Dole plc (NYSE: DOLE) reported third-quarter adjusted earnings below expectations, even as revenue came in ahead of forecasts and increased year over year. Shares rose more than 6% in intra-day trading on Monday following the results.
The produce giant posted adjusted earnings per share of $0.16, short of the $0.18 analyst consensus. Revenue reached $2.28 billion, beating estimates of $2.19 billion and marking a 10.5% year-over-year increase, or 8.2% on a like-for-like basis.
Net income declined 35.7% to $13.8 million, primarily reflecting a $10.2 million loss from discontinued operations tied to the sale of its Fresh Vegetables division.
Performance was mixed across business lines, with strength in Dole’s Diversified Fresh Produce units partly offset by weakness in the Fresh Fruit segment. Adjusted EBITDA for Fresh Fruit fell 36.7% to $27.2 million, pressured by higher banana costs linked to Tropical Storm Sara’s impact in Honduras, along with rising sourcing costs for pineapples and plantains.
Despite the earnings shortfall, Dole reaffirmed confidence in its outlook, expecting full-year adjusted EBITDA to reach the upper end of its $380 million–$390 million target range.
