Dole plc reported its financial results for the first quarter ended March 31, 2025, with revenue of $2.1 billion, a decrease of 1.0% year-over-year, but an increase of 4.2% on a like-for-like basis. Net Income decreased by 32.5% to $44.2 million, primarily due to the absence of a $37.3 million net exceptional gain from the Progressive Produce disposal in the prior year.
Adjusted EBITDA for the first quarter was $104.8 million, a decrease of 4.8% year-over-year, or 2.0% on a like-for-like basis. This decrease was mainly driven by the Fresh Fruit segment, which experienced an 8.8% ($6.1 million) decline in Adjusted EBITDA due to anticipated higher fruit costs following Tropical Storm Sara in Honduras and elevated shipping costs from vessel operational issues.
Despite the Q1 Adjusted EBITDA decline, Dole plc revised its full-year 2025 Adjusted EBITDA guidance upwards to at least $380.0 million, reflecting a better-than-anticipated start to the year. The company also demonstrated confidence in its financial position by increasing its quarterly dividend by 6.25% to $0.085 per share.
Cash capital expenditures for continuing operations in Q1 2025 were $52.8 million, including the buyout of two vessel finance leases totaling $36.0 million. Free cash flow from continuing operations was an outflow of $131.6 million, primarily due to normal seasonal working capital impacts and the vessel lease buyouts. Net Debt stood at $742.1 million, with a Net Leverage of 1.9x.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.