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DUBLIN - Dole plc (NYSE:DOLE) reported first quarter earnings that fell short of analyst expectations on Monday, but raised its full-year guidance as the company sees a strong foundation for the rest of 2025.
The company’s stock edged up 0.47% in pre-market following the results.
The fresh produce giant posted adjusted earnings per share of $0.35 for the first quarter, missing the analyst consensus estimate of $0.39. Revenue came in at $2.1 billion, surpassing expectations of $2.05 billion and increasing 4.2% YoY on a like-for-like basis.
"We are pleased to report another good performance for the first quarter of the 2025 financial year," said Carl McCann, Executive Chairman. "Group revenue increased 4.2% on a like for like basis and we delivered $104.8 million of Adjusted EBITDA, surpassing our initial projections."
Dole raised its full-year 2025 outlook, now targeting adjusted EBITDA of at least $380 million. The company cited its strong start to the year and resilient business model as giving confidence in navigating the current volatile economic environment.
For the quarter, adjusted EBITDA decreased 4.8% to $104.8 million, primarily driven by decreases in the Fresh Fruit segment and the impact of divestitures. On a like-for-like basis, adjusted EBITDA fell 2%.
The company maintained its guidance for 2025 maintenance capital expenditure of approximately $100 million. It also expects some increased capital expenditure related to reinvestments in Honduras following Tropical Storm Sara, though this will be significantly supported by insurance proceeds.
Dole’s quarterly dividend was increased by 6.25% to 8.5 cents per share. The company also completed a $1.2 billion refinancing of its credit facilities after the quarter ended, which it says provides enhanced financial flexibility to support growth initiatives.
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