Dole's Q1 Bottom-Line Beats Street View, Thanks To Higher Banana, Pineapple Volumes
Portfolio Pulse from Shivani Kumaresan
Dole PLC (NYSE:DOLE) reported a strong Q1 FY24 with a 6.6% sales growth to $2.12 billion, meeting analyst estimates. The company saw higher volumes and pricing in bananas and pineapples, leading to an 8.7% rise in gross profit. Adjusted EPS of $0.43 beat the consensus estimate of $0.31. Dole also completed the sale of a 65% equity stake in Progressive Produce, generating $120.3 million in gross proceeds. The company declared a $0.08 per share dividend and maintained its full-year Adjusted EBITDA target.
May 15, 2024 | 2:58 pm
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Dole PLC reported a strong Q1 FY24 with a 6.6% sales growth to $2.12 billion, meeting analyst estimates. The company saw higher volumes and pricing in bananas and pineapples, leading to an 8.7% rise in gross profit. Adjusted EPS of $0.43 beat the consensus estimate of $0.31. Dole also completed the sale of a 65% equity stake in Progressive Produce, generating $120.3 million in gross proceeds. The company declared a $0.08 per share dividend and maintained its full-year Adjusted EBITDA target.
Dole's strong Q1 performance, driven by higher volumes and pricing in key fruit segments, led to an EPS beat and a positive market reaction. The sale of a stake in Progressive Produce and the declaration of a dividend further bolster investor confidence. The company's maintained EBITDA target suggests stable future performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100