Dole Reports Q2 Results, Cuts 2022 Guidance Again

Dole (NYSE:DOLE) posted mixed results for the first quarter, missing profit expectations but beating revenue forecasts and raising its full-year guidance. Currently, the company’s shares are down more than 8% intra-day.

The company reported adjusted earnings of $0.35 per share, falling short of the anticipated $0.39. However, revenue reached $2.1 billion, exceeding projections and marking a 4.2% year-over-year increase.

Despite a 4.8% dip in adjusted EBITDA to $104.8 million—impacted by softness in the Fresh Fruit segment and recent divestitures—Dole upgraded its full-year 2025 adjusted EBITDA guidance to at least $380 million, citing its strong start to the year and durable operating model.

EBITDA slipped a more modest 2%, reflecting some underlying strength despite broader macroeconomic and operational headwinds.

The company reaffirmed its maintenance capital spending plans of around $100 million for 2025, and flagged additional reinvestment needs in Honduras following Tropical Storm Sara, with insurance expected to offset much of that cost.

Dole (NYSE:DOLE) posted mixed results for the first quarter, missing profit expectations but beating revenue forecasts and raising its full-year guidance. Currently, the company’s shares are down more than 8% intra-day.

The company reported adjusted earnings of $0.35 per share, falling short of the anticipated $0.39. However, revenue reached $2.1 billion, exceeding projections and marking a 4.2% year-over-year increase.

Despite a 4.8% dip in adjusted EBITDA to $104.8 million—impacted by softness in the Fresh Fruit segment and recent divestitures—Dole upgraded its full-year 2025 adjusted EBITDA guidance to at least $380 million, citing its strong start to the year and durable operating model.

EBITDA slipped a more modest 2%, reflecting some underlying strength despite broader macroeconomic and operational headwinds.

The company reaffirmed its maintenance capital spending plans of around $100 million for 2025, and flagged additional reinvestment needs in Honduras following Tropical Storm Sara, with insurance expected to offset much of that cost.

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.

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 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 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.