Date: November 16, 2023 | DOLE PLC (Registrant) | ||||||||||
By: /s/ Jacinta Devine | |||||||||||
Name: Jacinta Devine | |||||||||||
Title: Chief Financial Officer | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(U.S. Dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Revenue | 2,043 | 1,961 | 6,173 | 5,982 | ||||||||||||||||||||||
Income from continuing operations2 | 55.7 | 58.3 | 154.4 | 146.5 | ||||||||||||||||||||||
Net Income | 54.0 | 46.6 | 126.8 | 98.4 | ||||||||||||||||||||||
Net Income attributable to Dole plc | 45.3 | 39.8 | 101.7 | 79.7 | ||||||||||||||||||||||
Diluted EPS from continuing operations | 0.50 | 0.54 | 1.36 | 1.35 | ||||||||||||||||||||||
Diluted EPS | 0.48 | 0.42 | 1.07 | 0.84 | ||||||||||||||||||||||
Adjusted EBITDA1 | 85.2 | 79.2 | 308.3 | 282.9 | ||||||||||||||||||||||
Adjusted Net Income1 | 22.6 | 26.2 | 103.2 | 119.1 | ||||||||||||||||||||||
Adjusted Diluted EPS1 | 0.24 | 0.28 | 1.09 | 1.25 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
Fresh Fruit | $ | 749,210 | $ | 45,111 | $ | 751,348 | $ | 49,382 | |||||||||||||||
Diversified Fresh Produce - EMEA | 856,351 | 34,923 | 759,964 | 30,686 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 470,011 | 5,159 | 479,839 | (870) | |||||||||||||||||||
Intersegment | (32,900) | — | (30,456) | — | |||||||||||||||||||
Total | $ | 2,042,672 | $ | 85,193 | $ | 1,960,695 | $ | 79,198 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
Fresh Fruit | $ | 2,387,163 | $ | 180,138 | $ | 2,306,982 | $ | 166,087 | |||||||||||||||
Diversified Fresh Produce - EMEA | 2,570,080 | 100,932 | 2,400,967 | 88,397 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,310,407 | 27,191 | 1,391,731 | 28,399 | |||||||||||||||||||
Intersegment | (94,637) | — | (117,845) | — | |||||||||||||||||||
Total | $ | 6,173,013 | $ | 308,261 | $ | 5,981,835 | $ | 282,883 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Revenues, net | $ | 2,042,672 | $ | 1,960,695 | $ | 6,173,013 | $ | 5,981,835 | |||||||||||||||
Cost of sales | (1,876,292) | (1,829,233) | (5,631,021) | (5,533,069) | |||||||||||||||||||
Gross profit | 166,380 | 131,462 | 541,992 | 448,766 | |||||||||||||||||||
Selling, marketing, general and administrative expenses | (118,023) | (103,349) | (354,569) | (323,258) | |||||||||||||||||||
Gain on disposal of businesses | — | — | — | 242 | |||||||||||||||||||
Gain on asset sales | 28,746 | 767 | 43,442 | 9,188 | |||||||||||||||||||
Operating income | 77,103 | 28,880 | 230,865 | 134,938 | |||||||||||||||||||
Other income, net | 4,817 | 9,199 | 7,721 | 19,765 | |||||||||||||||||||
Interest income | 2,311 | 1,427 | 7,260 | 4,421 | |||||||||||||||||||
Interest expense | (20,899) | (15,677) | (62,359) | (38,126) | |||||||||||||||||||
Income from continuing operations before income taxes and equity earnings | 63,332 | 23,829 | 183,487 | 120,998 | |||||||||||||||||||
Income tax (expense) benefit | (13,017) | 34,155 | (40,604) | 21,497 | |||||||||||||||||||
Equity method earnings | 5,342 | 300 | 11,508 | 4,028 | |||||||||||||||||||
Income from continuing operations | 55,657 | 58,284 | 154,391 | 146,523 | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (1,672) | (11,704) | (27,616) | (48,129) | |||||||||||||||||||
Net income | 53,985 | 46,580 | 126,775 | 98,394 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (8,693) | (6,743) | (25,049) | (18,679) | |||||||||||||||||||
Net income attributable to Dole plc | $ | 45,292 | $ | 39,837 | $ | 101,726 | $ | 79,715 | |||||||||||||||
Income (loss) per share - basic: | |||||||||||||||||||||||
Continuing operations | $ | 0.50 | $ | 0.54 | $ | 1.36 | $ | 1.35 | |||||||||||||||
Discontinued operations | (0.02) | (0.12) | (0.29) | (0.51) | |||||||||||||||||||
Net income per share attributable to Dole plc - basic | $ | 0.48 | $ | 0.42 | $ | 1.07 | $ | 0.84 | |||||||||||||||
Income (loss) per share - diluted: | |||||||||||||||||||||||
Continuing operations | $ | 0.50 | $ | 0.54 | $ | 1.36 | $ | 1.35 | |||||||||||||||
Discontinued operations | (0.02) | (0.12) | (0.29) | (0.51) | |||||||||||||||||||
Net income per share attributable to Dole plc - diluted | $ | 0.48 | $ | 0.42 | $ | 1.07 | $ | 0.84 | |||||||||||||||
Weighted-average shares: | |||||||||||||||||||||||
Basic | 94,929 | 94,891 | 94,912 | 94,882 | |||||||||||||||||||
Diluted | 95,148 | 94,908 | 95,094 | 94,910 |
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | (U.S. Dollars and shares in thousands) | ||||||||||
Cash and cash equivalents | $ | 217,523 | $ | 228,840 | |||||||
Short-term investments | 5,735 | 5,367 | |||||||||
Trade receivables, net of allowances for credit losses of $22,498 and $18,001, respectively | 575,205 | 610,384 | |||||||||
Grower advance receivables, net of allowances for credit losses of $20,946 and $15,817, respectively | 124,981 | 106,864 | |||||||||
Other receivables, net of allowances for credit losses of $13,733 and $14,538, respectively | 114,513 | 132,947 | |||||||||
Inventories, net of allowances of $3,889 and $4,186, respectively | 366,718 | 394,150 | |||||||||
Prepaid expenses | 59,709 | 48,995 | |||||||||
Other current assets | 33,303 | 15,034 | |||||||||
Fresh Vegetables current assets held for sale | 414,222 | 62,252 | |||||||||
Other assets held for sale | 10,318 | 645 | |||||||||
Total current assets | 1,922,227 | 1,605,478 | |||||||||
Long-term investments | 15,468 | 16,498 | |||||||||
Investments in unconsolidated affiliates | 127,429 | 124,234 | |||||||||
Actively marketed property | 13,781 | 31,007 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $414,698 and $375,721, respectively | 1,085,778 | 1,116,124 | |||||||||
Operating lease right-of-use assets | 312,608 | 293,658 | |||||||||
Goodwill | 500,892 | 497,453 | |||||||||
DOLE brand | 306,280 | 306,280 | |||||||||
Other intangible assets, net of accumulated amortization of $127,462 and $120,315, respectively | 43,351 | 50,990 | |||||||||
Fresh Vegetables non-current assets held for sale | — | 343,828 | |||||||||
Other assets | 139,598 | 142,180 | |||||||||
Deferred tax assets, net | 70,263 | 64,112 | |||||||||
Total assets | $ | 4,537,675 | $ | 4,591,842 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Accounts payable | $ | 619,914 | $ | 640,620 | |||||||
Income taxes payable | 33,773 | 11,558 | |||||||||
Accrued liabilities | 380,196 | 381,688 | |||||||||
Bank overdrafts | 13,772 | 8,623 | |||||||||
Current portion of long-term debt, net | 255,953 | 97,435 | |||||||||
Current maturities of operating leases | 59,702 | 57,372 | |||||||||
Payroll and other tax | 23,811 | 27,187 | |||||||||
Contingent consideration | 663 | 1,791 | |||||||||
Pension and other postretirement benefits | 15,878 | 17,287 | |||||||||
Fresh Vegetables current liabilities held for sale | 294,588 | 199,255 | |||||||||
Dividends payable and other current liabilities | 21,994 | 17,698 | |||||||||
Total current liabilities | 1,720,244 | 1,460,514 | |||||||||
Long-term debt, net | 859,677 | 1,127,321 | |||||||||
Operating leases, less current maturities | 262,160 | 246,723 | |||||||||
Deferred tax liabilities, net | 112,333 | 118,403 | |||||||||
Income taxes payable, less current portion | 16,921 | 30,458 | |||||||||
Contingent consideration, less current portion | 7,542 | 5,022 | |||||||||
Pension and other postretirement benefits, less current portion | 117,946 | 124,646 | |||||||||
Fresh Vegetables non-current liabilities held for sale | — | 116,380 | |||||||||
Other long-term liabilities | 43,906 | 43,390 | |||||||||
Total liabilities | $ | 3,140,729 | $ | 3,272,857 | |||||||
Redeemable noncontrolling interests | 34,182 | 32,311 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of September 30, 2023 and December 31, 2022 | 949 | 949 | |||||||||
Additional paid-in capital | 796,290 | 795,063 | |||||||||
Retained earnings | 547,912 | 469,249 | |||||||||
Accumulated other comprehensive loss | (112,967) | (104,133) | |||||||||
Total equity attributable to Dole plc | 1,232,184 | 1,161,128 | |||||||||
Equity attributable to noncontrolling interests | 130,580 | 125,546 | |||||||||
Total equity | 1,362,764 | 1,286,674 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,537,675 | $ | 4,591,842 |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Operating Activities | (U.S. Dollars in thousands) | ||||||||||
Net income | $ | 126,775 | $ | 98,394 | |||||||
Loss from discontinued operations, net of taxes | 27,616 | 48,129 | |||||||||
Income from continuing operations | 154,391 | 146,523 | |||||||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities - continuing operations: | |||||||||||
Depreciation and amortization | 76,908 | 81,792 | |||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | 40,464 | |||||||||
Net (gain) on sale of assets and asset write-offs | (43,506) | (9,188) | |||||||||
Stock-based compensation expense | 4,381 | 3,118 | |||||||||
Equity method earnings | (11,508) | (4,028) | |||||||||
Amortization of debt discounts and debt issuance costs | 4,788 | 4,546 | |||||||||
Deferred tax (benefit) | (11,747) | (12,537) | |||||||||
Pension and other postretirement benefit plan expense | 4,160 | 482 | |||||||||
Dividends received from equity method investments | 6,350 | 7,632 | |||||||||
Other | (6,118) | (2,277) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net of allowances | 13,858 | (9,494) | |||||||||
Inventories | 26,642 | (52,022) | |||||||||
Prepaids, accrued and other current and long-term assets and liabilities | (61,465) | (11,935) | |||||||||
Net cash provided by operating activities - continuing operations | 157,134 | 183,076 | |||||||||
Investing activities | |||||||||||
Sales of assets | 64,103 | 27,764 | |||||||||
Capital expenditures | (51,334) | (58,555) | |||||||||
Acquisitions, net of cash acquired | (262) | (4,886) | |||||||||
Insurance proceeds | 1,850 | 2,278 | |||||||||
Purchases of investments | (1,153) | (414) | |||||||||
Sales (purchases) of unconsolidated affiliates | 1,498 | (801) | |||||||||
Other | (127) | 25 | |||||||||
Net cash provided by (used in) investing activities - continuing operations | 14,575 | (34,589) | |||||||||
Financing activities | |||||||||||
Proceeds from borrowings and overdrafts | 1,190,596 | 1,008,423 | |||||||||
Repayments on borrowings and overdrafts | (1,300,083) | (1,050,928) | |||||||||
Payment of debt issuance costs | — | (265) | |||||||||
Dividends paid to shareholders | (22,873) | (22,770) | |||||||||
Dividends paid to noncontrolling interests | (24,824) | (20,981) | |||||||||
Other noncontrolling interest activity, net | (482) | — | |||||||||
Payment of contingent consideration | (1,169) | (2,451) | |||||||||
Net cash used in financing activities - continuing operations | (158,835) | (88,972) | |||||||||
Effect of foreign exchange rate changes on cash | (1,716) | (19,052) | |||||||||
Net cash used in operating activities - discontinued operations | (15,772) | (61,521) | |||||||||
Net cash used in investing activities - discontinued operations | (6,703) | (8,027) | |||||||||
Cash used in discontinued operations, net | (22,475) | (69,548) | |||||||||
(Decrease) in cash and cash equivalents | (11,317) | (29,085) | |||||||||
Cash and cash equivalents at beginning of period | 228,840 | 250,561 | |||||||||
Cash and cash equivalents at end of period | $ | 217,523 | $ | 221,476 | |||||||
Supplemental cash flow information: | |||||||||||
Income tax payments, net of refunds | $ | (49,142) | $ | (39,628) | |||||||
Interest payments on borrowings | $ | (62,771) | $ | (39,703) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||
Net income (Reported GAAP) | $ | 53,985 | $ | 46,580 | $ | 126,775 | $ | 98,394 | |||||||||||||||
Loss from discontinued operations, net of income taxes | 1,672 | 11,704 | 27,616 | 48,129 | |||||||||||||||||||
Income from continuing operations (Reported GAAP) | 55,657 | 58,284 | 154,391 | 146,523 | |||||||||||||||||||
Income tax expense (benefit) | 13,017 | (34,155) | 40,604 | (21,497) | |||||||||||||||||||
Interest expense | 20,899 | 15,677 | 62,359 | 38,126 | |||||||||||||||||||
Mark to market (gains) losses | (4,783) | 2,310 | (2,926) | (5,819) | |||||||||||||||||||
(Gain) on asset sales | (28,802) | (530) | (43,356) | (8,346) | |||||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | 5,520 | — | 40,464 | |||||||||||||||||||
Cyber-related incident | — | — | 5,321 | — | |||||||||||||||||||
Other items4 | 222 | (532) | 1,085 | (1,284) | |||||||||||||||||||
Adjustments from equity method investments | 2,160 | 1,603 | 6,405 | 4,926 | |||||||||||||||||||
Adjusted EBIT (Non-GAAP) | 58,370 | 48,177 | 223,883 | 193,093 | |||||||||||||||||||
Depreciation | 21,737 | 25,315 | 69,182 | 73,544 | |||||||||||||||||||
Amortization of intangible assets | 2,536 | 2,633 | 7,726 | 8,248 | |||||||||||||||||||
Depreciation and amortization adjustments from equity method investments | 2,550 | 3,073 | 7,470 | 7,998 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 85,193 | $ | 79,198 | $ | 308,261 | $ | 282,883 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Net income attributable to Dole plc (Reported GAAP) | $ | 45,292 | $ | 39,837 | $ | 101,726 | $ | 79,715 | |||||||||||||||
Loss from discontinued operations, net of income taxes | 1,672 | 11,704 | 27,616 | 48,129 | |||||||||||||||||||
Income from continuing operations attributable to Dole plc | 46,964 | 51,541 | 129,342 | 127,844 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Amortization of intangible assets | 2,536 | 2,633 | 7,726 | 8,248 | |||||||||||||||||||
Mark to market (gains) losses | (4,783) | 2,310 | (2,926) | (5,819) | |||||||||||||||||||
(Gain) on asset sales | (28,802) | (530) | (43,356) | (8,346) | |||||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | 5,520 | — | 40,464 | |||||||||||||||||||
Cyber-related incident | — | — | 5,321 | — | |||||||||||||||||||
Other items5 | 222 | (532) | 1,085 | (1,284) | |||||||||||||||||||
Adjustments from equity method investments | 610 | 628 | 1,352 | 1,918 | |||||||||||||||||||
Income tax on items above and discrete tax items | 6,464 | (34,501) | 6,952 | (41,628) | |||||||||||||||||||
NCI impact on items above | (645) | (878) | (2,274) | (2,289) | |||||||||||||||||||
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) | $ | 22,566 | $ | 26,191 | $ | 103,222 | $ | 119,108 | |||||||||||||||
Adjusted earnings per share – basic (Non-GAAP) | $ | 0.24 | $ | 0.28 | $ | 1.09 | $ | 1.26 | |||||||||||||||
Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.24 | $ | 0.28 | $ | 1.09 | $ | 1.25 | |||||||||||||||
Weighted average shares outstanding – basic | 94,929 | 94,891 | 94,912 | 94,882 | |||||||||||||||||||
Weighted average shares outstanding – diluted | 95,148 | 94,908 | 95,094 | 94,910 |
Three Months Ended September 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) | $ | 2,042,672 | (1,876,292) | 166,380 | 8.1 | % | (118,023) | 28,746 | $ | 77,103 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 2,536 | — | 2,536 | |||||||||||||||||
Mark to market (gains) losses | — | (1,113) | (1,113) | — | — | (1,113) | |||||||||||||||||
(Gain) on asset sales | — | — | — | — | (28,802) | (28,802) | |||||||||||||||||
Cyber-related incident | — | — | — | — | — | — | |||||||||||||||||
Other items | — | 222 | 222 | — | — | 222 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,042,672 | (1,877,183) | 165,489 | 8.1 | % | (115,487) | (56) | $ | 49,946 |
Three Months Ended September 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) | $ | 1,960,695 | (1,829,233) | 131,462 | 6.7 | % | (103,349) | 767 | $ | 28,880 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 2,633 | — | 2,633 | |||||||||||||||||
Mark to market (gains) losses | — | 7,729 | 7,729 | — | — | 7,729 | |||||||||||||||||
(Gain) on asset sales | — | — | — | — | (530) | (530) | |||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | 5,520 | 5,520 | — | — | 5,520 | |||||||||||||||||
Other items | — | 509 | 509 | (1,041) | — | (532) | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 1,960,695 | (1,815,475) | 145,220 | 7.4 | % | (101,757) | 237 | $ | 43,700 |
Three Months Ended September 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) | $ | 4,817 | 2,311 | (20,899) | (13,017) | 5,342 | 55,657 | $ | (1,672) | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 1,672 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 2,536 | — | ||||||||||||||||
Mark to market (gains) losses | (3,670) | — | — | — | — | (4,783) | — | ||||||||||||||||
(Gain) on asset sales | — | — | — | — | — | (28,802) | — | ||||||||||||||||
Cyber-related incident | — | — | — | — | — | — | — | ||||||||||||||||
Other items | — | — | — | — | — | 222 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 610 | 610 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | 6,603 | (139) | 6,464 | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 1,147 | 2,311 | (20,899) | (6,414) | 5,813 | 31,904 | $ | — |
Three Months Ended September 30, 2022 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other income, net | Interest income | Interest expense | Income tax benefit (expense) | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 9,199 | 1,427 | (15,677) | 34,155 | 300 | 58,284 | $ | (11,704) | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 11,704 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 2,633 | — | ||||||||||||||||
Mark to market (gains) losses | (5,419) | — | — | — | — | 2,310 | — | ||||||||||||||||
(Gain) on asset sales | — | — | — | — | — | (530) | — | ||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | — | — | — | — | 5,520 | — | ||||||||||||||||
Other items | — | — | — | — | — | (532) | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 628 | 628 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (34,400) | (101) | (34,501) | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 3,780 | 1,427 | (15,677) | (245) | 827 | 33,812 | $ | — |
Three Months Ended September 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) | $ | 53,985 | $ | (8,693) | $ | 45,292 | $ | 0.48 | ||||||
Loss from discontinued operations, net of income taxes | 1,672 | — | 1,672 | |||||||||||
Amortization of intangible assets | 2,536 | — | 2,536 | |||||||||||
Mark to market (gains) losses | (4,783) | — | (4,783) | |||||||||||
(Gain) on asset sales | (28,802) | — | (28,802) | |||||||||||
Cyber-related incident | — | — | — | |||||||||||
Other items | 222 | — | 222 | |||||||||||
Adjustments from equity method investments | 610 | — | 610 | |||||||||||
Income tax on items above and discrete tax items | 6,464 | — | 6,464 | |||||||||||
NCI impact on items above | — | (645) | (645) | |||||||||||
Adjusted (Non-GAAP) | $ | 31,904 | $ | (9,338) | $ | 22,566 | $ | 0.24 | ||||||
Weighted average shares outstanding – diluted | 95,148 |
Three Months Ended September 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) | $ | 46,580 | $ | (6,743) | $ | 39,837 | $ | 0.42 | ||||||
Loss from discontinued operations, net of income taxes | 11,704 | — | 11,704 | |||||||||||
Amortization of intangible assets | 2,633 | — | 2,633 | |||||||||||
Mark to market (gains) losses | 2,310 | — | 2,310 | |||||||||||
(Gain) on asset sales | (530) | — | (530) | |||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | 5,520 | — | 5,520 | |||||||||||
Other items | (532) | — | (532) | |||||||||||
Adjustments from equity method investments | 628 | — | 628 | |||||||||||
Income tax on items above and discrete tax items | (34,501) | — | (34,501) | |||||||||||
NCI impact on items above | — | (878) | (878) | |||||||||||
Adjusted (Non-GAAP) | $ | 33,812 | $ | (7,621) | $ | 26,191 | $ | 0.28 | ||||||
Weighted average shares outstanding – diluted | 94,908 |
Nine Months Ended September 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) | $ | 6,173,013 | (5,631,021) | 541,992 | 8.8 | % | (354,569) | 43,442 | $ | 230,865 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 7,726 | — | 7,726 | |||||||||||||||||
Mark to market (gains) losses | — | (2,449) | (2,449) | — | — | (2,449) | |||||||||||||||||
(Gain) on asset sales | — | — | — | — | (43,356) | (43,356) | |||||||||||||||||
Cyber-related incident | — | — | — | 5,321 | — | 5,321 | |||||||||||||||||
Other items | — | 1,085 | 1,085 | — | — | 1,085 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 6,173,013 | (5,632,385) | 540,628 | 8.8 | % | (341,522) | 86 | $ | 199,192 |
Nine Months Ended September 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) | $ | 5,981,835 | (5,533,069) | 448,766 | 7.5 | % | (323,258) | 9,430 | $ | 134,938 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 8,248 | — | 8,248 | |||||||||||||||||
Mark to market (gains) losses | — | 2,372 | 2,372 | — | — | 2,372 | |||||||||||||||||
(Gain) on asset sales | — | — | — | — | (8,346) | (8,346) | |||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | 40,464 | 40,464 | — | — | 40,464 | |||||||||||||||||
Other items | — | — | — | (1,015) | (269) | (1,284) | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 5,981,835 | (5,490,233) | 491,602 | 8.2 | % | (316,025) | 815 | $ | 176,392 |
Nine Months Ended September 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) | $ | 7,721 | 7,260 | (62,359) | (40,604) | 11,508 | 154,391 | $ | (27,616) | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 27,616 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 7,726 | — | ||||||||||||||||
Mark to market (gains) losses | (477) | — | — | — | — | (2,926) | — | ||||||||||||||||
(Gain) on asset sales | — | — | — | — | — | (43,356) | — | ||||||||||||||||
Cyber-related incident | — | — | — | — | — | 5,321 | — | ||||||||||||||||
Other items | — | — | — | — | — | 1,085 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 1,352 | 1,352 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | 7,253 | (301) | 6,952 | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 7,244 | 7,260 | (62,359) | (33,351) | 12,559 | 130,545 | $ | — |
Nine Months Ended September 30, 2022 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other income, net | Interest income | Interest expense | Income tax benefit (expense) | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 19,765 | 4,421 | (38,126) | 21,497 | 4,028 | 146,523 | $ | (48,129) | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 48,129 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 8,248 | — | ||||||||||||||||
Mark to market (gains) losses | (8,191) | — | — | — | — | (5,819) | — | ||||||||||||||||
(Gain) on asset sales | — | — | — | — | — | (8,346) | — | ||||||||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | — | — | — | — | — | 40,464 | — | ||||||||||||||||
Other items | — | — | — | — | — | (1,284) | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 1,918 | 1,918 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (41,320) | (308) | (41,628) | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 11,574 | 4,421 | (38,126) | (19,823) | 5,638 | 140,076 | $ | — |
Nine Months Ended September 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) | $ | 126,775 | $ | (25,049) | $ | 101,726 | $ | 1.07 | ||||||
Loss from discontinued operations, net of income taxes | 27,616 | — | 27,616 | |||||||||||
Amortization of intangible assets | 7,726 | — | 7,726 | |||||||||||
Mark to market (gains) losses | (2,926) | — | (2,926) | |||||||||||
(Gain) on asset sales | (43,356) | — | (43,356) | |||||||||||
Cyber-related incident | 5,321 | — | 5,321 | |||||||||||
Other items | 1,085 | — | 1,085 | |||||||||||
Adjustments from equity method investments | 1,352 | — | 1,352 | |||||||||||
Income tax on items above and discrete tax items | 6,952 | — | 6,952 | |||||||||||
NCI impact on items above | — | (2,274) | (2,274) | |||||||||||
Adjusted (Non-GAAP) | $ | 130,545 | $ | (27,323) | $ | 103,222 | $ | 1.09 | ||||||
Weighted average shares outstanding – diluted | 95,094 |
Nine Months Ended September 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) | $ | 98,394 | $ | (18,679) | $ | 79,715 | $ | 0.84 | ||||||
Loss from discontinued operations, net of income taxes | 48,129 | — | 48,129 | |||||||||||
Amortization of intangible assets | 8,248 | — | 8,248 | |||||||||||
Mark to market (gains) losses | (5,819) | — | (5,819) | |||||||||||
(Gain) on asset sales | (8,346) | — | (8,346) | |||||||||||
Incremental charges on biological assets related to the acquisition of Legacy Dole | 40,464 | — | 40,464 | |||||||||||
Other items | (1,284) | — | (1,284) | |||||||||||
Adjustments from equity method investments | 1,918 | — | 1,918 | |||||||||||
Income tax on items above and discrete tax items | (41,628) | — | (41,628) | |||||||||||
NCI impact on items above | — | (2,289) | (2,289) | |||||||||||
Adjusted (Non-GAAP) | $ | 140,076 | $ | (20,968) | $ | 119,108 | $ | 1.25 | ||||||
Weighted average shares outstanding – diluted | 94,910 |
Revenue for the Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 751,348 | $ | — | $ | — | $ | (2,138) | $ | 749,210 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 759,964 | 54,373 | 5,540 | 36,474 | 856,351 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 479,839 | (1,491) | — | (8,337) | 470,011 | ||||||||||||||||||||||||
Intersegment | (30,456) | — | — | (2,444) | (32,900) | ||||||||||||||||||||||||
Total | $ | 1,960,695 | $ | 52,882 | $ | 5,540 | $ | 23,555 | $ | 2,042,672 |
Adjusted EBITDA for the Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 49,382 | $ | (375) | $ | — | $ | (3,896) | $ | 45,111 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 30,686 | 2,013 | 187 | 2,037 | 34,923 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | (870) | (115) | 932 | 5,212 | 5,159 | ||||||||||||||||||||||||
Total | $ | 79,198 | $ | 1,523 | $ | 1,119 | $ | 3,353 | $ | 85,193 |
Revenue for the Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 2,306,982 | $ | — | $ | — | $ | 80,181 | $ | 2,387,163 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 2,400,967 | (188) | 23,642 | 145,659 | 2,570,080 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,391,731 | (6,524) | — | (74,800) | 1,310,407 | ||||||||||||||||||||||||
Intersegment | (117,845) | — | — | 23,208 | (94,637) | ||||||||||||||||||||||||
Total | $ | 5,981,835 | $ | (6,712) | $ | 23,642 | $ | 174,248 | $ | 6,173,013 |
Adjusted EBITDA for the Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 166,087 | $ | (330) | $ | — | $ | 14,381 | $ | 180,138 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 88,397 | 212 | 1,458 | 10,865 | 100,932 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 28,399 | (245) | 1,498 | (2,461) | 27,191 | ||||||||||||||||||||||||
Total | $ | 282,883 | $ | (363) | $ | 2,956 | $ | 22,785 | $ | 308,261 | |||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
Cash and cash equivalents (Reported GAAP) | 217,523 | 228,840 | |||||||||
Debt (Reported GAAP): | |||||||||||
Long-term debt, net | (859,677) | (1,127,321) | |||||||||
Current maturities | (255,953) | (97,435) | |||||||||
Bank overdrafts | (13,772) | (8,623) | |||||||||
Total debt, net | (1,129,402) | (1,233,379) | |||||||||
Less: Debt discounts and debt issuance costs (Reported GAAP) | (15,233) | (17,874) | |||||||||
Total gross debt | (1,144,635) | (1,251,253) | |||||||||
Net Debt (Non-GAAP) | $ | (927,112) | $ | (1,022,413) |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
Net cash provided by operating activities - continuing operations (Reported GAAP) | 157,134 | 183,076 | |||||||||
Less: Capital expenditures (Reported GAAP)10 | (51,334) | (58,555) | |||||||||
Free cash flow from continuing operations (Non-GAAP) | $ | 105,800 | $ | 124,521 |
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 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 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 | |||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||
(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 |