DUBLIN - May 24, 2022 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") has today released its financial results for the three months ended March 31, 2022.

Highlights for Q1'22:

  • Revenue of $2.2 billion
  • Net Income of $3.3 million and Diluted EPS of $(0.01)
  • Adjusted EBITDA1 of $81.5 million
  • Adjusted Net Income1 of $28.2 million and Adjusted Diluted EPS1 of $0.30

Financial Highlights - Unaudited

Q1'22 Q1'21 Q1'21
Pro-forma (2)
Revenue - $'m 2,245 1,051 2,266
Net Income - $'m 3.3 26.1 63.2
Net (Loss) Income attributable to Dole plc - $'m (1.4) 21.3 57.7
Diluted EPS - $ (0.01) 0.38 0.61
Adjusted EBITDA - $'m (1) 81.5 79.2 131.1
Adjusted Net Income - $'m (1) 28.2 25.9 58.8
Adjusted Diluted EPS - $ (1) 0.30 0.46 0.62

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

"We are pleased with the result that the Group has delivered for the first quarter of 2022 particularly as we were impacted by the Value Added salads recall and foreign currency translation movements in the quarter. Our diversified business model has once more proven itself to be resilient. For the 2022 financial year, we are now targeting revenue in the range of $9.4 billion to $9.7 billion and Adjusted EBITDA in the range of $350.0 million to $370.0 million. The Board extends our appreciation to all of our talented and dedicated people across the Group."

1 This press release contains pro-forma financial information. The unaudited pro-forma consolidated financial statements for Dole plc illustrate the effects of the acquisition of Dole Food Company, Inc. ("DFC" or "Legacy Dole") by Total Produce ("TP") and the effects of the IPO and refinancing as if they had occurred on January 1, 2020. This is consistent with the pro-forma financial statements presented in the Form F-1 filed with the SEC at the time of the IPO.
2 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Net Debt are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.

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Dole plc published this content on 24 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2022 10:27:05 UTC.