Dole shares gain 3% on raised guidance, Q2 earnings and revenue beat

DUBLIN - Dole plc (NYSE:DOLE) reported better-than-expected second quarter results and raised its full-year guidance, sending shares up 3%.

The fresh produce company posted adjusted earnings per share of $0.49, topping analyst estimates of $0.43. Revenue came in at $2.12 billion, slightly above the consensus forecast of $2.1 billion and down 0.8% YoY. On a like-for-like basis excluding currency impacts and acquisitions/divestitures, revenue increased 4.3%.

Dole saw growth across all segments on a like-for-like basis in Q2. The Fresh Fruit segment led the way with a 7.3% increase in adjusted EBITDA to $70.6 million.

"We are pleased to report another strong result for the second quarter of 2024, with Adjusted EBITDA increasing 2.2% to $125.4 million and 8.2% on a like-for-like basis," said Carl McCann, Executive Chairman.

Looking ahead, Dole raised its full-year adjusted EBITDA target to at least $370 million, up from its previous outlook. The company cited its strong first half performance and positive business momentum.

"Our strong first half of the year, and positive momentum within the business, positions us well to deliver a good result for the 2024 financial year," McCann added.

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Source: Investing.com