Dole Plc (NYSE:DOLE) on Monday reported third-quarter results that missed Wall Street earnings estimates but exceeded revenue expectations.
The company reported adjusted earnings of 16 cents per share, missing analysts' forecasts of 17 cents and marking a 15.8% decline from 19 cents per share a year earlier.
Revenue rose 10.5% year over year to $2.28 billion, topping consensus expectations of $2.15 billion. Adjusted operating income came in at $36.21 million, down from $48.57 million a year ago.
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Adjusted EBITDA stood at $80.77 million, down from $82.07 million a year ago, reflecting strong performance in the Diversified segments, partially offset by an expected temporary decline in the Fresh Fruit business.
Segment Performance
In the third quarter of 2025, Dole's Fresh Fruit segment delivered revenue of $890.36 million, from $ 798.78 million, mainly driven by increased global volumes and stronger pricing for bananas, pineapples, and plantains. Adjusted EBITDA declined to $27.15 million from $42.9 million.
The Diversified Fresh Produce – EMEA segment posted a solid performance with revenue rising to $997.80 million from $899.64 million, primarily due to a favorable impact from foreign currency translation, while adjusted EBITDA climbed to $40.7 million from $30.4 million.
Meanwhile, the Diversified Fresh Produce – Americas and Rest of World segment reported revenue of $419.99 million, up from $390.06 million a year earlier, primarily due to revenue growth in most commodities sold in the North American market, particularly in kiwi and berries. Adjusted EBITDA improved to $12.9 million from $8.8 million, supported by growth across its U.S. and Latin American operations.
Cash and cash equivalents, including discontinued operations, stood $314.67 million at the end of the quarter.
Fresh Vegetables Sale and Capital Allocation
On Aug. 5, 2025, the company completed the sale of its Fresh Vegetables division to Arable Capital Partners for $140 million, including $90 million in cash, a $50 million seller note, and a $10 million earn-out. Net proceeds of $68 million were used to reduce borrowings under its revolving credit facility.
Dividend and Share Repurchase
On Nov. 7, 2025, the board declared a third-quarter cash dividend of 8.5 cents per share, payable on Jan. 6, 2026, to shareholders of record as of Dec. 9, 2025.
On Nov. 7, 2025, Dole's board authorized a share repurchase program of up to $100 million of its ordinary shares. The company said repurchases may be made from time to time through open-market transactions or other methods allowed under securities laws, with the timing and amount determined at management's discretion.
Outlook
The company expects full-year adjusted EBITDA to be at the upper end of its target range of $380 million to $390 million.
For 2025, Dole lowered its capital expenditure guidance to about $85 million and maintained its interest expense outlook at roughly $67 million.
CEO Commentary
Carl McCann, Executive Chairman, said, "We are pleased to report a good outcome for the third quarter of 2025. Our Diversified Fresh Produce segments delivered excellent results, partially offsetting an anticipated decline in Fresh Fruit in the quarter."
Price Action: DOLE shares were trading higher by 3.12% to $13.55 premarket at last check Monday.
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