Dole 3Q Sales Beat Expectations, Raises 2024 Outlook

Dow Jones11-13 19:27

By Denny Jacob

Dole posted better-than-expected sales in its latest quarter and raised its full-year guidance for a key metric.

The Irish-American agricultural company recorded net income of $14.4 million, or 15 cents a share, for the third quarter, down from $45.3 million, or 48 cents a share, a year earlier.

Stripping out one-time items, earnings came in at 19 cents a share.

Revenue grew to $2.06 billion from $2.04 billion. Analysts polled by FactSet expected around $2 billion.

Dole attributed the top-line increase primarily due to positive operational performance across all its segments and a favorable impact from foreign currency translation.

Revenue in the fresh fruit segment increased more than 6% to $798.8 million due to higher volumes of bananas sold worldwide, as well as higher pricing of bananas and pineapples around the world.

For 2024, Dole raised its adjusted Ebitda outlook by $10 million to at least $380 million.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 13, 2024 06:27 ET (11:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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