Q2 2024 Dole PLC Earnings Call Transcript
Key Points
- Revenue increased by 4.3% on a like-for-like basis, excluding the impact of the progressive produce disposal.
- Adjusted EBITDA increased by 8.2% on a like-for-like basis, driven by strong performances in fresh fruit and diversified fresh produce America segments.
- Net income increased to $88.1 million compared to $52.3 million in the prior year.
- Leverage reduced to 1.9 times at the end of Q2, resulting in a lower interest charge.
- Strong performance in the fresh vegetables business, contributing positive cash flow to the group.
- Higher shipping costs anticipated in the second half of the year due to dry docking activities.
- Revenue growth in the diversified EMEA segment was impacted by supply shortages of several products sourced from South America.
- Adjusted net income and adjusted diluted EPS decreased by 3% due to higher income tax expense driven by jurisdictional earnings mix.
- Lower volumes and pricing for pineapples partially offset the increase in revenue from higher banana volumes.
- The fresh fruit division anticipates a weaker performance in Q3 due to the dry docking of ships and associated costs.
Welcome to the Dole plc second quarter 2024 earnings conference call and webcast today's conference is being broadcast live over the internet and is also being recorded for playback purposes.(Operator Instructions).
For opening remarks and introductions, I would like to turn the call over to Head of Investor Relations, James O'Regan. James, please go ahead.
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Thank you, Krista. Welcome, everybody, and thank you for taking the time to join our Second Quarter 2024 Earnings Conference Call and Webcast. Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Devine.
During this call we'll be referring to presentation slides for supplemental remarks and these along with our earnings release and other related materials are available on the Investor Relations section of the Dole plc website.
Please note, our remarks today will include certain forward-looking statements within the
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