- Earnings call transcript Q3 2022

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Operator

Welcome to the Dole plc Third Quarter 2022 Earnings Conference Call and Webcast. Today’s conference is being broadcast live over the Internet and is also being recorded for playback purposes. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session.

For opening remarks and introductions, I would now like to turn the call over to Head of Investor Relations with Dole plc, James O'Regan.

James O'Regan

Alex. you, Thank thank our and taking time the Welcome, quarter you XXXX join third earnings to everybody, for conference call.

the our Johan Joining Officer, Financial on call our Devine. is me Chief Officer, Rory Jacinta Byrne; and Chief Linden; Officer, Operating our Chief today Executive

today revise outcomes results SEC and statements the call, or set that remarks, including and Dole non-GAAP materials measures. available statements. will on other also disclaims our to from implied Relations and we to in reflect will expressly those provisions are factors, remarks certain our release, to filings any section may the website. forward-looking with Securities which be materially this the wide any our plc the referring to Please they most or related regarding includes releases. along During expressed within slides may include or earnings Investor a Information in of press of those found Safe GAAP presentation be supplemental statements these, note, company release, time and made financial are Harbor may due circumstances update comparable Federal the Law. measures These Actual forth be differ of the financial forward-looking use the range press of reconciliation and the obligation also at

quarter information XXXX, the were XXXX. months with September, SEC the nine September for and XX and quarter reported filed the XXXX also ended financial third financial for and the Our statements earlier today September, and contain XX, XX ended XXXX,

with illustrates today’s over quarter am XXXX the With IPO forma first filed that to information. comparative to occurred turn also presentation for with the nine X, months had the information Our in in the merger This third and referenced and earnings consistent investor results F-X release pro call the SEC pleased IPO. that, is on financial refinancing information I with forma plc’s Form presented pro connection forma financial XXXX. Dole and This January and of the pro Rory. press

Rory Byrne

Welcome, you, us everybody, joining for James. you Thank and thank today.

we impact [ph] in of we ahead continue share. Americas the third year. significantly Vegetables of shareholders. a increase Adjusted return results the for quarter Fresh Adjusted While the today third in for focus The approximately translation also EBITDA a increased was delivered strong EBITDA. of pleased ongoing our in increase to dividend very offset the per the adjusted and our are continues and in prior specific of net to quarter, a excluding XXXX. operationally challenge pro $X.XX cash the to Group’s announce cash strong a in quarter of million of on to have year, third EBITDA activity, the significantly third Diversified On commitment comparative currency we the X% ahead quarter. driven in Fruit prior expectations driven to flow recovery our This in by the forma revenue basis, increased the Nash income our that are quarter. segment, and by significant and by cash segment a compared M&A as to performance and by strong EPS business part compared was In the $XX adjusted pleased

we these and high to movements good have perform adverse segment, shipping healthy challenges. America progress shipping to continue rates. continue however, we currency rates making demand, operational commercial cargo impact quarter. for our market our finish good Europe, Overall, performance, positive are base, diverse we towards leading remains for this managing positive eight the a slide market believe in In continue this on and to placed well our with to highlights. well delivered we we work this in pricing XXXX XXXX are with sourcing and banana Supply dynamics the in to factor profile, our and end result overall a turning strong been year outlook North strong XXXX In negotiations XXXX. division. for the a So for Fresh very customer of unprecedented Fruit in demand operations with have and and as and a key

a benefit and again trade segment diversity. Our Diversified QX, demonstrating continued geographic price core markets, in the EMEA and increasing despite in ability to our from on well product like-for-like pressures inflationary to basis dynamically

Americas specific at led profitability. scale America, the disposals supply Diversified disruptions North range impacted of Diversified we wide grape the look our impacted a at the year and to issue Chile end range reduces in chain exceptional the segment volume overall products Our benefit issue a significant season activity a that was of when impact by Chilean basis, on results of demonstrating grape segment and of our again in geographies. full the of The

it while plan, cost are we we slower QX Our our like. in progress third inflation important ongoing demand in softer and in Fresh turnaround continues disappointing would on making Vegetables quarter was is and Category areas. than performance remained

benefits. we XXXX. important build we of sourcing base operation, areas growing a turnaround for impacted regions, -- is customer volume key of In our closely. plans back have major to entire which number however, faced recently detailed we are From due wins to higher we and the area as addition, up these plan costs industry. and More look detailed California improvement In in perspective, profit weather-related to monitoring beginning our positively, all we events volume a achieved developed yield

see you recovery With financial review. to give and to the We continue XXXX. Jacinta over will to explore for segment hand all strategic in I that, to alternatives this expect

Jacinta Devine

Please Rory. slide good XX. morning Thank turn you, Good to afternoon. and

Fruit performance volumes comparative, prior marginally As Vegetable movements in Rory for pro the in for lower and a and EBITDA Diversified M&A foreign by XX% driven increased results segment. to against impact XX% the Adjusted to decreased adjusted the this On performance segment. delivered basis, strong Similar EBITDA inflation FX translation increase quarter increases. basis. by for impacted a the revenue when like-for-like out, currency driven price and strong on like-for-like quarter we increased third by a mentioned, $XX the the million stripping the QX, EMEA our Revenue segment, increased Fresh by negative to forma third driven $X our with third of quarter the compared million, in year. a justified X%,

driven again for quarter in income of was slide which adjusted adjusted EBITDA. forma significantly the Turning increase and will to interest was segments, increase million prior $X.XX offset higher detail year. net driven EBITDA, by EPS fully quarter, with an by The compared expense. increase the Adjusted the now slide XX. the for third ahead in was diluted a $XX.X in prior $X.XX, to basis, of year pro some each Fresh I more on XX. $X.XX individual provide Fruit starting the on comparative on Adjusted

quarter revenue. to in bananas was for Adjusted pricing XX.X% to the increasing third partially this pro by see for to momentum volumes North lower in America. and by was million EBITDA higher and America. Europe from of segment, volumes offset quarter $XX continue higher commercial increase good with forma the This in higher XXX% compared The driven by million cargo for and increased the worldwide comparative. $XX revenue bananas We Latin driven

EMEA slide Fresh XX. Diversified on to Produce Moving

translation. quarters, by and across increased like-for-like reported a Similarly, X%, As to segment revenue decreased On EBITDA division basis basis, on a a this overall the driven be foreign pricing. continues translation. currency with prior performance strong currency in revenue by adjusted to due higher impacted foreign

Rest momentum Americas prices, turning the However, American and and the in Diversified driven X.X%. good like-for-like first for by of year. World. quarter adjusted increase third in continuing selling the North particularly seen by Then market basis, on Fresh half to increased a avocados, the EBITDA average onions. potatoes The Produce slightly of Revenue for overall increased was higher X.X%,

year, Our a the impact $X the adjusted in Then category of results weather Vegetables. difficult in for for to revenue by well were turning reduction season million quarter. quarter. continues plant a to value-added input volumes regions persistent led loss of of quarter. demand. salad loss and with growing revenue, lower in from as Lower an the Fresh as the grape industry-wide The inflation, leading specific Chilean segment and the segment to North finally, costs X% the of California suspensions this along in at recover EBITDA challenges to Lower recall contributed in to America, a the end impacted outset

our Now efficiencies in now warehousing the we growing turning of the slide in XX. to the have regions, invested third and Peru farm spread logistics, over and for processing year-to-date in expenditures markets. $XX closer to acquisition Capital additional farms and an quarter glasshouses and million million reinvestments in $XX were

of reassessment build $XX capital mainly and to expecting follows up previous to capital inflationary now are Group. a input the impact $XX the taken year, guidance. The within million in to capital earlier expenditure of the due remains million precautionary our year the the also the reduction We of for reduction measures costs. projects elevated, due inventories Working from of

see to this capital to time normal seasonal the at year. the unwind due of effects expect working this We

higher compared to However, working year do a prior still see this we of level underlying years. capital

end at times. leverage of net Our the the X.X quarter was

unwind. XXXX to capital as leverage quarter final outflows expect decrease in working We the seasonal of further

Turning XX. to slide

of debt, we This our while valuation out in We is presentation, a a To a that share the base a using approach in have that of price. debt asset has of also $XXX valuable generates believe service division been two-division million after a continue real The Dole highlight the free not one recognized. the EBITDA our we currently $XXX example basis and in focus price this, operating been adjusted payment charging slide asset than not on share on division parts the the debt. fully to value reflected disappointing sum covers proxy investor to current strategic has lease to our believe total million structure. setting included more our

will outlook Rory, closing our update hand I back year will to on you and full Now give remarks. who an

Rory Byrne

Jacinta. you, Thank

positive fundamentals. we have challenges, economy environment clear remain focused rates to rise. and healthy cost of positioned some strong global operating towards broad see While and as capital increases with underpinned a progress we discipline on the XXXX and to portfolio economic interest remain efficiencies, end nutritious continue to compensate believe in that for price to seeking highly ongoing industry with dynamic be an continued We and inflation We difficult the continue products the are does it’s by does we is and that trends of well increases.

year the to as expect Vegetable which slowed of However, full has adjusted our in of challenges remainder well grape at end its recovery, outlook medium- EBITDA lower on the the our and intensely specific QX be XXXX. due on as Fresh we of to previously at short-term our segment, range ongoing positive remain priorities guided end now we for North season the the focused to conclusion, the Chilean are In XXXX in issue long-term America. and into our the

Our principal all salads turnaround capital. projects, cost synergy priorities operating value-added focusing including the approach are and our our businesses, business, across of ongoing clearly to with the disciplined continuing a control efficiencies on

I thanking customers allows four our with want Fresh conclude, nine I of the out partners the environment Vegetables Before would confidence. three support, to for focused by our finish ongoing which and and also year, look in the for operating especially performed business the I again our have great their business. our drive to that are on ongoing complex committed well, future months the considering to by efforts first very and team highlight thanking like forward to their of of we us our segments to critical turnaround

Operator I we Thank that, hand with you. for can open the the questions. back line and to So, will

Operator

today Thank you. [Operator Sachs. Goldman from question Instructions] Adam from comes Our first Samuelson

is open. line Your

Adam Samuelson

you. Yes. morning, Thank everyone. Good

Rory Byrne

Good morning, Adam.

Adam Samuelson

Good morning.

we about the calendar and at maybe ending the about trajectory and to think as XXXX? the to in pathway EBITDA performance quarter the contributor, of loss, can in with I certainly the if what third So talk not In has that question, and about happen where think and first the in help positive we and for outlook. we the from kind Vegetables, EBITDA quarter guess, be Fresh a us are quarter fourth

Johan Linden

Rory. one, that take can I Maybe Yeah.

So that the doing very with the work right now. happy division we are is

have focusing on we service turnaround customer because and focusing customers, facets there’s contracts on and are plan. pricing the of the progress that to costs we good servicing are lot different easier we reviewing And leads good with plan. are that having. and that It’s much all pricing doing our to are reviewing We plan then we about on executing all customers. we discussions It’s that new the know and a

going inflation of into affordable that potentially are more there, And a doesn’t out products, value we recession. entering has it’s the looking We right crop looking SKUs, for change value, are so have products. failure beginning summer are XX% We failure, looking know XX% crop by but goes put at or the or for a the own has our complete the discussions followed high industry. had what we of QX we we fall Dole is almost to see look at due forward. little high is extreme increase to quarter the SKUs become at are being soft This to so a that how XXXX across is at combined remain considering which we we people bit That in looking in isolated been QX the not to are the where some and if beginning late customers also capacity. somewhat this of failed end our structure, the in industry, of market can the challenging. This will happened But heat incident. higher, value-added iceberg impact rain. with the that with has is including we But and value-added the whole all that volumes, there a has an

Adam Samuelson

guidance, know Okay. about And just how not clear and give maybe some but on be can you thinking you help giving be parameters XXXX? to are would you I

Johan Linden

we… don’t think I No.

Rory Byrne

Yeah. I…

Johan Linden

Go Yeah. Rory. ahead,

Rory Byrne

I think yeah. --

we and to On underlying assist with to it’s get in we is comprehensive just the place, a investor the production what more legacy that Adam. the luck little give out a as management where we next of early produce more as California run finish the an over a the to more from update Johan we in on to on in and perspective with going issues in current will Salinas -- the think getting XXXX. an comprehensive see work been but update are quarter we give year, And the to I think I bad a of XXXX, out this in do overall basis, division sensible very logical at have guys certainly, put new some unhelpful, help beyond. says,

hump more and a they team over very have needed We little management moment. a the at to and get just impetus help that good the bit

all We are plans the on on making update on profit we next improvement the good view progress call and XXXX. our will on

Adam Samuelson

under a the introduce some just some ask not, if get think that separate if that sort to at of a because [ph]? parts. probably serious slide did it asset-light is split that and of kind would the sale-leaseback effectuate then about And to consideration corporate or you can point juncture, question, help us of in of kind type of that earnings what Okay. just I this profile this transaction kind you Is

Rory Byrne

integral assets really just do it’s We the mean, I business. that in this we have valuable to to long-term them illustrate business. see as Yeah. investors our very existing to

have very this at high in are seeing the level, are a just it assets. own. look, is We slide, some very do -- any have they the in and look of They leaseback at long-term other don’t assets plans U.S. you particularly And value sale to people farming of what to REITs important around setting farm actually are farm REITs. -- and the out just we and this you or them So and investors, do for those a in we valuations separate macro us.

and have the value. with look one pieces some assets in good thinking actually two structure. have businesses, not you asset ownership but attract significantly at having splitting significant net amount and like separately asset-light, We can as But in should valuable are them debt-free company. a it long-term the we the division some only a two EBITDA actually that the You about together, got short-term, greater you the

Adam Samuelson

All on. right. helpful. That’s Thanks. it really I pass will

Rory Byrne

Adam. Thanks,

Operator

Our comes from Roland question next French Davy. from

open. Your line is

Roland French

and Europe the North I last well banana color everybody. And America, some well. if as as Hi, then you starting could. currently know a gone worse, of on, the with contracting. outlook, on just are environment, in seeing just And you. banana Thank maybe interactions the color maybe I has first supply just guess, positive of that’s challenges. gotten questions I cost trends, talked the And the it and on how around couple i.e., situation, remained since on I maybe business same? across doing update So guess, as spoke, in around have you contracting well, some terms hope better, an I we maybe that further the some I about caveat and question your have

Just I breaking on generally been to talked? context key XX And out disproved has months just chain, in your we months, cost somewhat XX has of in and finally, it’s chain friction of or kind the improved related, then, maybe XX supply of clearly last some the last buckets? that since how know the months, supply

Rory Byrne

Maybe, two. other and the up Johan, I you first take the will pick

Johan Linden

All right.

So had an also everything would collapsed, when collapsed. happened demand so fell destructions, that, we the that on it Russia bananas, Cost FX fertilizers, having We to absolutely a the when comes interesting Ukraine. the how year. We and invade and of we are demand for euro out materials view box And is changed went using one to decided develop had been lot then input year what readjust started important off. to actually, paper, but up, supply. it’s

We have although, within under, taking division. we able well have been well to this very performed the perform backdrop

become down, little did the expected. call a the than even intense we expect Supply tight. we we customers. negotiation with the have situation period come on We as bit as are are And has we where tight supply further said now to we probably, call, last on and most last -- entering in negotiating the it has become the

meet feel of we going we situation. when to where situation increases in So comfortable have, tight on supply we right pass to now are relatively able out cost we because customers that will be are we a the just that the

is up certain Of in that a we have to you all with suppliers, ending our next good a the are together, put year. them looking think, also, course, negotiations if but position the this I extent, complicating here into we

Rory Byrne

And has mean, Roland, very couple cost our it’s on peaked. whether following questions, the other call with not I inflation then on hard of peaked or to environment, just

rate the XX-year But U.K. other this were week, up, have seen know. countries but slightly like We considerably of European something rates the will the inflation highs as you inflation on hand, was some down. of

think, to we I our they little of segments, U.S. easing better, fruit of we it’s of their And come to impact shipping maybe And some of hold is the port second supermarket there then part the Chilean easing of terms discharge impact see of are bit have are if obviously, But are areas fuel to material shipping ships were but on the big a business congestion, programs a some a the highs, and the some some evidence significant supply off knock-on quarter, particularly grape I that So, inflation, seeing way. because through port quality mean, the but are call. in we in of of yet for rates lots coming early consequences. in and it some chain, that we some unfortunate were seeing too of an at little congestion for end of had where ports and in bit strong the the really have of our long just

call a or I think, early are, will it and probably, -- supply has to costs just I it’s chain better hit down, hopefully, and peak is whether mean, not. the So too we settle little been, than

Roland French

is Okay. seasonal Chilean grape a Great. the And just follow-up, how business? maybe quick

Rory Byrne

months just early It’s the runs part the seasonal. year. very of it mean, a of from number for really I

Roland French

Best so Thanks luck. of Great. Okay. much.

Rory Byrne

Thanks, Roland.

Operator

Stephens. Ben We Bienvenu turn to now from

Your open. line is

Ben Bienvenu

Yeah. Thanks so Good morning. much.

Rory Byrne

Ben. morning, Good

Ben Bienvenu

want ask comments the I on pricing. to about you made

taken? take have in noted you others so feel in opportunity that there to seeing Ontario. consumer make more have to forward categories far to You versus expect continued you reaction increases price pricing you prospective what the are pricing and increases which like we as move you you Are

Rory Byrne

and mean, you at it’s base. I obviously, from being most look important our bananas starting low a Yeah. category

And can in increases, ups been think fundamental to reflected and the consumer in some there and consumer demand. there’s supply. as I in downs, of seeing think, Johan get change so, cost acknowledge terms described a don’t increases have But any of willingness which then availability we I price are to

other some somewhat through papayas, affecting categories, pricing mangos, I in look price be in higher think you of without get that those increase organics can priced bit little at products categories. But demand. a to demand the like within are harder and a quite and downs we ups stand be there mean, consumer Europe different across from we though, even and different I bit and don’t, it, back all there supply/demand it our significant can markets, varies

does Holland, ease quality a at back Sweden, the shift supply. we look not any fruits from fundamental see desire you do But If high we versus Spain it versus standing in to Ireland consumer us, vary that lot. vegs and

Ben Bienvenu

are that Great. Okay. of just you you, that that robustness there environment M&A. related you, to excited have you helpful? what on is you kind of be focused opportunities the if characterize you little would second at my of and bit you looking offers about then particular pipeline talk Can that are or could the about ahead are And a the question

Rory Byrne

being Fresh avocados, and who Diversified Europe, a of Americas year management in think eye berries the M&A the Diversified the and at competitor so to world. what’s good much turned very the performing team with and obviously, mean, on focus We got the similarly you Veg get I of or interesting one that interesting or I are the bananas Fruit, division companies divisions all whether have we well. And that’s know an huge keep and M&A in the we segments, in we about things in entire our is try look or is, three Ben, the had, companies a around overwhelming database. are if our Yeah. very different distribution of happening

of those companies. the any see not am I change value fundamental in So

decline terms we to actually any any buy our sales more one is So the opportunities sector we or it’s to fix. that there. that just ongoing a have for Short-term, in any got we little got have in interesting opportunities investors, and are because have got the the and division we companies seeing with the on doing getting some on with appropriate and of delivering unfortunate we in numbers, us, cheaply, confidence to are eyes great our time, keeping do more work at bit Group. pipeline are we think can discussions But add we probably we out priorities business anything, well the different track have not back M&A getting pieces to the

Ben Bienvenu

Okay. Great. so much. Thanks

Rory Byrne

Thank you, Ben.

Operator

Our from comes next Deutsche Barnes question from Bank. Christopher

is line open. Your

Christopher Barnes

question. line on Hi. wanted up Rory, just on I for Thanks you just the to mentioned pick consumer. that the a

high absolute inflation So like are shifts that that’s you trading in terms, recession with down, still still noticing is consumer they in the risk the behavior, whether palpable, in. shopping are any shifting channels

America Europe consume, there great. has shift any a consumer concerning mentioned still that But and is which I to propensity in think perspective? behavior a been that’s North there’s whether you from you

Rory Byrne

we haven’t But, change list actually in mean items behavior. are mean, I mean, you be all mean, and absolutely the inflation to Christopher, veg tend I lack down right. them. have income. stop nervousness, points buying thankfully, any mean I difficult we measure of low people discretionary to of disposable material it. seen of seen obviously, that consumer fruit I I make, the it’s

higher I continuing be shift pressure, mango it’s more kilo. are little in be material little that categories mentioned and like things not under that a demand Now the a that bit not higher some might buy where of per a price to might papayas priced consumers

periods back, long -- the we economies the some look been difficult we around enough, past. have have seen businesses in So of we don’t of

You fundamental XXXX. go discounters a of consumers, in people and who offer to to that from in bit -- them maybe kind there’s crisis shift and short-term back Fruit not concerned demand this think we really go the any to the some the some do narrower consumer a in are behavior end dips of back European the towards range of period. Vegetable financial a But It’s not little consumption. and more about Fresh

Christopher Barnes

to not just on like, And for Okay. there it’s -- divisions, just you Fresh I guiding anticipated. should since then, know where other you like, -- are just sounds anything businesses Thanks. to are, just but like we That’s mid-November, XQ… a you But can how across since wanted helpful. XXXX, like share the -- I the bit is performance we going it like think be quarter-to-date how weaker than little about is into like Vegetables given

Rory Byrne

Yeah.

Christopher Barnes

that … you guided? considering the range have

Rory Byrne

Yeah.

are other we and business impact FX three European Obviously, at the really look if our happy We biggest is pretty with divisions. the the ratio.

against You at Swedish look the dollar. movement XX% kroner, things euro a depreciation, the year-on-year important currencies us, XX% like year-on-year the like is our which to

basis the but markets do does pressure as business, And reporting So are in a when you even inflationary those significantly importing into are CK it numbers. we adding nothing on your currency weaker retranslating has euro put markets on trading and you and in day-to-day a and with bit on when little dollars, that’s material. I of pressures, that guess, quite a material impact

with pretty happy businesses. are our So we Diversified

in in guy and Our North have banana really a we America. number one the position really, business, business, got Fresh strong Fruit pineapple

have got We list a customer base.

we really appreciative are reflected that in the the and times, service done meet the We with have sure items make of we customers, are And support hard through work right our requirements. and sure that we from COVID levels customers. make to get chain our We cost right we appropriately price. then supply and complication work hard I them to think, through that all the appreciate times

and we are feeling exchange pretty of foreign Vegetable So and the with good. the business exception

Christopher Barnes

Okay. Great. Thanks. it on. I will pass

Operator

Bank from comes Zaslow of Ken from question next Our Montreal.

Your line is open.

Ken Zaslow

are you? Hey, guy. How

Rory Byrne

Good, Ken.

Ken Zaslow

that it questions. said seasonal, mean crop you extreme said, then about a you on talking the not change crop are and why Chilean to year? the is to for two would I when a you to impact is there heat the XXXX talked have does I second reason that. it seasonal? My -- and Is Chilean is, think it iceberg, a then Just On you contained first quarter, about -- the on next this outlook sounds the one grape like weather -- remote about? something XX% is side, And it change, your question. there not XX% remain

Rory Byrne

Okay.

time, discharged but which into product same On the season we gets product. it delayed dealing time. arrive logistical subsequent meant And volumes and one, that couldn’t starts the products right the perishable nothing to particularly are then then with obviously, actually to the of the with you large was had, issues and market that ships Chilean get a and the crop, it the do at in

So working just unusual it. we It was on exceptionally year. this are

are weather working disruptions problem into that that the of them of the are will on basis is looking has of So we we we how those manage to not then, crop Johan I situation magnitude problems season. same the expect avoid mean, and terms XXXX described. are the reoccur end to that we and to that going mean, in at failure had situation I the reoccur situation, going And the we the and at supply don’t we iceberg -- very chain it unusual a

has might other understand unusual in and Johan, better? for circumstances one, compensate one later crop it. add responsible can that a little can some it’s don’t want going think see you help on into XXXX. production We repeat further But set that that understand I haven’t that for to quite a a weather been dramatic that of an partly don’t it while. such I we But seen that areas of

Johan Linden

because the will are was the failure crop end we little a The season No. moving and Arizona are the impact out but of of into we should earlier a in the were have in cycled Arizona It of into that just little XXXX? starting now California at we bit tail or we bit season than have Arizona. them expected, an Yeah. coming January

Ken Zaslow

year thought to Okay. were have My the where you how of think you stays far and forward give given and I it minuses second hear environment asset earnings has we it. about do now question would look emerge think and and will your on think power back you can how pluses based three My be, important you if kind look years, changed is, is, that would you the in, you question a the value your of and are and that on it opinion? more do you

Rory Byrne

Yeah.

year, and of back last say have have our businesses, on couple three they like-for-like segments I you pretty said times performed a we call, business from basis. Fresh look on Diversified Fruits the a other European back stand and think solidly, if the you over two I our

the unusual economic lived pretty a balancing the much caused here, all us is out few will enduring. Europe pretty are in logistics call Russian-Ukrainian of in they are with by see We life situation, and ups this and environment, the most but disruption happy have the on of still with against backdrop downs to war COVID

performed. think that So really backdrop with I

three our business, within good given Fruit our sourcing position our divisions Fresh I think, capacity management division, are those our continue given Our and capacity, market our can that are diversity the the build two The pretty shipping that we infrastructural feeling legacy hopefully really our of -- we capacity, can so we together. and Vegetable groups and profitability on turnaround the groups big has perform problem more by two focused been plan. bringing division to even

I going just higher costs cover delays that to depend doing moment recently, maybe break on we the have failure on volumes plants make and unfortunate But we a at where well. fixed described can’t crop think, division you turnaround got are implementation. lower situation plan just catch into our the and Johan, that volumes

picking up are volume. We

different of in terms got under efficiency, single the on microscope. area have efficiency, food business or work every is of safety We management, cost the to going operational some aspects to from great all

where world Russia exchange the moves can is. dollar, am view, And the I the between that maybe are given the rate world from back euro we maybe psychological could a economies and somehow thinking I little and point need giving and got to [inaudible] and business backdrop about just bit even that a people step lucky the we if less from somebody do be from So change backdrop of -- the we really emphasis would convinced really think Ukraine. just then

are of positively. are macro control, to bad so the overall, our we pretty life, not some outside effects, obviously, those about of future looking So feel forward but we

Ken Zaslow

appreciate Great. Thank you. I it.

Rory Byrne

Ken. you, Thank

Operator

hand I Rory over to remarks. our will This concludes CEO, for Q&A. Byrne, final now

Rory Byrne

Okay.

us joining today. everybody So thank you for

Three bit QX performing get Fresh good our four a it’s there. numbers of we think well, huge a year. Vegetables our a I divisions us, very little but for unlucky out the improvement prior on in division,

look position, we have I fantastic think medium with to got fantastic to a have longer we some So more just a It’s confidence. business. and really got check and future to geographic positions the a product term view great market we

So thank much. very you

Operator

Today’s concluded. is call now

Dole (DOLE) 17 Nov 222022 Q3 Earnings call transcript