Dole plc reported strong financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenue increased by 4.6% to $2.167 billion, or 10.1% on a like-for-like basis, driven by positive operational performance across all segments. However, the company recorded a net loss of $31.6 million, primarily due to a $61.2 million loss in discontinued operations related to the Fresh Vegetables division and a non-cash fair value loss of $104.9 million ($78.2 million net of tax) adjusting its carrying value.
For the full year 2024, Dole plc delivered a revenue increase of 2.8% to $8.475 billion, or 6.7% on a like-for-like basis. Adjusted EBITDA for the full year grew by 1.8% to $392.2 million, or 6.7% on a like-for-like basis, surpassing the company's most recent guidance. Adjusted Net Income increased by 2.4% to $120.9 million, with Adjusted Diluted EPS at $1.27.
The company made significant strides in strengthening its balance sheet, reducing net debt by over $180 million to $637.1 million by year-end 2024, resulting in a net leverage ratio of 1.6x, down from 2.1x. Capital expenditures for 2024 were $82.4 million, including investments in shipping containers, farming, and efficiency projects, with $41.1 million related to two previously chartered vessels that were subsequently purchased in February 2025.
Dole plc declared a cash dividend of $0.08 per share for the fourth quarter of 2024, payable on April 3, 2025. Looking ahead to fiscal year 2025, the company is targeting full-year Adjusted EBITDA in the range of $370 million to $380 million. This guidance anticipates a short-term headwind from the impact of Tropical Storm Sara on its Honduran operations in November 2024.
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