Dole (NYSE:DOLE) reported second-quarter earnings that exceeded analyst forecasts, but shares slid over 8% after the announcement.
Adjusted earnings were $0.55 per share, above the $0.51 consensus. Revenue totaled $2.4 billion, surpassing expectations of $2.16 billion and rising 14.3% year-over-year (12.1% on a like-for-like basis).
Adjusted EBITDA increased 9.3% to $137.1 million, while adjusted net income grew 13% to $53.2 million. After the quarter ended, Dole completed the $140 million sale of its Fresh Vegetables division to Arable Capital Partners.
The Fresh Fruit segment’s revenue rose 14.2% to $972.6 million, driven by higher banana and pineapple volumes and stronger pricing. The Diversified Fresh Produce – EMEA segment gained 16.5% to $1.1 billion, while the Americas & ROW segment increased 8.5% to $386.3 million.
Dole raised its full-year adjusted EBITDA guidance to $380 million–$390 million.
