🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Dole posts in-line Q1 earnings, revenue beat; Reiterates 2024 guidance

EditorRachael Rajan
Published 05/15/2024, 07:02 AM
© Reuters.
DOLE
-

DUBLIN - Dole plc (NYSE: DOLE) today announced its financial results for the first quarter ended March 31, 2024, surpassing analyst expectations for adjusted earnings per share (EPS).

The company reported a Q1 adjusted EPS of $0.43, which was $0.10 higher than the analyst estimate of $0.33. Revenue for the quarter was in line with consensus estimates, coming in at $2.12 billion.

Dole's first-quarter performance showcased a robust increase in net income, which soared by 219.5% to $65.4 million. The company also experienced a 6.6% rise in revenue compared to the same quarter last year, indicating a strong operational performance across all segments. Adjusted EBITDA grew by 9.7% to $110.1 million, reflecting the company's effective management and strategic initiatives.

Carl McCann, Executive Chairman of Dole, expressed satisfaction with the quarter's results, highlighting the 6.6% revenue growth and the increase in adjusted EBITDA. "We successfully completed the sale of our 65% equity stake in Progressive Produce in March and used the net proceeds to strengthen our financial position by reducing our long-term debt by $100 million," McCann stated. He also noted that the company's strong start to the year positions it well to deliver another good result in 2024.

Looking forward, Dole maintains its full-year guidance, aiming to deliver an adjusted EBITDA in line with 2023 on a like-for-like basis, which implies a target of at least $360 million. The company also expects to keep its capital expenditure for continuing operations between $110 million and $120 million while reducing its interest expense guidance to a range of $75 million to $80 million.

The first quarter's success was driven by higher worldwide volumes of bananas and pineapples sold, better pricing and volumes in avocados, and generally strong volumes and better pricing across most commodities. These positive results were partially offset by lower worldwide pricing for bananas and the impact of the disposal of the Progressive Produce business.

Dole's robust financial position is further evidenced by its ability to reduce net debt to $776 million at the end of the quarter. The company remains committed to delivering strong results for the fiscal year 2024, backed by its solid start and strategic initiatives.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.