Dole plc (NYSE:DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and nine months ended September 30, 2023.

Highlights for the three months ended September 30, 2023:

Revenue of $2.0 billion, an increase of 4.2%
Net Income of $54.0 million, an increase of 15.9%
Adjusted EBITDA¹ of $85.2 million, an increase of 7.6%
Adjusted Net Income of $22.6 million and Adjusted Diluted EPS of $0.24
Cash proceeds of $45.5 million related to asset sales

Financial Highlights - Unaudited

	Three Months Ended		Nine Months Ended
	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
	(U.S. Dollars in millions, except per share amounts)
Revenue	2,043	1,961	6,173	5,982
Income from continuing operations ²	55.7	58.3	154.4	146.5
Net Income	54.0	46.6	126.8	98.4
Net Income attributable to Dole plc	45.3	39.8	101.7	79.7
Diluted EPS from continuing operations	0.50	0.54	1.36	1.35
Diluted EPS	0.48	0.42	1.07	0.84
Adjusted EBITDA¹	85.2	79.2	308.3	282.9
Adjusted Net Income¹	22.6	26.2	103.2	119.1
Adjusted Diluted EPS¹	0.24	0.28	1.09	1.25

____________________

¹ 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 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.

² Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations, its assets and liabilities are separately presented in our condensed consolidated balance sheets, and its cash flows are presented separately in our condensed 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.

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

"We are very pleased that our momentum from the first half of the year has continued into the third quarter. We delivered another strong set of results, with Revenue growth of 4.2% and Adjusted EBITDA growth of 7.6%.

As we move towards the end of the financial year, our strong result for the first nine months positions us to deliver a good result for the year and we are now targeting Adjusted EBITDA for 2023 of at least $365.0 million.

Once again, we would like to extend our appreciation to all of our people across the Group for their dedication and efforts in delivering these results."

Group Results - Third Quarter

Revenue increased 4.2%, or $82.0 million, primarily due to strong performance in the Diversified EMEA segment, offset partially by the Diversified Americas and Fresh Fruit segments. On a like-for-like basis³, revenue was 1.2%, or $23.6 million, ahead of prior year.

Adjusted EBITDA increased 7.6%, or $6.0 million, primarily driven by stronger performance in the Diversified Americas and Diversified EMEA segments. On a like-for-like basis, Adjusted EBITDA increased 4.2%, or $3.4 million.

Adjusted Net Income decreased $3.6 million, predominantly due to higher interest expense and tax expense, offset by the increases in Adjusted EBITDA as noted above and lower depreciation. Adjusted Diluted EPS for the three months ended September 30, 2023 was $0.24 compared to $0.28 in the prior year.

____________________

³ Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.

Selected Segmental Financial Information (Unaudited)

	Three Months Ended
	September 30, 2023					September 30, 2022
	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	749,210		$	45,111	$	751,348		$	49,382
Diversified Fresh Produce - EMEA		856,351			34,923		759,964			30,686
Diversified Fresh Produce - Americas & ROW		470,011			5,159		479,839			(870	)
Intersegment		(32,900	)		—		(30,456	)		—
Total	$	2,042,672		$	85,193	$	1,960,695		$	79,198

	Nine Months Ended
	September 30, 2023					September 30, 2022
	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	2,387,163		$	180,138	$	2,306,982		$	166,087
Diversified Fresh Produce - EMEA		2,570,080			100,932		2,400,967			88,397
Diversified Fresh Produce - Americas & ROW		1,310,407			27,191		1,391,731			28,399
Intersegment		(94,637	)		—		(117,845	)		—
Total	$	6,173,013		$	308,261	$	5,981,835		$	282,883

Fresh Fruit

Revenue decreased 0.3%, or $2.1 million. Revenue was negatively impacted by lower banana prices in North America, partially offset by higher worldwide volumes of bananas sold, an increase in worldwide pricing of pineapples and stronger pricing of bananas in Europe.

Adjusted EBITDA decreased 8.6%, or $4.3 million. Adjusted EBITDA was primarily impacted by lower revenue, higher fruit sourcing costs and a decrease in commercial cargo activity, partially offset by lower shipping and logistics costs, as well as by strong pricing excluding the impact of fuel surcharges.

Diversified Fresh Produce – EMEA

Revenue increased 12.7%, or $96.4 million, primarily driven by a favorable impact from foreign currency translation of $54.4 million, inflation-justified price increases across the segment and a positive impact from acquisitions of $5.5 million. On a like-for-like basis, revenue was 4.8%, or $36.5 million, ahead of prior year.

Adjusted EBITDA increased 13.8%, or $4.2 million, primarily driven by a favorable impact from foreign currency translation of $2.0 million, an incremental positive impact from acquisitions of $0.2 million and strong performance in Ireland, the U.K., Spain and Holland. On a like-for-like basis, Adjusted EBITDA was 6.6%, or $2.0 million, ahead of prior year.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 2.0%, or $9.8 million, primarily driven by lower revenue for berries in North America, as well as by lower volumes of most other commodities, partially offset by inflation-justified price increases.

Adjusted EBITDA increased 693.0%, or $6.0 million, primarily due to continued strong performance in most products that we market in North America, as well as by a favorable comparison to the three months ended September 2022, which had a challenging end to the Chilean grapes season due to abnormal supply chain disruption. These increases were partially offset by a challenging quarter for berries in North America.

Capital Expenditures

Capital expenditures for the nine months ended September 30, 2023 were $51.3 million, which included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. This amount only includes capital expenditures from continuing operations.

Sales of Assets

Sales of assets for the nine months ended September 30, 2023 were $64.1 million, compared to $27.8 million for the nine months ended September 30, 2022. These sales resulted in a gain on asset sales of $43.4 million for the nine months ended September 30, 2023, compared to $9.2 million for the nine months ended September 30, 2022. The increase was driven by $45.5 million of cash proceeds received during the three months ended September 30, 2023, resulting in a gain of $28.7 million. These proceeds were predominantly from the sale of idle land in Hawaii, which realized cash proceeds of $44.0 million.

Free Cash Flow from Continuing Operations and Net Debt

Free Cash Flow from Continuing Operations was $105.8 million for the nine months ended September 30, 2023. Free Cash Flow from Continuing Operations benefited from strong Adjusted EBITDA performance for the first nine months of the year and good working capital management across the Group. Net Debt as of September 30, 2023 was $0.9 billion.

Outlook for Fiscal Year 2023 (forward-looking statement)

We are very pleased with the Group's performance in the first nine months of the year, delivering $308.3 million of Adjusted EBITDA.

While the wider macro-environment continues to remain complex and impacts from weather events remain unpredictable, we remain confident in the strength of our diversified supply base and the experience and quality of our operating teams across the globe to deal with challenges as they arise.

Overall, our strong results for the first nine months position us well to deliver a good result for the year and we are now targeting Adjusted EBITDA for 2023 of at least $365.0 million.

Dividend

On November 15, 2023, the Board of Directors of Dole plc declared a cash dividend for the third quarter of 2023 of $0.08 per share, payable on January 4, 2024 to shareholders of record on December 14, 2023. A cash dividend of $0.08 per share was paid on October 5, 2023 for the second quarter of 2023.

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 75 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 third quarter 2023 financial results. The webcast can be accessed at www.doleplc.com/investor-relations

The conference call can be accessed live by dialing (646) 307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481 4247 for UK and other international participants. The conference ID is 6406315.

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.

Appendix

Consolidated Statement of Operations - Unaudited

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net	$	2,042,672		$	1,960,695		$	6,173,013		$	5,981,835
Cost of sales		(1,876,292	)		(1,829,233	)		(5,631,021	)		(5,533,069	)
Gross profit		166,380			131,462			541,992			448,766
Selling, marketing, general and administrative expenses		(118,023	)		(103,349	)		(354,569	)		(323,258	)
Gain on disposal of businesses		—			—			—			242
Gain on asset sales		28,746			767			43,442			9,188
Operating income		77,103			28,880			230,865			134,938
Other income, net		4,817			9,199			7,721			19,765
Interest income		2,311			1,427			7,260			4,421
Interest expense		(20,899	)		(15,677	)		(62,359	)		(38,126	)
Income from continuing operations before income taxes and equity earnings		63,332			23,829			183,487			120,998
Income tax (expense) benefit		(13,017	)		34,155			(40,604	)		21,497
Equity method earnings		5,342			300			11,508			4,028
Income from continuing operations		55,657			58,284			154,391			146,523
Loss from discontinued operations, net of income taxes		(1,672	)		(11,704	)		(27,616	)		(48,129	)
Net income		53,985			46,580			126,775			98,394
Less: Net income attributable to noncontrolling interests		(8,693	)		(6,743	)		(25,049	)		(18,679	)
Net income attributable to Dole plc	$	45,292		$	39,837		$	101,726		$	79,715

Income (loss) per share - basic:
Continuing operations	$	0.50		$	0.54		$	1.36		$	1.35
Discontinued operations		(0.02	)		(0.12	)		(0.29	)		(0.51	)
Net income per share attributable to Dole plc - basic	$	0.48		$	0.42		$	1.07		$	0.84

Income (loss) per share - diluted:
Continuing operations	$	0.50		$	0.54		$	1.36		$	1.35
Discontinued operations		(0.02	)		(0.12	)		(0.29	)		(0.51	)
Net income per share attributable to Dole plc - diluted	$	0.48		$	0.42		$	1.07		$	0.84

Weighted-average shares:
Basic		94,929			94,891			94,912			94,882
Diluted		95,148			94,908			95,094			94,910

Consolidated Balance Sheets - Unaudited

	September 30, 2023			December 31, 2022
ASSETS	(U.S. Dollars and shares in thousands)
Cash and cash equivalents	$	217,523		$	228,840
Short-term investments		5,735			5,367
Trade receivables, net of allowances for credit losses of $22,498 and $18,001, respectively		575,205			610,384
Grower advance receivables, net of allowances for credit losses of $20,946 and $15,817, respectively		124,981			106,864
Other receivables, net of allowances for credit losses of $13,733 and $14,538, respectively		114,513			132,947
Inventories, net of allowances of $3,889 and $4,186, respectively		366,718			394,150
Prepaid expenses		59,709			48,995
Other current assets		33,303			15,034
Fresh Vegetables current assets held for sale		414,222			62,252
Other assets held for sale		10,318			645
Total current assets		1,922,227			1,605,478
Long-term investments		15,468			16,498
Investments in unconsolidated affiliates		127,429			124,234
Actively marketed property		13,781			31,007
Property, plant and equipment, net of accumulated depreciation of $414,698 and $375,721, respectively		1,085,778			1,116,124
Operating lease right-of-use assets		312,608			293,658
Goodwill		500,892			497,453
DOLE brand		306,280			306,280
Other intangible assets, net of accumulated amortization of $127,462 and $120,315, respectively		43,351			50,990
Fresh Vegetables non-current assets held for sale		—			343,828
Other assets		139,598			142,180
Deferred tax assets, net		70,263			64,112
Total assets	$	4,537,675		$	4,591,842
LIABILITIES AND EQUITY
Accounts payable	$	619,914		$	640,620
Income taxes payable		33,773			11,558
Accrued liabilities		380,196			381,688
Bank overdrafts		13,772			8,623
Current portion of long-term debt, net		255,953			97,435
Current maturities of operating leases		59,702			57,372
Payroll and other tax		23,811			27,187
Contingent consideration		663			1,791
Pension and other postretirement benefits		15,878			17,287
Fresh Vegetables current liabilities held for sale		294,588			199,255
Dividends payable and other current liabilities		21,994			17,698
Total current liabilities		1,720,244			1,460,514
Long-term debt, net		859,677			1,127,321
Operating leases, less current maturities		262,160			246,723
Deferred tax liabilities, net		112,333			118,403
Income taxes payable, less current portion		16,921			30,458
Contingent consideration, less current portion		7,542			5,022
Pension and other postretirement benefits, less current portion		117,946			124,646
Fresh Vegetables non-current liabilities held for sale		—			116,380
Other long-term liabilities		43,906			43,390
Total liabilities	$	3,140,729		$	3,272,857
Redeemable noncontrolling interests		34,182			32,311
Stockholders' equity:
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of September 30, 2023 and December 31, 2022		949			949
Additional paid-in capital		796,290			795,063
Retained earnings		547,912			469,249
Accumulated other comprehensive loss		(112,967	)		(104,133	)
Total equity attributable to Dole plc		1,232,184			1,161,128
Equity attributable to noncontrolling interests		130,580			125,546
Total equity		1,362,764			1,286,674
Total liabilities, redeemable noncontrolling interests and equity	$	4,537,675		$	4,591,842

Consolidated Statements of Cash Flows - Unaudited

	Nine Months Ended
	September 30, 2023			September 30, 2022
Operating Activities	(U.S. Dollars in thousands)
Net income	$	126,775		$	98,394
Loss from discontinued operations, net of taxes		27,616			48,129
Income from continuing operations		154,391			146,523
Adjustments to reconcile income from continuing operations to net cash provided by operating activities - continuing operations:
Depreciation and amortization		76,908			81,792
Incremental charges on biological assets related to the acquisition of Legacy Dole		—			40,464
Net (gain) on sale of assets and asset write-offs		(43,506	)		(9,188	)
Stock-based compensation expense		4,381			3,118
Equity method earnings		(11,508	)		(4,028	)
Amortization of debt discounts and debt issuance costs		4,788			4,546
Deferred tax (benefit)		(11,747	)		(12,537	)
Pension and other postretirement benefit plan expense		4,160			482
Dividends received from equity method investments		6,350			7,632
Other		(6,118	)		(2,277	)
Changes in operating assets and liabilities:
Receivables, net of allowances		13,858			(9,494	)
Inventories		26,642			(52,022	)
Prepaids, accrued and other current and long-term assets and liabilities		(61,465	)		(11,935	)
Net cash provided by operating activities - continuing operations		157,134			183,076
Investing activities
Sales of assets		64,103			27,764
Capital expenditures		(51,334	)		(58,555	)
Acquisitions, net of cash acquired		(262	)		(4,886	)
Insurance proceeds		1,850			2,278
Purchases of investments		(1,153	)		(414	)
Sales (purchases) of unconsolidated affiliates		1,498			(801	)
Other		(127	)		25
Net cash provided by (used in) investing activities - continuing operations		14,575			(34,589	)
Financing activities
Proceeds from borrowings and overdrafts		1,190,596			1,008,423
Repayments on borrowings and overdrafts		(1,300,083	)		(1,050,928	)
Payment of debt issuance costs		—			(265	)
Dividends paid to shareholders		(22,873	)		(22,770	)
Dividends paid to noncontrolling interests		(24,824	)		(20,981	)
Other noncontrolling interest activity, net		(482	)		—
Payment of contingent consideration		(1,169	)		(2,451	)
Net cash used in financing activities - continuing operations		(158,835	)		(88,972	)
Effect of foreign exchange rate changes on cash		(1,716	)		(19,052	)
Net cash used in operating activities - discontinued operations		(15,772	)		(61,521	)
Net cash used in investing activities - discontinued operations		(6,703	)		(8,027	)
Cash used in discontinued operations, net		(22,475	)		(69,548	)
(Decrease) in cash and cash equivalents		(11,317	)		(29,085	)
Cash and cash equivalents at beginning of period		228,840			250,561
Cash and cash equivalents at end of period	$	217,523		$	221,476
Supplemental cash flow information:
Income tax payments, net of refunds	$	(49,142	)	$	(39,628	)
Interest payments on borrowings	$	(62,771	)	$	(39,703	)

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						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
	(U.S. Dollars in thousands)
Net income (Reported GAAP)	$	53,985		$	46,580		$	126,775		$	98,394
Loss from discontinued operations, net of income taxes		1,672			11,704			27,616			48,129
Income from continuing operations (Reported GAAP)		55,657			58,284			154,391			146,523
Income tax expense (benefit)		13,017			(34,155	)		40,604			(21,497	)
Interest expense		20,899			15,677			62,359			38,126
Mark to market (gains) losses		(4,783	)		2,310			(2,926	)		(5,819	)
(Gain) on asset sales		(28,802	)		(530	)		(43,356	)		(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—			5,520			—			40,464
Cyber-related incident		—			—			5,321			—
Other items ⁴		222			(532	)		1,085			(1,284	)
Adjustments from equity method investments		2,160			1,603			6,405			4,926
Adjusted EBIT (Non-GAAP)		58,370			48,177			223,883			193,093
Depreciation		21,737			25,315			69,182			73,544
Amortization of intangible assets		2,536			2,633			7,726			8,248
Depreciation and amortization adjustments from equity method investments		2,550			3,073			7,470			7,998
Adjusted EBITDA (Non-GAAP)	$	85,193		$	79,198		$	308,261		$	282,883

____________________

⁴ For the three months ended September 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments, partially offset by $0.5 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2023, other items is primarily comprised of $1.1 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments and $0.3 million in gains on disposal of a business.

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

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
	(U.S. Dollars and shares in thousands, except per share amounts)
Net income attributable to Dole plc (Reported GAAP)	$	45,292		$	39,837		$	101,726		$	79,715
Loss from discontinued operations, net of income taxes		1,672			11,704			27,616			48,129
Income from continuing operations attributable to Dole plc		46,964			51,541			129,342			127,844
Adjustments:
Amortization of intangible assets		2,536			2,633			7,726			8,248
Mark to market (gains) losses		(4,783	)		2,310			(2,926	)		(5,819	)
(Gain) on asset sales		(28,802	)		(530	)		(43,356	)		(8,346	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—			5,520			—			40,464
Cyber-related incident		—			—			5,321			—
Other items ⁵		222			(532	)		1,085			(1,284	)
Adjustments from equity method investments		610			628			1,352			1,918
Income tax on items above and discrete tax items		6,464			(34,501	)		6,952			(41,628	)
NCI impact on items above		(645	)		(878	)		(2,274	)		(2,289	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	22,566		$	26,191		$	103,222		$	119,108

Adjusted earnings per share – basic (Non-GAAP)	$	0.24		$	0.28		$	1.09		$	1.26
Adjusted earnings per share – diluted (Non-GAAP)	$	0.24		$	0.28		$	1.09		$	1.25
Weighted average shares outstanding – basic		94,929			94,891			94,912			94,882
Weighted average shares outstanding – diluted		95,148			94,908			95,094			94,910

____________________

⁵ For the three months ended September 30, 2023, other items is primarily comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments, partially offset by $0.5 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2023, other items is primarily comprised of $1.1 million of asset writedowns, net of insurance proceeds. For the nine months ended September 30, 2022, other items is primarily comprised of $1.0 million in legal cost adjustments and $0.3 million in gains on disposal of a business.

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

	Three Months Ended September 30, 2023 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges⁶		Operating Income
Reported (GAAP)	$	2,042,672	(1,876,292	)	166,380		*8.1*	%	(118,023	)	28,746		$	77,103
Loss from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				2,536		—			2,536
Mark to market (gains) losses		—	(1,113	)	(1,113	)			—		—			(1,113	)
(Gain) on asset sales		—	—		—				—		(28,802	)		(28,802	)
Cyber-related incident		—	—		—				—		—			—
Other items		—	222		222				—		—			222
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	2,042,672	(1,877,183	)	165,489		*8.1*	%	(115,487	)	(56	)	$	49,946

	Three Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit	Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges⁷		Operating Income
Reported (GAAP)	$	1,960,695	(1,829,233	)	131,462	*6.7*	%	(103,349	)	767		$	28,880
Loss from discontinued operations, net of income taxes		—	—		—			—		—			—
Amortization of intangible assets		—	—		—			2,633		—			2,633
Mark to market (gains) losses		—	7,729		7,729			—		—			7,729
(Gain) on asset sales		—	—		—			—		(530	)		(530	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		—	5,520		5,520			—		—			5,520
Other items		—	509		509			(1,041	)	—			(532	)
Adjustments from equity method investments		—	—		—			—		—			—
Income tax on items above and discrete tax items		—	—		—			—		—			—
NCI impact on items above		—	—		—			—		—			—
Adjusted (Non-GAAP)	$	1,960,695	(1,815,475	)	145,220	*7.4*	%	(101,757	)	237		$	43,700

____________________

⁶ Other operating charges for the three months ended September 30, 2023 is comprised of gains on asset sales of $28.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

⁷ Other operating charges for the three months ended September 30, 2022 is comprised of gains on asset sales of $0.8 million, as reported on the Dole plc the GAAP Consolidated Statements of Operations.

	Three Months Ended September 30, 2023 (U.S. Dollars in thousands)
	Other income, net			Interest income	Interest expense		Income tax expense		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	4,817		2,311	(20,899	)	(13,017	)	5,342		55,657		$	(1,672	)
Loss from discontinued operations, net of income taxes		—		—	—		—		—		—			1,672
Amortization of intangible assets		—		—	—		—		—		2,536			—
Mark to market (gains) losses		(3,670	)	—	—		—		—		(4,783	)		—
(Gain) on asset sales		—		—	—		—		—		(28,802	)		—
Cyber-related incident		—		—	—		—		—		—			—
Other items		—		—	—		—		—		222			—
Adjustments from equity method investments		—		—	—		—		610		610			—
Income tax on items above and discrete tax items		—		—	—		6,603		(139	)	6,464			—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	1,147		2,311	(20,899	)	(6,414	)	5,813		31,904		$	—

	Three Months Ended September 30, 2022 (U.S. Dollars in thousands)
	Other income, net			Interest income	Interest expense		Income tax benefit (expense)		Equity method earnings		Income from continuing operations		Loss from discontinued operations, net of income taxes
Reported (GAAP)	$	9,199		1,427	(15,677	)	34,155		300		58,284		$	(11,704	)
Loss from discontinued operations, net of income taxes		—		—	—		—		—		—			11,704
Amortization of intangible assets		—		—	—		—		—		2,633			—
Mark to market (gains) losses		(5,419	)	—	—		—		—		2,310			—
(Gain) on asset sales		—		—	—		—		—		(530	)		—
Incremental charges on biological assets related to the acquisition of Legacy Dole		—		—	—		—		—		5,520			—
Other items		—		—	—		—		—		(532	)		—
Adjustments from equity method investments		—		—	—		—		628		628			—
Income tax on items above and discrete tax items		—		—	—		(34,400	)	(101	)	(34,501	)		—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	3,780		1,427	(15,677	)	(245	)	827		33,812		$	—

	Three Months Ended September 30, 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)	$	53,985		$	(8,693	)	$	45,292		$	0.48
Loss from discontinued operations, net of income taxes		1,672			—			1,672
Amortization of intangible assets		2,536			—			2,536
Mark to market (gains) losses		(4,783	)		—			(4,783	)
(Gain) on asset sales		(28,802	)		—			(28,802	)
Cyber-related incident		—			—			—
Other items		222			—			222
Adjustments from equity method investments		610			—			610
Income tax on items above and discrete tax items		6,464			—			6,464
NCI impact on items above		—			(645	)		(645	)
Adjusted (Non-GAAP)	$	31,904		$	(9,338	)	$	22,566		$	0.24

Weighted average shares outstanding – diluted		95,148

	Three Months Ended September 30, 2022
	(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)	$	46,580		$	(6,743	)	$	39,837		$	0.42
Loss from discontinued operations, net of income taxes		11,704			—			11,704
Amortization of intangible assets		2,633			—			2,633
Mark to market (gains) losses		2,310			—			2,310
(Gain) on asset sales		(530	)		—			(530	)
Incremental charges on biological assets related to the acquisition of Legacy Dole		5,520			—			5,520
Other items		(532	)		—			(532	)
Adjustments from equity method investments		628			—			628
Income tax on items above and discrete tax items		(34,501	)		—			(34,501	)
NCI impact on items above		—			(878	)		(878	)
Adjusted (Non-GAAP)	$	33,812		$	(7,621	)	$	26,191		$	0.28

Weighted average shares outstanding – diluted		94,908

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

Nine Months Ended September 30, 2023

(U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross

Margin %

Selling,

marketing,

general and

administrative

expenses

Other

operating

charges⁸

Operating

Income

Reported (GAAP)

6,173,013

(5,631,021

)

541,992

8.8

(354,569

)

43,442

230,865

Loss from discontinued operations, net of income taxes

—

Dole plc Reports Third Quarter 2023 Financial Results