Dole plc (NYSE:DOLE) shares surged 5.69% in pre-market trading on Wednesday, following the release of its fourth-quarter and full-year 2024 financial results, which exceeded expectations and an upbeat outlook for 2025.
The global fresh produce company reported Q4 adjusted earnings per share of $0.16, unchanged from the prior year but beating the analyst consensus estimate of $0.07. Revenue for the quarter rose 4.58% year-over-year to $2.17 billion, surpassing the consensus estimate of $2.05 billion.
For the full year 2024, Dole plc achieved strong results with adjusted EBITDA of $392.2 million, up 1.8% from the previous year, and adjusted net income of $120.9 million, an increase of 2.4%. The company's net leverage ratio improved to 1.6x, down from 2.1x at the end of 2023, reflecting its robust cash flow generation and disciplined capital allocation.
Looking ahead, despite increased uncertainty due to the evolving geopolitical environment, Dole plc expressed confidence in its ability to deliver another good result in 2025. The company set a target range for full-year adjusted EBITDA of $370 - $380 million, after accounting for a short-term headwind following the impact of Tropical Storm Sara on its Honduran operations.
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