $0.4 million[337]. - A 25-basis point change in the expected rate of return on international pension plan assets would impact net periodic benefit cost by $0.5 million[338]. Sustainability Goals - The company expects to incur additional costs related to sustainability goals, although the scope and timing of these expenditures remain uncertain[310].

Analyst’s Disclosure: I/we have a beneficial long position in the shares of CAG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice ...

Dole (DOLE) Q4 2024 Earnings Call February 26, 2025 03:27 PM ET Company Participants James O'Regan - Head Of Investor RelationsRory Byrne - CEO & Executive DirectorJacinta Devine - CFO & DirectorChristopher Barnes - VP - Equity Research Conference Call Participants Gary Martin - Equity Research Analyst Operator Welcome to the Doull PLC Fourth Quarter and Full Year twenty twenty four Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded ...

Q4'24 & FY'24 Results Presentation Disclaimer Today's presentation includes forward-looking statements that reflect Dole plc's current views with respect to future events, financial performance, expected synergies and industry conditions. 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- ...

Dole plc (NYSE:DOLE) Q4 2024 Earnings Conference Call February 26, 2025 8:00 AM ET Company Participants James O'Regan - Head, Investor Relations Rory Byrne - Chief Executive Officer Johan Linden - Chief Operating Officer Jacinta Devine - Chief Financial Officer Conference Call Participants Christopher Barnes - Deutsche Bank Gary Martin - Davy Operator Welcome to the Dole plc Fourth Quarter and Full Year 2024 Earnings Conference Call and Webcast. Today’s conference is being broadcast live over the internet a ...

Exhibit 99.1 Dole plc Reports Fourth Quarter and Full Year 2024 Financial Results DUBLIN – February 26, 2025 - 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, 2024. Highlights for the quarter ended December 31, 2024: Highlights for the year ended December 31, 2024: Financial Highlights - Unaudited Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") ...

Financial Data and Key Metrics Changes - Group reported revenue increased by 1% and 5.8% on a like-for-like basis [5][12] - Adjusted EBITDA of $82 million was in line with market expectations and 2.3% ahead of the prior year on a like-for-like basis [5] - Net income of $21.5 million in Q3 2024 was $32.5 million lower than Q3 2023, primarily due to a prior year exceptional gain [13] - Adjusted net income was $18 million, with adjusted diluted EPS at $0.19 per share [13] Business Line Data and Key Metrics Changes - Fresh Fruit segment delivered adjusted EBITDA of $42.9 million, a small decrease compared to last year but ahead of expectations [6][14] - Diversified EMEA segment experienced revenue growth of $5.1 million, but adjusted EBITDA declined by 13.1% due to higher one-off IT charges and supply issues [9][15] - Diversified Americas segment reported strong performance with a like-for-like revenue increase of 7.2% and adjusted EBITDA up by $3.6 million [9][16] Market Data and Key Metrics Changes - North America was impacted by drydocking, but overall performance was good with higher volumes of bananas sold [6][7] - European market showed positive momentum driven by higher volumes of bananas and lower shipping costs [7] - Supply conditions for bananas and pineapples remain tight, leading to higher sourcing costs but also positive pricing momentum [7] Company Strategy and Development Direction - Company is focused on capital allocation and managing leverage, with a reduction in leverage to 1.86x [17] - Plans to expand shipping fleet by bringing two chartered vessels under ownership in early 2025, enhancing operational flexibility [8][18] - The company raised its full-year adjusted EBITDA target to at least $380 million for 2024, reflecting confidence in operational performance [20] Management Comments on Operating Environment and Future Outlook - Management noted that the second half of the year may see a heavier weighting towards the first half, with higher shipping costs anticipated [24] - The Diversified Americas business has shown strong performance, benefiting from improved management processes and favorable market conditions [26][27] - Management expects a strong performance in the export side as key export seasons from Peru and Chile commence [9] Other Important Information - Cash capital expenditure from continuing operations was $21.1 million in Q3, with total expected capital expenditure for the year between $130 million to $140 million [18] - A dividend of $0.08 for the third quarter was declared, to be paid on January 3, 2025 [18] Q&A Session Summary Question: Can you walk through the factors affecting EBITDA guidance for Q4? - Management indicated that the fourth quarter may be down 18% at the low end, with higher shipping costs and the sale of Progressive impacting EBITDA [24] Question: How much of the improvement in Diversified Americas is real underlying strength? - Management acknowledged that the segment has benefited from improved conditions and management processes, but some volatility is expected [26][27] Question: Should we expect a more normalized cherry season into Q4? - Management confirmed that Q1 next year could see normalized conditions, with cherry volumes expected to align with the earlier Chinese New Year [30] Question: What are the supply and demand factors driving Fresh Fruit performance? - Management noted strong demand for bananas and tight supply due to weather events, contributing to overall outperformance [32] Question: Can you elaborate on the growth potential from the new vessels? - Management highlighted that the additional capacity will support growth and ensure compliance with service level requirements for major retailers [33]