Dole Stock Gains 3% Following Q1 Results
Dole (NYSE:DOLE) shares rose nearly 3% pre-market today after the company reported a first-quarter EPS of $0.43, exceeding the analyst prediction of $0.33. The company's revenue for the quarter was $2.12 billion, aligning with the consensus estimate.
Looking ahead to the fiscal year 2024, Dole expressed satisfaction with its strong start to the year, which they believe positions the company well for achieving a robust overall performance.
Although it's still early in the year and forecasting continues to be challenging, Dole is committed to achieving a full-year Adjusted EBITDA that matches the 2023 figures. After accounting for the sale of Progressive Produce, this equates to an Adjusted EBITDA target of at least $360 million for the year.
For 2024, Dole plans to maintain its capital expenditure for continuing operations between $110 million and $120 million and has lowered its expected interest expense to range from $75 million to $80 million.
| Symbol | Price | %chg |
|---|---|---|
| CPIN.JK | 4800 | -0.42 |
| JPFA.JK | 1780 | 1.4 |
| TAPG.JK | 880 | 0.57 |
| FAPA.JK | 5350 | 0 |
Dole Shares Up 11% Since Q3 Results Announcement
Dole plc (NYSE:DOLE) shares gained more than 11% since the company’s reported Q3 results on Thursday, with EPS of $0.14 coming in better than the Street estimate of $0.10. Revenue was $2.27 billion, in line with the Street expectations.
Investor consternation regarding a more substantial cut to guidance was assuaged. The company does now anticipate EBITDA finishing toward the lower end of its prior $330-$350 million EBITDA range, but strength in Fresh Fruit helped mitigate the weakness attributed to sustained softness in salads, one-time logistical bottlenecks in Chilean grapes in Q3 and adverse MTM impacts from FX.
Furthermore, the company noted it is positioned well to implement cost-justified price increases in the contracted Fresh Fruit business, which should help support EBITDA growth into 2023.
Fiscal 2022 revenue is expected to be in the range of $9.1-9.4 billion, compared to the Street estimate of $9.17 billion.
Dole Shares Up 11% Since Q3 Results Announcement
Dole plc (NYSE:DOLE) shares gained more than 11% since the company’s reported Q3 results on Thursday, with EPS of $0.14 coming in better than the Street estimate of $0.10. Revenue was $2.27 billion, in line with the Street expectations.
Investor consternation regarding a more substantial cut to guidance was assuaged. The company does now anticipate EBITDA finishing toward the lower end of its prior $330-$350 million EBITDA range, but strength in Fresh Fruit helped mitigate the weakness attributed to sustained softness in salads, one-time logistical bottlenecks in Chilean grapes in Q3 and adverse MTM impacts from FX.
Furthermore, the company noted it is positioned well to implement cost-justified price increases in the contracted Fresh Fruit business, which should help support EBITDA growth into 2023.
Fiscal 2022 revenue is expected to be in the range of $9.1-9.4 billion, compared to the Street estimate of $9.17 billion.
Dole Reports Q2 Results, Cuts 2022 Guidance Again
Dole (NYSE:DOLE) reported its Q2 results, with EPS of $0.44 coming in better than the Street estimate of $0.38. Revenue was $2.4 billion, compared to the Street estimate of $2.49 billion.
Once again, the company lowered its 2022 outlook as softer industry trends in Fresh Vegetables prolonged the company's expected pathway to recovery, namely in the Value Added Salads business, alongside adverse marks-to-market on FX and cost inflation pressures.
For the full year, the company expects adjusted EBITDA to be in the range of $330-$350 million, a reduction of around 5.5% from its prior guidance.
