Multinational grower-distributor Dole has released its first-quarter financial results for this year.

The report shows a revenue decrease of just 1%, or $22.0 million, which Dole attributes to "a net negative impact from acquisitions and divestitures of $89.8 million, particularly in the Diversified Fresh Produce, and an unfavorable impact from foreign currency translation of $21 million." 

Net income decreased by a little over 30% to $44.2 million, primarily due to the prior year benefit of a net exceptional gain of $37.3 million, and other income decreased $8 million due to "fair value adjustments of financial instruments." 

However, these losses were offset by higher equity earnings related to non-cash gains on a merger and acquisition related to what the company called "an equity method investment," and higher net income from discontinued operations. 

Adjusted EBITDA decreased 4.8%, or $5.3 million, and Adjusted Net Income decreased 18.4%, or $7.5 million, predominantly due to the decreases in Adjusted EBITDA. However, the organization says it delivered $104.8 million of Adjusted EBITDA, surpassing its initial projections.

Fresh fruit revenue increased 6.5%, or $53.9 million, the report shows, primarily thanks to a higher volume of bananas sold and higher prices of pineapples and plantains. The gain was partially offset by lower volumes of pineapples and plantains sold. Group revenue also increased by 4.2% on a like-for-like basis. 

"Our good start to the year, along with our resilient and diverse business model, gives us confidence in our ability to navigate the challenges of the current volatile economic environment," the report states. "Consequently, we are pleased to revise our guidance upward and are now targeting full year Adjusted EBITDA of at least $380.0 million."