The following is a summary of the Dole Plc. (DOLE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dole Plc. reported Q1 revenue of $2.1 billion, a 6.6% increase, and adjusted EBITDA increased by 9.7% to $110 million.

• The adjusted net income increased by $8.3 million to $40.6 million, with adjusted EPS increasing by 26% to $0.43 a share.

• The company utilized the proceeds from the sale of a 65% interest in progressive projects to repay debt, which resulted in a reduced net leverage to 2 times.

• The full-year adjusted EBITDA target stands at a minimum of $360 million, adjusted considering the progressive project disposal.

Business Progress:

• There was significant growth in the adjusted EBITDA due to a strong performance in the diversified fresh produce America and EMEA segments, along with a steady showing from the fresh fruit segment.

• Their sale agreement of the Fresh Vegetable division to Fresh Express was called off due to the DOJ choosing to pursue litigation, leading the company to explore other beneficial alternatives.

• They anticipate higher costs on account of regulatory changes and periodic dry docking related expenses, even though the Fresh Food segment delivered well in Q1 2024.

• Their diverse sourcing of infrastructure, broad customer base, strong management, and expansion focus lend them confidence in replicating their strong Q1 performance throughout 2024.

• The focus for 2024 includes maximizing profitability in businesses affected by the post-pandemic supply chain issues, expanding the Diversified EMEA and Americas divisions, and maintaining an optimally balanced capital structure.

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