Date: August 17, 2023 |
DOLE PLC
(Registrant)
|
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By: /s/ Jacinta Devine | |||||||||||
Name: Jacinta Devine | |||||||||||
Title: Chief Financial Officer | |||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
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(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 |
Three Months Ended | |||||||||||||||||||||||
June 30, 2023 |
June 30, 2022 |
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(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 |
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(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 |
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) |
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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 |
June 30, 2023 |
December 31, 2022 |
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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 |
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 |
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 items4 | 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 | |||||||||||||||
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) |
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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 items5 | 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 |
Three Months Ended June 30, 2023
(U.S. Dollars in thousands)
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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)
|
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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 |
Three Months Ended June 30, 2023
(U.S. Dollars in thousands)
|
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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)
|
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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 |
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 |
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 |
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 | |||||||||||||||||||
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) |
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 |
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 |
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 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
December 31, 2022 |
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(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 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
December 31, 2022 |
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(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 |