Dole plc (NYSE:DOLE) Q3 2024 Earnings Conference Call November 13, 2024 8:00 AM ET
Company Participants
Rory Byrne - CEO
Jacinta Devine - CFO
Johan Linden - COO
James O'Regan - IR
Conference Call Participants
Christopher Barnes - Deutsche Bank
Gary Martin - Davy
Operator
Welcome to the Dole plc third quarter 2024 earnings conference call and webcast. Today's conference is being broadcast live over the internet, and is also being recorded for playback purposes. Currently, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole plc, James O'Regan.
James O'Regan
Thank you, Krista. Welcome, everybody, and thank you for taking the time to join our third quarter 2024 earnings call. Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Devine.
During this call, we'll be referring to presentation Slides for supplemental remarks, and these, along with our earnings release and other related materials are available on the Investor Relations section of the Dole plc website. Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Securities Safe Harbor Laws. These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings and press releases. Information regarding the use of non-GAAP financial measures may be found in our press release, which also includes a reconciliation to the most comparable GAAP measures.
With that, I'm pleased to turn today's call over to Rory.
Rory Byrne
Thank you, James. Welcome, everybody, and thank you for joining us today as we discuss our results for the third quarter of 2024. So, turning firstly to Slide 4 and the Q3 financial highlights, where the third quarter was another positive quarter for our business, continuing the good momentum built up over the course of this year. Group reported revenue increased by 1%. On a like-for-like basis, the increase was 5.8%. Adjusted EBITDA of $82 million was in line with market expectations for the quarter and 2.3% ahead of the prior year on a like-for-like basis. The growth in adjusted EBITDA on a like-for-like basis was driven by a very strong performance in our Diversified Americas segment offsetting modest decreases in Fresh Fruit and Diversified EMEA. Cash management and capital allocation continue to be a major focus for us, and we are pleased to see our leverage reduce further, driven by a $36 million decrease in our absolute level of debt, despite a relatively high level of capital investment made in the quarter, which we will discuss in more detail later on the call.