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DUBLIN - Dole plc (NYSE:DOLE) announced Monday that its Board of Directors has authorized a share repurchase program of up to $100 million of its ordinary shares, representing approximately 8% of the company's current $1.25 billion market capitalization.
The fresh produce company said the repurchase authorization is part of a broader capital allocation strategy aimed at driving long-term shareholder value. According to InvestingPro data, Dole appears undervalued with shares trading at a P/E ratio of 11.46 and below book value, while maintaining a 2.59% dividend yield.
According to the announcement, shares may be repurchased through open-market transactions or other methods permitted under applicable securities laws, including under Rule 10b5-1 trading plans and in compliance with Rule 10b-18 of the Securities Exchange Act of 1934.
The timing and volume of repurchases will be at management's discretion based on factors including market conditions, available capital resources, and alternative investment opportunities. The program does not obligate Dole to acquire any specific number of shares and may be suspended, modified, or discontinued at any time.
Dole stated that repurchases will be funded through operating cash flow, existing cash balances, or availability under the company's revolving credit facility.
The company, which operates in over 85 countries, markets and distributes fresh fruits and vegetables sourced locally and globally.
This information is based on a press release statement from Dole plc.
In other recent news, Dole plc reported its third-quarter financial results, revealing a mixed performance. The company experienced revenue growth, which is a positive indicator for investors. However, the adjusted earnings for the quarter fell short of analyst expectations. This earnings miss highlights the challenges Dole is facing despite its revenue increase. The announcement of these results has attracted attention from the investment community, particularly due to the discrepancy between revenue growth and earnings performance. Investors and analysts will likely keep a close watch on how Dole addresses these challenges in future quarters. These developments are part of the company's ongoing financial narrative.
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