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:

Strong fourth quarter operational performance for the Group
Revenue of $2.2 billion, an increase of 4.6% (an increase of 10.1% on a like-for-like basis¹)
Net Loss of $31.6 million, primarily due to a non-cash write-down of the carrying value of the Fresh Vegetables division of $78.2 million
Adjusted EBITDA² of $74.6 million, a decrease of 2.9% (an increase of 3.7% on a like-for-like basis)
Adjusted Net Income² of $15.3 million and Adjusted Diluted EPS² of $0.16

Highlights for the year ended December 31, 2024:

Very strong full year results achieved following a year of good momentum for the Group
Revenue of $8.5 billion, an increase of 2.8% (an increase of 6.7% on a like-for-like basis)
Net Income decreased to $143.4 million, primarily due to the non-cash write down of the carrying value of the Fresh Vegetables division in the fourth quarter, offset significantly by the strong operational performance of the Group
Diluted EPS was $1.32, an increase from $1.30
Adjusted EBITDA of $392.2 million, an increase of 1.8% (an increase of 6.7% on a like-for-like basis)
Adjusted Net Income increased 2.4% to $120.9 million and Adjusted Diluted EPS increased 2.4% to $1.27
Free Cash Flow from Continuing Operations² of $180.3 million
Net Debt² of $637.1 million, a reduction of $181.1 million, and Net Leverage² of 1.6x

_______________________
¹		Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. Refer to the Appendix and "Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances.
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, Net Leverage 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.

Financial Highlights - Unaudited

	Three Months Ended			Year Ended
	December 31, 2024		December 31, 2023	December 31, 2024	December 31, 2023

	(U.S. Dollars in millions, except per share amounts)
Revenue	2,167		2,072	8,475	8,245
Income from Continuing Operations³	29.6		23.1	172.3	177.5
Net (Loss) Income	(31.6	)	28.9	143.4	155.7
Net (Loss) Income attributable to Dole plc	(39.1	)	22.3	125.5	124.1
Diluted EPS from Continuing Operations	0.23		0.17	1.62	1.53
Diluted EPS	(0.41	)	0.23	1.32	1.30
Adjusted EBITDA²	74.6		76.9	392.2	385.1
Adjusted Net Income²	15.3		14.8	120.9	118.1
Adjusted Diluted EPS²	0.16		0.16	1.27	1.24

Commenting on the results, Carl McCann, Executive Chairman, said:

"We are pleased to report another strong result in the fourth quarter, rounding out a year of positive progress and development for the Group. Adjusted EBITDA increased 6.7% on a like-for-like basis, a result which was ahead of our latest guidance.

We finished the year in a strong financial position, with net leverage reducing to 1.6x, as we prioritized capital allocation and maximizing cash flow generation.

For the current financial year, although there is increased uncertainty due to the evolving geopolitical environment, we believe our business is well positioned to deliver another good result. At this early stage of the financial year, we are targeting full year Adjusted EBITDA in the range of $370 - $380 million.

Finally, we would like to extend thanks to all our dedicated people for their contributions and focus throughout the year, helping to drive our Group forward and delivering our strong 2024 financial result."

_______________________
³		Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our consolidated statements of operations, its assets and liabilities are separately presented in our consolidated balance sheets, and its cash flows are presented separately in our 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.

Group Results - Fourth Quarter

Revenue increased 4.6%, or $95.2 million, primarily due to positive operational performance across all segments, offset partially by an unfavorable impact from foreign currency translation of $2.5 million and a net negative impact from acquisitions and divestitures of $111.2 million, particularly in the Diversified Fresh Produce - Americas & ROW segment as a result of the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, group revenue increased 10.1%, or $208.9 million.

Net loss was $31.6 million, a decrease from net income of $28.9 million in the prior year. This decrease was due to a loss of $61.2 million in discontinued operations (Fresh Vegetables) compared to income of $5.8 million in the prior year with improved operating results offset by a non-cash held for sale fair value loss of $104.9 million ($78.2 million, net of tax), which adjusted the carrying value of the Fresh Vegetables division to its estimated fair value. This loss was primarily due to $78.1 million of unrecorded depreciation and amortization from March 31, 2023 in accordance with held for sale guidance.

Adjusted EBITDA decreased 2.9%, or $2.2 million, primarily driven by a net negative impact from acquisitions and divestitures of $4.9 million, particularly in the Diversified Fresh Produce - Americas & ROW segment as a result of the disposal of the Progressive Produce business. These decreases were partially offset by good performance in the Fresh Fruit segment. On a like-for-like basis, Adjusted EBITDA increased 3.7%, or $2.8 million.

Adjusted Net Income increased 3.0%, or $0.5 million, predominantly due to lower interest expense, as well as lower depreciation, interest and tax expense recorded within our equity method investments, offset partially by the decreases in Adjusted EBITDA as noted above. Adjusted Diluted EPS was $0.16 in each year.

Group Results - Full Year

Revenue increased 2.8%, or $230.1 million, predominantly due to strong operational performances across all segments and a favorable impact from foreign currency translation of $13.4 million. These positive impacts were partially offset by a net negative impact from acquisitions and divestitures of $335.6 million, particularly in the Diversified Fresh Produce - Americas & ROW segment as a result of the disposal of the Progressive Produce business. On a like-for-like basis, revenue increased 6.7%, or $552.2 million.

Net income of $143.4 million was $12.3 million lower than the prior year. The decrease was primarily due to the non-cash held for sale fair value loss of $78.2 million, net of tax, in the fourth quarter within discontinued operations as described above, as well as higher tax expense. These decreases were partially offset by higher operating income due to strong underlying performance across the Group, higher other income, primarily related to fair value adjustments of financial instruments, and lower interest expense.

Adjusted EBITDA increased 1.8%, or $7.1 million, primarily due to good performance in the Fresh Fruit and Diversified Fresh Produce - Americas & ROW segments, partially offset by a lower result in the Diversified Fresh Produce - EMEA segment and a net negative impact from acquisitions and divestitures of $18.8 million. The impact of foreign currency translation was not material. On a like-for-like basis, Adjusted EBITDA increased 6.7%, or $25.7 million.

Adjusted Net Income increased 2.4%, or $2.8 million, predominantly due to the increases in Adjusted EBITDA as noted above, as well as lower interest and depreciation expense, partially offset by higher tax expense. Adjusted Diluted EPS for the year ended December 31, 2024 was $1.27 compared to $1.24 in the prior year.

Selected Segmental Financial Information (Unaudited)

	Three Months Ended
	December 31, 2024					December 31, 2023

	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	819,066		$	31,890	$	748,703		$	28,792
Diversified Fresh Produce - EMEA		910,604			32,487		862,865			32,638
Diversified Fresh Produce - Americas & ROW		463,285			10,234		489,761			15,427
Intersegment		(25,491	)		—		(29,074	)		—
Total	$	2,167,464		$	74,611	$	2,072,255		$	76,857

	Year Ended
	December 31, 2024					December 31, 2023

	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	3,293,527		$	214,848	$	3,135,866		$	208,930
Diversified Fresh Produce - EMEA		3,608,692			131,504		3,432,945			133,570
Diversified Fresh Produce - Americas & ROW		1,686,281			45,851		1,800,168			42,618
Intersegment		(113,157	)		—		(123,711	)		—
Total	$	8,475,343		$	392,203	$	8,245,268		$	385,118

Fourth Quarter Commentary

Fresh Fruit

Revenue increased 9.4%, or $70.4 million, primarily due to higher worldwide volumes of bananas sold, higher worldwide pricing of pineapples and higher pricing and volume for plantains in North America. These increases were partially offset by lower worldwide volumes of pineapples sold, lower worldwide pricing for bananas and lower pricing and volume for plantains in Europe.

Adjusted EBITDA increased by 10.8%, or $3.1 million, primarily driven by higher revenue in bananas in particular, as well as lower fruit sourcing and shipping costs in Europe, partially offset by higher shipping costs in North America due to scheduled dry dockings.

Diversified Fresh Produce – EMEA

Revenue increased 5.5%, or $47.7 million, primarily driven by strong performance in the U.K., Spain and the Nordics, partially offset by a net negative impact from acquisitions and divestitures of $7.4 million. On a like-for-like basis, revenue increased 6.5%, or $56.1 million.

Adjusted EBITDA decreased 0.5%, or $0.2 million, primarily due to decreases in the Czech Republic, South Africa and Ireland as well as an unfavorable impact from foreign currency translation of $0.2 million, partially offset by stronger performance in Spain and the U.K. On a like-for-like basis, Adjusted EBITDA increased 0.3%, or $0.1 million.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 5.4%, or $26.5 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue increased 16.1%, or $78.8 million, primarily due to higher export volumes in cherries and grapes as well as strong trading performance across commodities in the North American market.

Adjusted EBITDA decreased 33.7%, or $5.2 million, primarily due to the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA decreased 2.2%, or $0.3 million, primarily due to a lower profitability in the Chilean cherry business, partially offset by continued good performance in North America, particularly in kiwi, grapes and avocados.

Full Year Commentary

Fresh Fruit

Revenue increased 5.0%, or $157.7 million, predominantly driven by higher worldwide volumes of bananas sold, higher worldwide pricing of pineapples, higher pricing of bananas in North America and higher pricing and volume for plantains in North America. These increases were partially offset by lower pricing for bananas in Europe, lower volumes of pineapples sold on a worldwide basis, lower pricing for plantains in Europe and lower commercial cargo revenue.

Adjusted EBITDA increased 2.8%, or $5.9 million, primarily driven by higher revenue in bananas in particular, as well as lower fruit sourcing and shipping costs in Europe, partially offset by higher shipping costs in North America due to scheduled dry dockings and a decrease in commercial cargo profitability.

Diversified Fresh Produce – EMEA

Revenue increased 5.1%, or $175.7 million, primarily driven by strong performance in Ireland and the U.K., a favorable impact from foreign currency translation of $16.7 million, as a result of the strengthening of the British pound sterling and Swedish krona against the U.S. Dollar, and a net positive impact from acquisitions and divestitures of $8.3 million. On a like-for-like basis, revenue increased 4.4%, or $150.8 million.

Adjusted EBITDA decreased 1.5%, or $2.1 million, primarily driven by decreases in the Netherlands and the Czech Republic. These decreases were partially offset by strong performance in the Nordics, Spain and South Africa, as well as a favorable impact from foreign currency translation of $0.3 million. On a like-for-like basis, Adjusted EBITDA decreased 1.9%, or $2.5 million.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 6.3%, or $113.9 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue increased 13.0%, or $233.3 million, primarily due to significantly higher export volumes of cherries, accentuated by important seasonal timing differences in 2024, as well as good developments in most other export products. In addition, the segment also saw strong growth in the North American marketplace, driven by increases in kiwis, avocados and grapes, in particular, partially offset by decreases in berries.

Adjusted EBITDA increased 7.6%, or $3.2 million, primarily due to a strong export performance in Chilean cherries, accentuated by seasonal timing differences in 2024, as well as a strong performance on the export side of the business. In addition, there was also a strong performance in North America, particularly in kiwis, grapes and avocados. These positive impacts were significantly offset by the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA increased 52.3% or $22.3 million.

Capital Expenditures

Capital expenditures for the year ended December 31, 2024 were $82.4 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 $53.3 million for the year ended December 31, 2024. These additions were primarily related to $41.1 million of investments in two vessels made during the three months ended September 30, 2024 that we had previously chartered; the vessels were subsequently purchased in February of 2025. Total capital additions from continuing operations, including additions through finance leases, were $135.7 million.

Free Cash Flow from Continuing Operations, Net Debt and Net Leverage

Free cash flow from continuing operations was $180.3 million for the year ended December 31, 2024. Free cash flow was driven by normal seasonal impacts. There were higher outflows from receivables based on higher revenues (excluding the impacts of divestitures) and timing of collections and higher outflows from inventories, partly offset by inflows from accounts payables, accrued liabilities and other liabilities. At the end of the year, Net Debt was $637.1 million, a reduction from $818.3 million as of December 31, 2023. Net Leverage, which is calculated by dividing Net Debt with Adjusted EBITDA, decreased to 1.6x as of December 31, 2024 from 2.1x as of December 31, 2023.

Outlook for Fiscal Year 2025 (forward-looking statement)

We are very pleased with the group's strong performance in 2024, delivering $392.2 million of Adjusted EBITDA from continuing operations. This result exceeded expectations and gives us a strong platform to move forward into the 2025 financial year.

While we continue to see excellent opportunities for our business in 2025, we will also face challenges and uncertainties this year. The evolving geopolitical environment is adding increased uncertainty in areas including regulation, foreign exchange rates and the potential impact of any tariffs on sourcing costs and supply chains.

Our management teams are keenly focused on preparing for any eventualities while also continuing to promote the critical benefits of the fresh produce industry in supporting shared global goals toward enhancing health and wellness.

For our own operations, we will face a known short-term headwind in 2025 following the impact of Tropical Storm Sara on our Honduran operations in November 2024. Factoring in this and given our excellent finish to the 2024 financial year, which exceeded expectations, at this early stage of the financial year our target is to deliver full year Adjusted EBITDA in a range of $370 - $380 million.

Dividend

On February 25, 2025, the Board of Directors of Dole plc declared a cash dividend for the fourth quarter of 2024 of $0.08 per share, payable on April 3, 2025 to shareholders of record on March 20, 2025. A cash dividend of $0.08 per share was paid on January 3, 2025 for the third quarter of 2024.

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 85 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 fourth quarter and full year 2024 financial results. The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/264989893. The conference call can be accessed by registering at https://registrations.events/direct/Q4I604517.

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.

Category: Financial

Appendix

Consolidated Statements of Operations - Unaudited

	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

	(U.S. Dollars and shares in thousands, except per share amounts)
Revenue, net	$	2,167,464		$	2,072,255		$	8,475,343		$	8,245,268
Cost of sales		(2,009,045	)		(1,920,077	)		(7,757,622	)		(7,551,098	)
Gross profit		158,419			152,178			717,721			694,170
Selling, marketing, general and administrative expenses		(122,675	)		(119,334	)		(474,058	)		(473,903	)
Gain on disposal of businesses		472			—			76,417			—
Gain on asset sales		747			10,666			2,648			54,108
Impairment of goodwill		—			—			(36,684	)		—
Impairment and asset write-downs of property, plant and equipment		(2,154	)		(2,217	)		(5,480	)		(2,217	)
Operating income		34,809			41,293			280,564			272,158
Other income (expense), net		11,137			(2,922	)		20,595			4,799
Interest income		2,410			2,823			10,745			10,083
Interest expense		(18,055	)		(18,754	)		(72,264	)		(81,113	)
Income from continuing operations before income taxes and equity earnings		30,301			22,440			239,640			205,927
Income tax expense		(264	)		(2,987	)		(75,649	)		(43,591	)
Equity method (loss) earnings		(403	)		3,683			8,308			15,191
Income from continuing operations		29,634			23,136			172,299			177,527
(Loss) income from discontinued operations, net of income taxes		(61,231	)		5,798			(28,880	)		(21,818	)
Net (loss) income		(31,597	)		28,934			143,419			155,709
Less: Net income attributable to noncontrolling interests		(7,552	)		(6,597	)		(17,906	)		(31,646	)
Net (loss) income attributable to Dole plc	$	(39,149	)	$	22,337		$	125,513		$	124,063

Income (loss) per share - basic:
Continuing operations	$	0.23		$	0.18		$	1.63		$	1.54
Discontinued operations		(0.64	)		0.06			(0.31	)		(0.23	)
Net (loss) income per share attributable to Dole plc - basic	$	(0.41	)	$	0.24		$	1.32		$	1.31

Income (loss) per share - diluted:
Continuing operations	$	0.23		$	0.17		$	1.62		$	1.53
Discontinued operations		(0.64	)		0.06			(0.30	)		(0.23	)
Net income per share attributable to Dole plc - diluted	$	(0.41	)	$	0.23		$	1.32		$	1.30

Weighted-average shares:
Basic		95,019			94,929			94,967			94,917
Diluted		95,702			95,187			95,471			95,118

Consolidated Balance Sheets - Unaudited

	December 31, 2024			December 31, 2023

ASSETS	(U.S. Dollars and shares in thousands)
Cash and cash equivalents	$	330,017		$	275,580
Short-term investments		6,019			5,899
Trade receivables, net of allowances for credit losses of $19,493 and $18,360, respectively		473,511			538,177
Grower advance receivables, net of allowances of $29,304 and $19,839, respectively		104,956			109,958
Other receivables, net of allowances of $15,248 and $13,227, respectively		125,412			117,069
Inventories, net of allowances of $4,178 and $4,792, respectively		430,090			378,592
Prepaid expenses		66,136			61,724
Other current assets		15,111			17,401
Fresh Vegetables current assets held for sale		332,042			414,457
Other assets held-for-sale		1,419			1,832
Total current assets		1,884,713			1,920,689
Long-term investments		14,630			15,970
Investments in unconsolidated affiliates		129,322			131,704
Actively marketed property		45,778			13,781
Property, plant and equipment, net of accumulated depreciation of $498,895 and $444,775, respectively		1,082,056			1,102,234
Operating lease right-of-use assets		337,468			340,458
Goodwill		429,590			513,312
DOLE brand		306,280			306,280
Other intangible assets, net of accumulated amortization of $118,956 and $134,420, respectively		25,238			41,232
Other assets		108,804			109,048
Deferred tax assets, net		82,484			66,485
Total assets	$	4,446,363		$	4,561,193
LIABILITIES AND EQUITY
Accounts payable	$	648,586		$	670,904
Income taxes payable		42,753			22,917
Accrued liabilities		437,017			357,427
Bank overdrafts		11,443			11,488
Current portion of long-term debt, net		80,097			222,940
Current maturities of operating leases		62,896			63,653
Payroll and other tax		28,056			27,791
Contingent consideration		3,399			1,788
Pension and postretirement benefits		18,491			16,570
Fresh Vegetables current liabilities held for sale		244,669			291,342
Dividends payable and other current liabilities		14,696			29,892
Total current liabilities		1,592,103			1,716,712
Long-term debt, net		866,075			845,013
Operating leases, less current maturities		280,836			287,991
Deferred tax liabilities, net		79,598			92,653
Income taxes payable, less current portion		6,210			16,664
Contingent consideration, less current portion		4,007			7,327
Pension and postretirement benefits, less current portion		129,870			121,689
Other long-term liabilities		52,746			52,295
Total liabilities	$	3,011,445		$	3,140,344

Redeemable noncontrolling interests		35,554			34,185
Stockholders' equity:
Common stock — $0.01 par value; 300,000 shares authorized and 95,041 and 94,929 shares outstanding as of December 31, 2024 and December 31, 2023, respectively		950			949
Additional paid-in capital		801,099			796,800
Retained earnings		657,430			562,562
Accumulated other comprehensive loss		(166,180	)		(110,791	)
Total equity attributable to Dole plc		1,293,299			1,249,520
Equity attributable to noncontrolling interests		106,065			137,144
Total equity		1,399,364			1,386,664
Total liabilities, redeemable noncontrolling interests and equity	$	4,446,363		$	4,561,193

Consolidated Statements of Cash Flows - Unaudited

	Year Ended
	December 31, 2024			December 31, 2023

Operating Activities	(U.S. Dollars in thousands)
Net income	$	143,419		$	155,709
Loss from discontinued operations, net of income taxes		28,880			21,818
Income from continuing operations		172,299			177,527
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:
Depreciation and amortization		98,818			104,168
Impairment of goodwill		36,684			—
Impairment and asset write-downs of property, plant and equipment		5,480			2,217
Net gain on sale of assets		(2,648	)		(54,108	)
Net gain on sale of businesses		(76,417	)		—
Net (gain) loss on financial instruments		(12,397	)		2,004
Stock-based compensation expense		7,951			6,045
Equity method earnings		(8,308	)		(15,191	)
Amortization of debt discounts and debt issuance costs		7,746			6,390
Deferred tax benefit		(17,588	)		(12,600	)
Pension and other postretirement benefit plan expense		5,404			7,735
Dividends received from equity method investees		7,049			9,388
Other		(247	)		47
Changes in operating assets and liabilities:
Receivables, net of allowances		(20,603	)		58,794
Inventories		(70,810	)		20,688
Prepaids, other current assets and other assets		(281	)		(27,521	)
Accounts payable, accrued liabilities and other liabilities		130,589			13,022
Net cash provided by operating activities - continuing operations		262,721			298,605
Investing Activities
Sales of assets		5,011			83,557
Capital expenditures		(82,435	)		(78,041	)
Proceeds from sale of business, net of transaction costs		117,935			—
Insurance proceeds		527			1,054
Purchases of investments		(262	)		(1,153	)
(Purchases) sales of unconsolidated affiliates		(1,769	)		1,013
Acquisitions, net of cash acquired		(926	)		(1,263	)
Other		(2,301	)		57
Net cash provided by investing activities - continuing operations		35,780			5,224
Financing Activities
Proceeds from borrowings and overdrafts		1,517,106			1,407,970
Repayments on borrowings and overdrafts		(1,696,130	)		(1,576,067	)
Payment of debt issuance costs		—			(44	)
Dividends paid to shareholders		(30,551	)		(30,373	)
Dividends paid to noncontrolling interests		(26,579	)		(28,522	)
Other noncontrolling interest activity, net		(124	)		(1,300	)
Payments of contingent consideration		(1,567	)		(1,662	)
Net cash used in financing activities - continuing operations		(237,845	)		(229,998	)
Effect of foreign currency exchange rate changes on cash		(15,241	)		5,448
Net cash provided by (used in) operating activities - discontinued operations		22,592			(22,622	)
Net cash used in investing activities - discontinued operations		(13,293	)		(8,492	)
Cash provided by (used in) discontinued operations, net		9,299			(31,114	)
Increase in cash and cash equivalents		54,714			48,165
Cash and cash equivalents at beginning of period, including discontinued operations		277,005			228,840
Cash and cash equivalents at end of period, including discontinued operations	$	331,719		$	277,005
Supplemental cash flow information:
Income tax payments, net of refunds	$	(77,967	)	$	(63,969	)
Interest payments on borrowings	$	(67,397	)	$	(82,367	)
Non-cash Investing and Financing Activities:
Accrued property, plant and equipment	$	(2,983	)	$	(1,465	)

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 Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

	(U.S. Dollars in thousands)
Net (loss) income (Reported GAAP)	$	(31,597	)	$	28,934		$	143,419		$	155,709
Loss (income) from discontinued operations, net of income taxes		61,231			(5,798	)		28,880			21,818
Income from continuing operations (Reported GAAP)		29,634			23,136			172,299			177,527
Income tax expense		264			2,987			75,649			43,591
Interest expense		18,055			18,754			72,264			81,113
Mark to market (gains) losses		(11,356	)		5,450			(10,139	)		2,524
Gain on asset sales		(90	)		(9,139	)		(125	)		(52,495	)
Gain on disposal of businesses		(472	)		—			(76,417	)		—
Cyber-related incident		—			—			—			5,321
Impairment of goodwill		—			—			36,684			—
Other items^4,5		1,023			1,833			(1,686	)		2,918
Adjustments from equity method investments		9,294			4,309			16,258			10,714
Adjusted EBIT (Non-GAAP)		46,352			47,330			284,787			271,213
Depreciation		24,410			24,788			91,262			93,970
Amortization of intangible assets		1,776			2,472			7,556			10,198
Depreciation and amortization adjustments from equity method investments		2,073			2,267			8,598			9,737
Adjusted EBITDA (Non-GAAP)	$	74,611		$	76,857		$	392,203		$	385,118

_______________________
⁴		For the three months ended December 31, 2024, other items is primarily comprised of $0.8 million of impairment charges on property, plant and equipment and $0.4 million of costs for legal matters, partially offset by $0.2 million of insurance proceeds, net of asset writedowns. For the three months ended December 31, 2023, other items is primarily comprised of $1.9 million of asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items.
⁵		For the year ended December 31, 2024, other items is primarily comprised of $2.8 million of insurance proceeds, net of asset writedowns, partially offset by $0.8 million of impairment charges on property, plant and equipment and $0.4 million of costs for legal matters. For the year ended December 31, 2023, other items is primarily comprised of $3.0 million of asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items.

Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited

	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

	(U.S. Dollars and shares in thousands, except per share amounts)
Net (loss) income attributable to Dole plc (Reported GAAP)	$	(39,149	)	$	22,337		$	125,513		$	124,063
Loss (income) from discontinued operations, net of income taxes		61,231			(5,798	)		28,880			21,818
Income from continuing operations attributable to Dole plc		22,082			16,539			154,393			145,881
Amortization of intangible assets		1,776			2,472			7,556			10,198
Mark to market (gains) losses		(11,356	)		5,450			(10,139	)		2,524
Gain on asset sales		(90	)		(9,139	)		(125	)		(52,495	)
Gain on disposal of businesses		(472	)		—			(76,417	)		—
Cyber-related incident		—			—			—			5,321
Impairment of goodwill		—			—			36,684			—
Other items^6,7		1,023			1,833			(1,686	)		2,918
Adjustments from equity method investments		7,926			604			9,708			1,956
Income tax on items above and discrete tax items		(5,338	)		(1,709	)		13,162			5,243
NCI impact on items above		(271	)		(1,220	)		(12,239	)		(3,494	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	15,280		$	14,830		$	120,897		$	118,052

Adjusted earnings per share – basic (Non-GAAP)	$	0.16		$	0.16		$	1.27		$	1.24
Adjusted earnings per share – diluted (Non-GAAP)	$	0.16		$	0.16		$	1.27		$	1.24
Weighted average shares outstanding – basic		95,019			94,929			94,967			94,917
Weighted average shares outstanding – diluted		95,702			95,187			95,471			95,118

_______________________
⁶		For the three months ended December 31, 2024, other items is primarily comprised of $0.8 million of impairment charges on property, plant and equipment and $0.4 million of costs for legal matters, partially offset by $0.2 million of insurance proceeds, net of asset writedowns. For the three months ended December 31, 2023, other items is primarily comprised of $1.9 million of asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items.
⁷		For the year ended December 31, 2024, other items is primarily comprised of $2.8 million of insurance proceeds, net of asset writedowns, partially offset by $0.8 million of impairment charges on property, plant and equipment and $0.4 million of costs for legal matters. For the year ended December 31, 2023, other items is primarily comprised of $3.0 million of asset write-downs, net of insurance proceeds and $0.2 million of impairment charges on property, plant and equipment, partially offset by other immaterial items.

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited

	Three Months Ended December 31, 2024 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administration expenses		Other operating items⁸		Operating Income
Reported (GAAP)	$	2,167,464	(2,009,045	)	158,419		*7.3*	%	(122,675	)	(935	)	$	34,809
Loss (income) from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				1,776		—			1,776
Mark to market (gains) losses		—	(378	)	(378	)			—		—			(378	)
Gain on asset sales		—	—		—				—		(90	)		(90	)
Gain on disposal of businesses		—	—		—				—		(472	)		(472	)
Impairment of goodwill		—	—		—				—		—			—
Other items		—	564		564				459		—			1,023
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	2,167,464	(2,008,859	)	158,605		*7.3*	%	(120,440	)	(1,497	)	$	36,668

_______________________
⁸		Other operating items for the three months ended December 31, 2024 is comprised of $2.2 million of impairment charges and asset write-downs of property, plant and equipment, partially offset by a $0.7 million gain on asset sales and a $0.5 million gain on the disposal of businesses, as reported in the consolidated statements of operations.

	Three Months Ended December 31, 2023 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administration expenses		Other operating items⁹		Operating Income
Reported (GAAP)	$	2,072,255	(1,920,077	)	152,178		*7.3*	%	(119,334	)	8,449		$	41,293
Loss (income) from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				2,472		—			2,472
Mark to market (gains) losses		—	(189	)	(189	)			—		—			(189	)
Gain on asset sales		—	—		—				—		(9,139	)		(9,139	)
Cyber-related incident		—	—		—				—		—			—
Other items		—	2,120		2,120				(34	)	—			2,086
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	2,072,255	(1,918,146	)	154,109		*7.4*	%	(116,896	)	(690	)	$	36,523

	Three Months Ended December 31, 2024 (U.S. Dollars in thousands)
	Other (expense) income, net			Interest income	Interest expense		Income tax (expense)		Equity earnings		Income from continuing operations		(Loss) income from discontinued operations, net of income taxes
Reported (GAAP)	$	11,137		2,410	(18,055	)	(264	)	(403	)	29,634		$	(61,231	)
Loss (income) from discontinued operations, net of income taxes		—		—	—		—		—		—			61,231
Amortization of intangible assets		—		—	—		—		—		1,776			—
Mark to market (gains) losses		(10,978	)	—	—		—		—		(11,356	)		—
Gain on asset sales		—		—	—		—		—		(90	)		—
Gain on disposal of businesses		—		—	—		—		—		(472	)		—
Other items		—		—	—		—		—		1,023			—
Adjustments from equity method investments		—		—	—		—		7,926		7,926			—
Income tax on items above and discrete tax items		—		—	—		(5,240	)	(98	)	(5,338	)		—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	159		2,410	(18,055	)	(5,504	)	7,425		23,103		$	—

_______________________
⁹		Other operating items for the three months ended December 31, 2023 is comprised of a $10.7 million gain on asset sales, partially offset by $2.2 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

	Three Months Ended December 31, 2023 (U.S. Dollars in thousands)
	Other expense, net			Interest income	Interest expense		Income tax benefit (expense)		Equity earnings		Income from continuing operations		(Loss) income from discontinued operations, net of income taxes
Reported (GAAP)	$	(2,922	)	2,823	(18,754	)	(2,987	)	3,683		23,136		$	5,798
Loss (income) from discontinued operations, net of income taxes		—		—	—		—		—		—			(5,798	)
Amortization of intangible assets		—		—	—		—		—		2,472			—
Mark to market losses		5,639		—	—		—		—		5,450			—
Gain on asset sales		—		—	—		—		—		(9,139	)		—
Other items		(253	)	—	—		—		—		1,833			—
Adjustments from equity method investments		—		—	—		—		604		604			—
Income tax on items above and discrete tax items		—		—	—		(1,610	)	(99	)	(1,709	)		—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	2,464		2,823	(18,754	)	(4,597	)	4,188		22,647		$	—

	Three Months Ended December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts)
	Net (loss) income			Net income attributable to noncontrolling interests		Net (loss) income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	(31,597	)	(7,552	)	$	(39,149	)	$	(0.41	)
Loss (income) from discontinued operations, net of income taxes		61,231		—			61,231
Amortization of intangible assets		1,776		—			1,776
Mark to market (gains) losses		(11,356	)	—			(11,356	)
Gain on asset sales		(90	)	—			(90	)
Gain on disposal of businesses		(472	)	—			(472	)
Impairment of goodwill		—		—			—
Other items		1,023		—			1,023
Adjustments from equity method investments		7,926		—			7,926
Income tax on items above and discrete tax items		(5,338	)	—			(5,338	)
NCI impact on items above		—		(271	)		(271	)
Adjusted (Non-GAAP)	$	23,103		(7,823	)	$	15,280		$	0.16

Weighted average shares outstanding – diluted							95,702

	Three Months Ended December 31, 2023 (U.S. Dollars and shares in thousands, except per share amounts)
	Net income			Net income attributable to noncontrolling interests		Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	28,934		(6,597	)	$	22,337		$	0.23
Loss (income) from discontinued operations, net of income taxes		(5,798	)	—			(5,798	)
Amortization of intangible assets		2,472		—			2,472
Mark to market (gains) losses		5,450		—			5,450
Gain on asset sales		(9,139	)	—			(9,139	)
Cyber-related incident		—		—			—
Other items		1,833		—			1,833
Adjustments from equity method investments		604		—			604
Income tax on items above and discrete tax items		(1,709	)	—			(1,709	)
NCI impact on items above		—		(1,220	)		(1,220	)
Adjusted (Non-GAAP)	$	22,647		(7,817	)	$	14,830		$	0.16

Weighted average shares outstanding – diluted							95,187

	Year Ended December 31, 2024 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administration expenses		Other operating items¹⁰		Operating Income
Reported (GAAP)	$	8,475,343	(7,757,622	)	717,721		*8.5*	%	(474,058	)	36,901		$	280,564
Loss (income) from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				7,556		—			7,556
Mark to market (gains) losses		—	(228	)	(228	)			—		—			(228	)
Gain on asset sales		—	—		—				—		(125	)		(125	)
Gain on disposal of businesses		—	—		—				—		(76,417	)		(76,417	)
Impairment of goodwill		—	—		—				—		36,684			36,684
Other items		—	(2,065	)	(2,065	)			459		—			(1,606	)
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	8,475,343	(7,759,915	)	715,428		*8.4*	%	(466,043	)	(2,957	)	$	246,428

_______________________
¹⁰		Other operating items for the year ended December 31, 2024 is comprised of a $76.4 million gain on the disposal of businesses and a $2.6 million gain on asset sales, partially offset by a $36.7 million impairment charge of goodwill and $5.5 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

	Year Ended December 31, 2023 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administration expenses		Other operating items¹¹		Operating Income
Reported (GAAP)	$	8,245,268	(7,551,098	)	694,170		*8.4*	%	(473,903	)	51,891		$	272,158
Loss (income) from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				10,198		—			10,198
Mark to market losses		—	(2,638	)	(2,638	)			—		—			(2,638	)
Gain on asset sales		—	—		—				—		(52,495	)		(52,495	)
Cyber-related incident		—	—		—				5,321		—			5,321
Other items		—	3,205		3,205				(34	)	—			3,171
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	8,245,268	(7,550,531	)	694,737		*8.4*	%	(458,418	)	(604	)	$	235,715

_______________________
¹¹		Other operating items for the year ended December 31, 2023 is comprised of a $54.1 million gain on asset sales, partially offset by $2.2 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.

	Year Ended December 31, 2024 (U.S. Dollars in thousands)
	Other income, net			Interest income	Interest expense		Income tax (expense)		Equity earnings		Income from continuing operations		(Loss) income from discontinued operations, net of income taxes
Reported (GAAP)	$	20,595		10,745	(72,264	)	(75,649	)	8,308		172,299		$	(28,880	)
Loss (income) from discontinued operations, net of income taxes		—		—	—		—		—		—			28,880
Amortization of intangible assets		—		—	—		—		—		7,556			—
Mark to market (gains) losses		(9,911	)	—	—		—		—		(10,139	)		—
Gain on asset sales		—		—	—		—		—		(125	)		—
Gain on disposal of businesses		—		—	—		—		—		(76,417	)		—
Impairment of goodwill		—		—	—		—		—		36,684			—
Other items		(80	)	—	—		—		—		(1,686	)		—
Adjustments from equity method investments		—		—	—		—		9,708		9,708			—
Income tax on items above and discrete tax items		—		—	—		13,560		(398	)	13,162			—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	10,604		10,745	(72,264	)	(62,089	)	17,618		151,042		$	—

	Year Ended December 31, 2023 (U.S. Dollars in thousands)
	Other income, net			Interest income	Interest expense		Income tax expense		Equity earnings		Income from continuing operations		(Loss) income from discontinued operations, net of income taxes
Reported (GAAP)	$	4,799		10,083	(81,113	)	(43,591	)	15,191		177,527		$	(21,818	)
Loss (income) from discontinued operations, net of income taxes		—		—	—		—		—		—			21,818
Amortization of intangible assets		—		—	—		—		—		10,198			—
Mark to market losses		5,162		—	—		—		—		2,524			—
Gain on asset sales		—		—	—		—		—		(52,495	)		—
Cyber-related incident		—		—	—		—		—		5,321			—
Other items		(253	)	—	—		—		—		2,918			—
Adjustments from equity method investments		—		—	—		—		1,956		1,956			—
Income tax on items above and discrete tax items		—		—	—		5,643		(400	)	5,243			—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	9,708		10,083	(81,113	)	(37,948	)	16,747		153,192		$	—

	Year Ended December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts)

	Net income			Net income attributable to noncontrolling interests		Net income attributable to Dole plc			Diluted net income per share
Reported (GAAP)	$	143,419		(17,906	)	$	125,513		$	1.31
Loss (income) from discontinued operations, net of income taxes		28,880		—			28,880
Amortization of intangible assets		7,556		—			7,556
Mark to market (gains) losses		(10,139	)	—			(10,139	)
Gain on asset sales		(125	)	—			(125	)
Gain on disposal of businesses		(76,417	)	—			(76,417	)
Impairment of goodwill		36,684		—			36,684
Other items		(1,686	)	—			(1,686	)
Adjustments from equity method investments		9,708		—			9,708
Income tax on items above and discrete tax items		13,162		—			13,162
NCI impact on items above		—		(12,239	)		(12,239	)
Adjusted (Non-GAAP)	$	151,042		(30,145	)	$	120,897		$	1.27