Dole plc Reports Second Quarter 2023 Financial Results

August 17, 2023 at 06:00 AM EDT

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

Highlights for the three months ended June 30, 2023:

Second quarter Revenue of $2.1 billion, an increase of 4.4%
Second quarter Net Income of $52.3 million, an increase of 8.1%
Second quarter Adjusted EBITDA¹ of $122.7 million, an increase of 9.7%
Second quarter Adjusted Net Income of $48.4 million and Adjusted Diluted EPS of $0.51

Financial Highlights - Unaudited

	Three Months Ended		Six Months Ended
	June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022

	(U.S. Dollars in millions, except per share amounts)
Revenue	2,141	2,051	4,130	4,021
Income from continuing operations²	63.7	59.6	98.7	88.2
Net Income	52.3	48.4	72.8	51.8
Net Income attributable to Dole plc	42.3	41.3	56.4	39.9
Diluted EPS from continuing operations	0.56	0.55	0.86	0.80
Diluted EPS	0.44	0.43	0.59	0.42
Adjusted EBITDA¹	122.7	111.8	223.1	203.7
Adjusted Net Income¹	48.4	52.4	80.7	92.9
Adjusted Diluted EPS¹	0.51	0.55	0.85	0.98

______________________

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 and Net Debt 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.

²Fresh 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 included within the condensed consolidated 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 with the strong result for the second quarter, delivering Adjusted EBITDA growth of 9.7%. This result is due to the dedication and efforts of all our people across the Group.

As we progress through the second half of the year, our performance for the first six months gives us confidence in achieving our targeted Adjusted EBITDA for the full year of at least $350.0 million.”

Group Results - Second Quarter

Revenue increased 4.4%, or $90.3 million, primarily due to strong performance in the Fresh Fruit and Diversified EMEA segments, offset partially by the Diversified Americas segment. On a like-for-like basis³, revenue was 3.8%, or $77.9 million, ahead of prior year.

Adjusted EBITDA increased 9.7%, or $10.9 million, primarily driven by strong Fresh Fruit performance, offset partially by headwinds in the Diversified Americas segment. On a like-for-like basis, Adjusted EBITDA increased 9.2%, or $10.3 million.

Adjusted Net Income decreased $4.1 million, predominantly due to higher interest expense, offset by the increases in Adjusted EBITDA noted above. Adjusted Diluted EPS for the three months ended June 30, 2023 was $0.51 compared to $0.55 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
	June 30, 2023					June 30, 2022
	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	839,043		$	65,816	$	805,831		$	56,308
Diversified Fresh Produce - EMEA		915,629			42,603		849,848			38,434
Diversified Fresh Produce - Americas & ROW		417,645			14,262		448,200			17,061
Intersegment		(31,143	)		—		(52,970	)		—
Total	$	2,141,174		$	122,681	$	2,050,909		$	111,803

	Six Months Ended
	June 30, 2023					June 30, 2022
	(U.S. Dollars in thousands)
	Revenue			Adjusted EBITDA		Revenue			Adjusted EBITDA
Fresh Fruit	$	1,637,953		$	135,027	$	1,555,634		$	116,705
Diversified Fresh Produce - EMEA		1,713,729			66,009		1,641,003			57,711
Diversified Fresh Produce - Americas & ROW		840,396			22,032		911,892			29,269
Intersegment		(61,737	)		—		(87,389	)		—
Total	$	4,130,341		$	223,068	$	4,021,140		$	203,685

Fresh Fruit

Revenue increased 4.1%, or $33.2 million. Revenue was positively impacted by higher worldwide pricing of bananas and pineapples and worldwide increases in volumes of bananas sold, partially offset by lower volumes of pineapples sold.

Adjusted EBITDA increased 16.9%, or $9.5 million. Adjusted EBITDA was positively impacted by strong revenue performance, partially offset by higher fruit sourcing costs and higher costs of shipping, packaging and handling, as well as by lower commercial cargo activity.

Diversified Fresh Produce – EMEA

Revenue increased 7.7%, or $65.8 million, primarily driven by inflation-justified price increases across the segment and a positive impact from acquisitions of $15.9 million. The impact of foreign currency translation was not material in the quarter. On a like-for-like basis, revenue was 6.0%, or $51.1 million, ahead of prior year.

Adjusted EBITDA increased 10.8%, or $4.2 million, primarily driven by strong performance across the segment, particularly within the Spanish, Dutch, Irish and Czech businesses, as well as by a favorable impact from acquisitions of $0.5 million, partially offset by weaker trading results in the South African business. On a like-for-like basis, Adjusted EBITDA was 10.0%, or $3.8 million, ahead of prior year.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 6.8%, or $30.6 million, primarily driven by lower volumes across the segment, partially offset by continued strong performance for potatoes and onions in North America and inflation-justified price increases across the segment.

Adjusted EBITDA decreased 16.4%, or $2.8 million, primarily due to a challenging quarter for berries, partially offset by strong performance for potatoes and onions, as well as by strong trading results within other commodities.

Capital Expenditures

Capital expenditures for the six months ended June 30, 2023 were $41.0 million, which included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. This amount also includes $5.4 million of capital expenditures related to discontinued operations.

Net Debt

Net Debt as of June 30, 2023 was $1.0 billion.

Outlook for Fiscal Year 2023 (forward-looking statement)

We are very pleased with the Group’s performance in the first half of the year, delivering $223.0 million of Adjusted EBITDA.

In the first half of 2023, we have seen the benefit of improved logistical efficiencies in several areas, which is helping to bring more stability to our core fruit business. Partially offsetting this benefit has been the anticipated reduction in commercial cargo activity.

As we look out into the second half of the year and towards 2024, there is the potential for disruption in many of the key growing regions in Central and South America due to the onset of El Niño climatic conditions. However, we are monitoring the changing weather patterns closely and believe we are well placed to deal with potential challenges using our diverse sourcing network and due to our advanced farming practices.

While the macro-economic environment remains difficult to predict, in our business we have seen positives such as the strengthening Euro relative to the U.S. Dollar, more open supply chains, and moderation of inflation for certain input costs. However, we do continue to be impacted by higher interest rates and other foreign currency movements.

Overall, taking the above factors into account, we believe our strong first half has put us in an excellent position to deliver a good result for the year and we are now targeting an Adjusted EBITDA for 2023 of at least $350.0 million.

The above outlook includes non-GAAP financial measures. Please refer to the appendix of this release for an explanation and reconciliation of our historical non-GAAP financial measures used in this release to comparable GAAP financial measures.

Dividend

On August 16, 2023, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2023 of $0.08 per share, payable on October 5, 2023 to shareholders of record on September 14, 2023. A cash dividend of $0.08 per share was paid on July 6, 2023 for the first 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 second 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 4317462.

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 Statement of Operations - Unaudited

	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022

	(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net	$	2,141,174		$	2,050,909		$	4,130,341		$	4,021,140
Cost of sales		(1,944,601	)		(1,885,400	)		(3,754,729	)		(3,703,836	)
Gross profit		196,573			165,509			375,612			317,304
Selling, marketing, general and administrative expenses		(115,667	)		(110,365	)		(236,546	)		(219,909	)
Gain on disposal of businesses		—			—			—			242
Gain on asset sales		10,723			7,926			14,696			8,421
Operating income		91,629			63,070			153,762			106,058
Other income, net		1,129			8,102			2,904			10,566
Interest income		2,640			1,410			4,949			2,994
Interest expense		(19,748	)		(10,833	)		(41,460	)		(22,449	)
Income from continuing operations before income taxes and equity earnings		75,650			61,749			120,155			97,169
Income tax expense		(16,593	)		(5,300	)		(27,587	)		(12,658	)
Equity method earnings		4,688			3,151			6,166			3,728
Income from continuing operations		63,745			59,600			98,734			88,239
Loss from discontinued operations, net of income taxes		(11,438	)		(11,195	)		(25,944	)		(36,425	)
Net income		52,307			48,405			72,790			51,814
Less: Net income attributable to noncontrolling interests		(10,032	)		(7,133	)		(16,356	)		(11,936	)
Net income attributable to Dole plc	$	42,275		$	41,272		$	56,434		$	39,878

Income (loss) per share - basic:
Continuing operations	$	0.57		$	0.55		$	0.86		$	0.80
Discontinued operations		(0.12	)		(0.12	)		(0.27	)		(0.38	)
Net income per share attributable to Dole plc - basic	$	0.45		$	0.43		$	0.59		$	0.42

Income (loss) per share - diluted:
Continuing operations	$	0.56		$	0.55		$	0.86		$	0.80
Discontinued operations		(0.12	)		(0.12	)		(0.27	)		(0.38	)
Net income per share attributable to Dole plc - diluted	$	0.44		$	0.43		$	0.59		$	0.42

Weighted-average shares:
Basic		94,909			94,878			94,904			94,878
Diluted		95,112			94,913			95,068			94,911

Consolidated Balance Sheets - Unaudited

	June 30, 2023			December 31, 2022

ASSETS	(U.S. Dollars and shares in thousands)
Cash and cash equivalents	$	231,075		$	228,840
Short-term investments		5,676			5,367
Trade receivables, net of allowances for credit losses of $21,460 and $18,001, respectively		627,778			610,384
Grower advance receivables, net of allowances for credit losses of $17,018 and $15,817, respectively		112,517			106,864
Other receivables, net of allowances for credit losses of $13,869 and $14,538, respectively		142,167			132,947
Inventories, net of allowances of $3,322 and $4,186, respectively		352,052			394,150
Prepaid expenses		53,656			48,995
Other current assets		33,495			15,034
Fresh Vegetables current assets held for sale		390,697			62,252
Other assets held for sale		10,488			645
Total current assets		1,959,601			1,605,478
Long-term investments		16,572			16,498
Investments in unconsolidated affiliates		125,828			124,234
Actively marketed property		29,393			31,007
Property, plant and equipment, net of accumulated depreciation of $401,416 and $375,721, respectively		1,100,599			1,116,124
Operating lease right-of-use assets		322,461			293,658
Goodwill		502,309			497,453
DOLE brand		306,280			306,280
Other intangible assets, net of accumulated amortization of $127,373 and $120,315, respectively		46,226			50,990
Fresh Vegetables non-current assets held for sale		—			343,828
Other assets		139,580			142,180
Deferred tax assets, net		69,640			64,112
Total assets	$	4,618,489		$	4,591,842
LIABILITIES AND EQUITY
Accounts payable	$	650,967		$	640,620
Income taxes payable		30,041			11,558
Accrued liabilities		329,608			381,688
Bank overdrafts		20,285			8,623
Current portion of long-term debt, net		268,203			97,435
Current maturities of operating leases		61,458			57,372
Payroll and other tax		30,329			27,187
Contingent consideration		644			1,791
Pension and other postretirement benefits		16,456			17,287
Fresh Vegetables current liabilities held for sale		302,129			199,255
Dividends payable and other current liabilities		32,198			17,698
Total current liabilities		1,742,318			1,460,514
Long-term debt, net		930,421			1,127,321
Operating leases, less current maturities		269,274			246,723
Deferred tax liabilities, net		119,148			118,403
Income taxes payable, less current portion		16,921			30,458
Contingent consideration, less current portion		6,254			5,022
Pension and other postretirement benefits, less current portion		119,663			124,646
Fresh Vegetables non-current liabilities held for sale		—			116,380
Other long-term liabilities		43,871			43,390
Total liabilities	$	3,247,870		$	3,272,857

Redeemable noncontrolling interests		34,391			32,311
Stockholders’ equity:
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of June 30, 2023 and December 31, 2022		949			949
Additional paid-in capital		795,059			795,063
Retained earnings		510,306			469,249
Accumulated other comprehensive loss		(97,613	)		(104,133	)
Total equity attributable to Dole plc		1,208,701			1,161,128
Equity attributable to noncontrolling interests		127,527			125,546
Total equity		1,336,228			1,286,674
Total liabilities, redeemable noncontrolling interests and equity	$	4,618,489		$	4,591,842

Consolidated Statements of Cash Flows - Unaudited

	Six Months Ended
	June 30, 2023			June 30, 2022

Operating Activities	(U.S. Dollars in thousands)
Net income	$	72,790		$	51,814
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		58,007			64,770
Incremental charges on biological assets related to the acquisition of Legacy Dole		—			34,944
Net (gain) on sale of assets and asset write-offs		(14,696	)		(8,421	)
Stock-based compensation expense		2,768			1,981
Equity method earnings		(6,166	)		(3,728	)
Amortization of debt discounts and debt issuance costs		3,186			2,953
Deferred tax (benefit)		(1,057	)		(9,212	)
Pension and other postretirement benefit plan expense (benefit)		3,091			(89	)
Dividends received from equity method investments		5,105			4,484
Other		(2,150	)		(5,310	)
Changes in operating assets and liabilities:
Receivables, net of allowances		(22,828	)		9,031
Inventories		55,755			(9,375	)
Accrued and other current and long-term liabilities		(79,959	)		(11,903	)
Net cash provided by operating activities		73,846			121,939
Investing activities
Sales of assets		18,562			26,544
Capital expenditures		(41,005	)		(39,418	)
Acquisitions, net of cash acquired		(1,685	)		(4,923	)
Insurance proceeds		1,850			2,278
Purchases of investments		(1,150	)		(414	)
Sales (purchases) of unconsolidated affiliates		1,498			(348	)
Other		8			4
Net cash used in investing activities		(21,922	)		(16,277	)
Financing activities
Proceeds from borrowings and overdrafts		869,701			683,340
Repayments on borrowings and overdrafts		(889,593	)		(754,133	)
Payment of debt issuance costs		—			(270	)
Dividends paid to shareholders		(15,184	)		(15,180	)
Dividends paid to noncontrolling interests		(16,174	)		(14,588	)
Other noncontrolling interest activity, net		(480	)		—
Payment of contingent consideration		(1,169	)		(696	)
Net cash used in financing activities		(52,899	)		(101,527	)
Effect of foreign exchange rate changes on cash		3,210			(15,906	)
Increase (decrease) in cash and cash equivalents		2,235			(11,771	)
Cash and cash equivalents at beginning of period		228,840			250,561
Cash and cash equivalents at end of period	$	231,075		$	238,790

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						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022

	(U.S. Dollars in thousands)
Net income (Reported GAAP)	$	52,307		$	48,405		$	72,790		$	51,814
Loss from discontinued operations, net of income taxes		11,438			11,195			25,944			36,425
Income from continuing operations (Reported GAAP)		63,745			59,600			98,734			88,239
Income tax expense		16,593			5,300			27,587			12,658
Interest expense		19,748			10,833			41,460			22,449
Mark to market losses (gains)		1,035			(6,991	)		1,857			(8,129	)
(Gain) on asset sales		(10,387	)		(7,816	)		(14,554	)		(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		—			17,431			—			34,944
Cyber-related incident		571			—			5,321			—
Other items ⁴		190			116			863			(752	)
Adjustments from equity method investments		2,922			2,195			4,245			3,323
Adjusted EBIT (Non-GAAP)		94,417			80,668			165,513			144,916
Depreciation		23,142			25,696			47,445			48,229
Amortization of intangible assets		2,574			2,773			5,190			5,615
Depreciation and amortization adjustments from equity method investments		2,548			2,666			4,920			4,925
Adjusted EBITDA (Non-GAAP)	$	122,681		$	111,803		$	223,068		$	203,685

__________________

⁴ For the three months ended June 30, 2023, other items is comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2022, other items is comprised of $0.1 million in asset writedowns, net of insurance proceeds. For the six months ended June 30, 2023, other items is comprised of $0.9 million of asset writedowns, net of insurance proceeds. For the six months ended June 30, 2022, other items is comprised of $0.5 million in insurance proceeds, net of asset writedowns and $0.3 million in gains on disposal of a business.

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

	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022

	(U.S. Dollars and shares in thousands, except per share amounts)
Net income attributable to Dole plc (Reported GAAP)	$	42,275		$	41,272		$	56,434		$	39,878
Loss from discontinued operations, net of income taxes		11,438			11,195			25,944			36,425
Income from continuing operations attributable to Dole plc		53,713			52,467			82,378			76,303
Adjustments:
Amortization of intangible assets		2,574			2,773			5,190			5,615
Mark to market losses (gains)		1,035			(6,991	)		1,857			(8,129	)
(Gain) on asset sales		(10,387	)		(7,816	)		(14,554	)		(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		—			17,431			—			34,944
Cyber-related incident		571			—			5,321			—
Other items ⁵		190			116			863			(752	)
Adjustments from equity method investments		623			612			742			1,290
Income tax on items above and discrete tax items		797			(5,196	)		488			(7,127	)
NCI impact on items above		(736	)		(953	)		(1,629	)		(1,411	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	48,380		$	52,443		$	80,656		$	92,917

Adjusted earnings per share – basic (Non-GAAP)	$	0.51		$	0.55		$	0.85		$	0.98
Adjusted earnings per share – diluted (Non-GAAP)	$	0.51		$	0.55		$	0.85		$	0.98
Weighted average shares outstanding – basic		94,909			94,878			94,904			94,878
Weighted average shares outstanding – diluted		95,112			94,913			95,068			94,911

_____________________________

⁵ For the three months ended June 30, 2023, other items is comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2022, other items is comprised of $0.1 million in asset writedowns, net of insurance proceeds. For the six months ended June 30, 2023, other items is comprised of $0.9 million of asset writedowns, net of insurance proceeds. For the six months ended June 30, 2022, other items is comprised of $0.5 million in insurance proceeds, net of asset writedowns 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 June 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)	$	2,141,174	(1,944,601	)	196,573	*9.2*	%	(115,667	)	10,723		$	91,629
Loss from discontinued operations, net of income taxes		—	—		—			—		—			—
Amortization of intangible assets		—	—		—			2,574		—			2,574
Mark to market losses (gains)		—	54		54			—		—			54
(Gain) on asset sales		—	—		—			—		(10,387	)		(10,387	)
Cyber-related incident		—	—		—			571		—			571
Other items		—	190		190			—		—			190
Adjustments from equity method investments		—	—		—			—		—			—
Income tax on items above and discrete tax items		—	—		—			—		—			—
NCI impact on items above		—	—		—			—		—			—
Adjusted (Non-GAAP)	$	2,141,174	(1,944,357	)	196,817	*9.2*	%	(112,522	)	336		$	84,631

	Three Months Ended June 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)	$	2,050,909	(1,885,400	)	165,509		*8.1*	%	(110,365	)	7,926		$	63,070
Loss from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				2,773		—			2,773
Mark to market losses (gains)		—	(1,269	)	(1,269	)			—		—			(1,269	)
(Gain) on asset sales		—	—		—				—		(7,816	)		(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		—	17,431		17,431				—		—			17,431
Other items		—	116		116				—		—			116
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	2,050,909	(1,869,122	)	181,787		*8.9*	%	(107,592	)	110		$	74,305

_____________________

⁶ Other operating charges for the three months ended June 30, 2023 is comprised of gains on asset sales of $10.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

⁷ Other operating charges for the three months ended June 30, 2022 is comprised of gains on asset sales of $7.9 million, as reported on the Dole plc the GAAP Consolidated Statements of Operations.

	Three Months Ended June 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)	$	1,129	2,640	(19,748	)	(16,593	)	4,688		63,745		$	(11,438	)
Loss from discontinued operations, net of income taxes		—	—	—		—		—		—			11,438
Amortization of intangible assets		—	—	—		—		—		2,574			—
Mark to market losses (gains)		981	—	—		—		—		1,035			—
(Gain) on asset sales		—	—	—		—		—		(10,387	)		—
Cyber-related incident		—	—	—		—		—		571			—
Other items		—	—	—		—		—		190			—
Adjustments from equity method investments		—	—	—		—		623		623			—
Income tax on items above and discrete tax items		—	—	—		878		(81	)	797			—
NCI impact on items above		—	—	—		—		—		—			—
Adjusted (Non-GAAP)	$	2,110	2,640	(19,748	)	(15,715	)	5,230		59,148		$	—

	Three Months Ended June 30, 2022 (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)	$	8,102		1,410	(10,833	)	(5,300	)	3,151		59,600		$	(11,195	)
Loss from discontinued operations, net of income taxes		—		—	—		—		—		—			11,195
Amortization of intangible assets		—		—	—		—		—		2,773			—
Mark to market losses (gains)		(5,722	)	—	—		—		—		(6,991	)		—
(Gain) on asset sales		—		—	—		—		—		(7,816	)		—
Incremental charges on biological assets and inventory from the Acquisition		—		—	—		—		—		17,431			—
Other items		—		—	—		—		—		116			—
Adjustments from equity method investments		—		—	—		—		612		612			—
Income tax on items above and discrete tax items		—		—	—		(5,092	)	(104	)	(5,196	)		—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	2,380		1,410	(10,833	)	(10,392	)	3,659		60,529		$	—

	Three Months Ended June 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)	$	52,307		$	(10,032	)	$	42,275		$	0.44
Loss from discontinued operations, net of income taxes		11,438			—			11,438
Amortization of intangible assets		2,574			—			2,574
Mark to market losses (gains)		1,035			—			1,035
(Gain) on asset sales		(10,387	)		—			(10,387	)
Cyber-related incident		571			—			571
Other items		190			—			190
Adjustments from equity method investments		623			—			623
Income tax on items above and discrete tax items		797			—			797
NCI impact on items above		—			(736	)		(736	)
Adjusted (Non-GAAP)	$	59,148		$	(10,768	)	$	48,380		$	0.51

Weighted average shares outstanding – diluted		95,112

	Three Months Ended June 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)	$	48,405		$	(7,133	)	$	41,272		$	0.43
Loss from discontinued operations, net of income taxes		11,195			—			11,195
Amortization of intangible assets		2,773			—			2,773
Mark to market losses (gains)		(6,991	)		—			(6,991	)
(Gain) on asset sales		(7,816	)		—			(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		17,431			—			17,431
Other items		116			—			116
Adjustments from equity method investments		612			—			612
Income tax on items above and discrete tax items		(5,196	)		—			(5,196	)
NCI impact on items above		—			(953	)		(953	)
Adjusted (Non-GAAP)	$	60,529		$	(8,086	)	$	52,443		$	0.55

Weighted average shares outstanding – diluted		94,913

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

	Six Months Ended June 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)	$	4,130,341	(3,754,729	)	375,612		*9.1*	%	(236,546	)	14,696		$	153,762
Loss from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				5,190		—			5,190
Mark to market losses (gains)		—	(1,336	)	(1,336	)			—		—			(1,336	)
(Gain) on asset sales		—	—		—				—		(14,554	)		(14,554	)
Cyber-related incident		—	—		—				5,321		—			5,321
Other items		—	863		863				—		—			863
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	4,130,341	(3,755,202	)	375,139		*9.1*	%	(226,035	)	142		$	149,246

	Six Months Ended June 30, 2022 (U.S. Dollars in thousands)
	Revenues, net		Cost of sales		Gross profit		Gross Margin %		Selling, marketing, general and administrative expenses		Other operating charges⁹		Operating Income
Reported (GAAP)	$	4,021,140	(3,703,836	)	317,304		*7.9*	%	(219,909	)	8,663		$	106,058
Loss from discontinued operations, net of income taxes		—	—		—				—		—			—
Amortization of intangible assets		—	—		—				5,615		—			5,615
Mark to market losses (gains)		—	(5,357	)	(5,357	)			—		—			(5,357	)
(Gain) on asset sales		—	—		—				—		(7,816	)		(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		—	34,944		34,944				—		—			34,944
Other items		—	(510	)	(510	)			—		(242	)		(752	)
Adjustments from equity method investments		—	—		—				—		—			—
Income tax on items above and discrete tax items		—	—		—				—		—			—
NCI impact on items above		—	—		—				—		—			—
Adjusted (Non-GAAP)	$	4,021,140	(3,674,759	)	346,381		*8.6*	%	(214,294	)	605		$	132,692

__________________

⁸ Other operating charges for the six months ended June 30, 2023 is comprised of gains on asset sales of $14.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

⁹ Other operating charges for the six months ended June 30, 2022 is comprised of gains on asset sales of $8.4 million and a gain on disposal of businesses of $0.2 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.

	Six Months Ended June 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)	$	2,904	4,949	(41,460	)	(27,587	)	6,166		98,734		$	(25,944	)
Loss from discontinued operations, net of income taxes		—	—	—		—		—		—			25,944
Amortization of intangible assets		—	—	—		—		—		5,190			—
Mark to market losses (gains)		3,193	—	—		—		—		1,857			—
(Gain) on asset sales		—	—	—		—		—		(14,554	)		—
Cyber-related incident		—	—	—		—		—		5,321			—
Other items		—	—	—		—		—		863			—
Adjustments from equity method investments		—	—	—		—		742		742			—
Income tax on items above and discrete tax items		—	—	—		650		(162	)	488			—
NCI impact on items above		—	—	—		—		—		—			—
Adjusted (Non-GAAP)	$	6,097	4,949	(41,460	)	(26,937	)	6,746		98,641		$	—

	Six Months Ended June 30, 2022 (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)	$	10,566		2,994	(22,449	)	(12,658	)	3,728		88,239		$	(36,425	)
Loss from discontinued operations, net of income taxes		—		—	—		—		—		—			36,425
Amortization of intangible assets		—		—	—		—		—		5,615			—
Mark to market losses (gains)		(2,772	)	—	—		—		—		(8,129	)		—
(Gain) on asset sales		—		—	—		—		—		(7,816	)		—
Incremental charges on biological assets and inventory from the Acquisition		—		—	—		—		—		34,944			—
Other items		—		—	—		—		—		(752	)		—
Adjustments from equity method investments		—		—	—		—		1,290		1,290			—
Income tax on items above and discrete tax items		—		—	—		(6,920	)	(207	)	(7,127	)		—
NCI impact on items above		—		—	—		—		—		—			—
Adjusted (Non-GAAP)	$	7,794		2,994	(22,449	)	(19,578	)	4,811		106,264		$	—

	Six Months Ended June 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)	$	72,790		$	(16,356	)	$	56,434		$	0.59
Loss from discontinued operations, net of income taxes		25,944			—			25,944
Amortization of intangible assets		5,190			—			5,190
Mark to market losses (gains)		1,857			—			1,857
(Gain) on asset sales		(14,554	)		—			(14,554	)
Cyber-related incident		5,321			—			5,321
Other items		863			—			863
Adjustments from equity method investments		742			—			742
Income tax on items above and discrete tax items		488			—			488
NCI impact on items above		—			(1,629	)		(1,629	)
Adjusted (Non-GAAP)	$	98,641		$	(17,985	)	$	80,656		$	0.85

Weighted average shares outstanding – diluted		95,068

	Six Months Ended June 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)	$	51,814		$	(11,936	)	$	39,878		$	0.42
Loss from discontinued operations, net of income taxes		36,425			—			36,425
Amortization of intangible assets		5,615			—			5,615
Mark to market losses (gains)		(8,129	)		—			(8,129	)
(Gain) on asset sales		(7,816	)		—			(7,816	)
Incremental charges on biological assets and inventory from the Acquisition		34,944			—			34,944
Other items		(752	)		—			(752	)
Adjustments from equity method investments		1,290			—			1,290
Income tax on items above and discrete tax items		(7,127	)		—			(7,127	)
NCI impact on items above		—			(1,411	)		(1,411	)
Adjusted (Non-GAAP)	$	106,264		$	(13,347	)	$	92,917		$	0.98

Weighted average shares outstanding – diluted		94,911

Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited

	Revenue for the Three Months Ended
	June 30, 2022			Impact of Foreign Currency Translation			Impact of Acquisitions and Divestitures		Like-for-like Increase (Decrease)			June 30, 2023

	(U.S. Dollars in thousands)
Fresh Fruit	$	805,831		$	—		$	—	$	33,212		$	839,043
Diversified Fresh Produce - EMEA		849,848			(1,201	)		15,850		51,132			915,629
Diversified Fresh Produce - Americas & ROW		448,200			(2,247	)		—		(28,308	)		417,645
Intersegment		(52,970	)		—			—		21,827			(31,143	)
Total	$	2,050,909		$	(3,448	)	$	15,850	$	77,863		$	2,141,174

	Adjusted EBITDA for the Three Months Ended
	June 30, 2022		Impact of Foreign Currency Translation			Impact of Acquisitions and Divestitures		Like-for-like Increase (Decrease)			June 30, 2023

	(U.S. Dollars in thousands)
Fresh Fruit	$	56,308	$	(100	)	$	—	$	9,608		$	65,816
Diversified Fresh Produce - EMEA		38,434		(173	)		513		3,829			42,603
Diversified Fresh Produce - Americas & ROW		17,061		(99	)		438		(3,138	)		14,262
Total	$	111,803	$	(372	)	$	951	$	10,299		$	122,681

	Revenue for the Six Months Ended
	June 30, 2022			Impact of Foreign Currency Translation			Impact of Acquisitions and Divestitures		Like-for-like Increase (Decrease)			June 30, 2023

	(U.S. Dollars in thousands)
Fresh Fruit	$	1,555,634		$	—		$	—	$	82,319		$	1,637,953
Diversified Fresh Produce - EMEA		1,641,003			(54,561	)		18,102		109,185			1,713,729
Diversified Fresh Produce - Americas & ROW		911,892			(5,033	)		—		(66,463	)		840,396
Intersegment		(87,389	)		—			—		25,652			(61,737	)
Total	$	4,021,140		$	(59,594	)	$	18,102	$	150,693		$	4,130,341

	Adjusted EBITDA for the Six Months Ended
	June 30, 2022		Impact of Foreign Currency Translation			Impact of Acquisitions and Divestitures		Like-for-like Increase (Decrease)			June 30, 2023

	(U.S. Dollars in thousands)
Fresh Fruit	$	116,705	$	45		$	—	$	18,277		$	135,027
Diversified Fresh Produce - EMEA		57,711		(1,801	)		1,271		8,828			66,009
Diversified Fresh Produce - Americas & ROW		29,269		(130	)		566		(7,673	)		22,032
Total	$	203,685	$	(1,886	)	$	1,837	$	19,432		$	223,068

Net Debt Reconciliation

Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. The calculation of Net Debt as of June 30, 2023 is presented below. Net Debt as of June 30, 2023 was $1.0 billion.

	June 30, 2023			December 31, 2022

	(U.S. Dollars in thousands)
Cash and cash equivalents (Reported GAAP)		231,075			228,840
Debt (Reported GAAP):
Long-term debt, net		(930,421	)		(1,127,321	)
Current maturities		(268,203	)		(97,435	)
Bank overdrafts		(20,285	)		(8,623	)
Total debt, net		(1,218,909	)		(1,233,379	)
Less: Debt discounts and debt issuance costs (Reported GAAP)		(16,125	)		(17,874	)
Total gross debt		(1,235,034	)		(1,251,253	)
Net Debt (Non-GAAP)	$	(1,003,959	)	$	(1,022,413	)

Supplemental Consolidated Income Statement by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended												Year Ended
	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2022

	(U.S. Dollars and shares in thousands, except per share amounts)
Revenues, net	$	1,970,231		$	2,050,909		$	1,960,695		$	2,042,568		$	8,024,403
Cost of sales		(1,818,436	)		(1,885,400	)		(1,829,233	)		(1,891,456	)		(7,424,525	)
Gross profit		151,795			165,509			131,462			151,112			599,878
Selling, marketing, general and administrative expenses		(109,544	)		(110,365	)		(103,349	)		(112,934	)		(436,192	)
Gain (loss) on disposal of businesses		242			—			—			(50	)		192
Impairment of property, plant and equipment		—			—			—			(397	)		(397	)
Gain on asset sales		495			7,926			767			2,596			11,784
Operating income		42,988			63,070			28,880			40,327			175,265
Other income (expense), net		2,464			8,102			9,199			(9,165	)		10,600
Interest income		1,584			1,410			1,427			1,986			6,407
Interest expense		(11,616	)		(10,833	)		(15,677	)		(18,245	)		(56,371	)
Income from continuing operations before income taxes and equity earnings		35,420			61,749			23,829			14,903			135,901
Income tax (expense) benefit		(7,358	)		(5,300	)		34,155			4,106			25,603
Equity method earnings		577			3,151			300			2,698			6,726
Income from continuing operations		28,639			59,600			58,284			21,707			168,230
Loss from discontinued operations, net of income taxes		(25,230	)		(11,195	)		(11,704	)		(8,318	)		(56,447	)
Net income		3,409			48,405			46,580			13,389			111,783
Less: Net income attributable to noncontrolling interests		(4,803	)		(7,133	)		(6,743	)		(6,608	)		(25,287	)
Net (loss) income attributable to Dole plc	$	(1,394	)	$	41,272		$	39,837		$	6,781		$	86,496

Income (loss) per share - basic:
Continuing operations	$	0.26		$	0.55		$	0.54		$	0.16		$	1.51
Discontinued operations		(0.27	)		(0.12	)		(0.12	)		(0.09	)		(0.60	)
Net income (loss) per share attributable to Dole plc - basic	$	(0.01	)	$	0.43		$	0.42		$	0.07		$	0.91

Income (loss) per share - diluted:
Continuing operations	$	0.26		$	0.55		$	0.54		$	0.16		$	1.51
Discontinued operations		(0.27	)		(0.12	)		(0.12	)		(0.09	)		(0.60	)
Net income (loss) per share attributable to Dole plc - diluted	$	(0.01	)	$	0.43		$	0.42		$	0.07		$	0.91

Weighted-average shares:
Basic		94,878			94,878			94,891			94,899			94,886
Diluted		94,909			94,913			94,908			94,928			94,914

Supplemental Reconciliation from Net Income to Adjusted EBITDA by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended												Year Ended
	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2022

	(U.S. Dollars in thousands)
Net income (Reported GAAP)	$	3,409		$	48,405		$	46,580		$	13,389		$	111,783
Loss from discontinued operations, net of income taxes		25,230			11,195			11,704			8,318			56,447
Income from continuing operations (Reported GAAP)		28,639			59,600			58,284			21,707			168,230
Income tax expense (benefit)		7,358			5,300			(34,155	)		(4,106	)		(25,603	)
Interest expense		11,616			10,833			15,677			18,245			56,371
Mark to market losses (gains)		(1,138	)		(6,991	)		2,310			8,868			3,049
(Gain) on asset sales		—			(7,816	)		(530	)		(1,970	)		(10,316	)
Impairment on property, plant and equipment		—			—			—			397			397
Incremental charges on biological assets and inventory from the Acquisition		17,513			17,431			5,520			681			41,145
Other items		(868	)		116			(532	)		656			(628	)
Adjustments from equity method investments		1,128			2,195			1,603			2,614			7,540
Adjusted EBIT (Non-GAAP)		64,248			80,668			48,177			47,092			240,185
Depreciation		22,533			25,696			25,315			25,159			98,703
Amortization of intangible assets		2,842			2,773			2,633			2,645			10,893
Depreciation and amortization adjustments from equity method investments		2,260			2,666			3,073			2,616			10,615
Adjusted EBITDA (Non-GAAP)	$	91,883		$	111,803		$	79,198		$	77,512		$	360,396

Supplemental Reconciliation from Net Income attributable to Dole plc shareholders to Adjusted Net Income by Quarter - for the Year Ended December 31, 2022 - Unaudited

	Three Months Ended												Year Ended
	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2022

	(U.S. Dollars and shares in thousands, except per share amounts)
Net income (loss) attributable to Dole plc (Reported GAAP)	$	(1,394	)	$	41,272		$	39,837		$	6,781		$	86,496
Loss from discontinued operations, net of income taxes		25,230			11,195			11,704			8,318			56,447
Income from continuing operations attributable to Dole plc		23,836			52,467			51,541			15,099			142,943
Adjustments:
Amortization of intangible assets		2,842			2,773			2,633			2,645			10,893
Mark to market (gains) losses		(1,138	)		(6,991	)		2,310			8,868			3,049
(Gain) on asset sales		—			(7,816	)		(530	)		(1,970	)		(10,316	)
Incremental charges on biological assets and inventory from the Acquisition		17,513			17,431			5,520			681			41,145
Other items		(868	)		116			(532	)		1,053			(231	)
Adjustments from equity method investments		678			612			628			662			2,580
Income tax on items above and discrete tax items		(1,931	)		(5,196	)		(34,501	)		(8,876	)		(50,504	)
NCI impact on items above		(458	)		(953	)		(878	)		(898	)		(3,187	)
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)	$	40,474		$	52,443		$	26,191		$	17,264		$	136,372

Adjusted earnings per share – basic (Non-GAAP)	$	0.43		$	0.55		$	0.28		$	0.18		$	1.44
Adjusted earnings per share – diluted (Non-GAAP)	$	0.43		$	0.55		$	0.28		$	0.18		$	1.44
Weighted average shares outstanding – basic		94,878			94,878			94,891			94,899			94,886
Weighted average shares outstanding – diluted		94,909			94,913			94,908			94,928			94,914

Supplemental Selected Segmental Financial Information by Quarter - for the Year Ended December 31, 2022 - Unaudited

Revenue by Segment:

	Three Months Ended												Year Ended
	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2022

	(U.S. Dollars in thousands)
Fresh Fruit	$	749,803		$	805,831		$	751,348		$	740,167		$	3,047,149
Diversified Fresh Produce - EMEA		791,155			849,848			759,964			751,594			3,152,561
Diversified Fresh Produce - Americas & ROW		463,692			448,200			479,839			573,936			1,965,667
Intersegment		(34,419	)		(52,970	)		(30,456	)		(23,129	)		(140,974	)
Total	$	1,970,231		$	2,050,909		$	1,960,695		$	2,042,568		$	8,024,403

Adjusted EBITDA by Segment:

	Three Months Ended									Year Ended
	March 31, 2022		June 30, 2022		September 30, 2022			December 31, 2022		December 31, 2022

	(U.S. Dollars in thousands)
Fresh Fruit	$	60,397	$	56,308	$	49,382		$	39,460	$	205,547
Diversified Fresh Produce - EMEA		19,277		38,434		30,686			22,656		111,053
Diversified Fresh Produce - Americas & ROW		12,209		17,061		(870	)		15,396		43,796
Total	$	91,883	$	111,803	$	79,198		$	77,512	$	360,396

Non-GAAP Financial Measures

Dole plc’s results are determined in accordance with U.S. GAAP.

In addition to its results under U.S. GAAP, in this Press Release we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Net Debt, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.

Adjusted EBIT is calculated from GAAP net income by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; and (6) the Company’s share of these items from equity method investments.

Adjusted EBITDA is calculated from GAAP net income by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.

Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.

Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.

Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP debt discounts and debt issuance costs.

Dole is not able to provide a reconciliation for projected FY'23 results without taking unreasonable efforts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230817799569/en/

Contacts

Investor Contact:

James O'Regan, Head of Investor Relations, Dole plc

joregan@totalproduce.com

+353 1 887 2794

Media Contact:

Brian Bell, Ogilvy

brian.bell@ogilvy.com

+353 87 2436 130

Dole plc Reports Second Quarter 2023 Financial Results

Contacts

Sections

Services

Contact Information

Follow Us