Stock Track | Dole Stock Soars 5.25% on Strong Q3 Revenue, $100M Buyback Announcement

Stock Track11-10

Dole plc (NYSE: DOLE) saw its stock price surge 5.25% in pre-market trading on Monday following the release of its third-quarter financial results and the announcement of a significant share repurchase program.

The fruit and produce company reported Q3 revenue of $2.28 billion, up 10.5% year-over-year and surpassing analysts' expectations of $2.15 billion. While adjusted earnings per share came in at $0.16, slightly below the $0.17 forecast, investors appeared to focus on the company's strong top-line growth and positive outlook. Dole's Diversified Fresh Produce segments delivered excellent results, partially offsetting an anticipated decline in the Fresh Fruit business.

Adding to investor enthusiasm, Dole's Board of Directors authorized a $100 million share repurchase program, signaling confidence in the company's financial position and future prospects. The company also maintained its quarterly dividend of $0.085 per share. Furthermore, Dole raised its full-year guidance, expecting adjusted EBITDA to be at the upper end of its $380 million to $390 million target range. These factors, combined with the recent completion of the Fresh Vegetables division sale, which improved the company's financial flexibility, contributed to the positive market reaction.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment