The following is a summary of the Dole Plc. (DOLE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Dole Plc reported a full-year group revenue growth of 2.8%, primarily driven by higher pricing.
The company achieved an adjusted EBITDA of $385 million, exceeding its initial guidance by 10%.
Their net debt reduced by over $200 million and they sold their 65% interest in Progressive Produce for just under $120 million, helping to drop net leverage from 2.8x to 2.1x.
Q4 revenue was $2.1 billion, which was a $30 million or 1.5% increase mainly due to positive foreign currency translation.
Their Q4 net income rose from $13.4 million in Q4 2022 to $28.9 million due to higher adjusted EBITDA and asset sales of $10.7 million.
However, the fourth quarter adjusted net income saw a decrease by 14% to $14.8 million, primarily due to the slight decrease in adjusted EBITDA and increased interest expenses.
Business Progress:
In 2023, Dole Plc launched Dole Organics and the Golden Selection Pineapple to market acceptance, and made significant improvements in managing third-party shipping volumes.
They anticipate strong performance in 2024 backed by their market positions, integration, and investment opportunities.
Their strategic priorities for 2024 include accelerating growth in core areas, maintaining disciplined capital investment, exiting the fresh vegetable business, focusing on cost control and operating efficiencies, and advancing their sustainability goals.
They plan to increase their capital expenditure in 2024 for various projects and have declared a Q4 2023 dividend of $0.08.
More details: Dole plc IR
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