Dole PLC Swings To Profit In Q1, Backs FY23 View; Stock Up In Premarket

(RTTNews) - Dole plc (DOLE), an agricultural company, Thursday reported earnings for the first quarter of 2023, compared to loss last year, driven by the strong performance in Fresh Fruit and Diversified EMEA segments.

First-quarter earnings were $14.2 million or $0.15 per share, compared to a loss of $1.4 million or $0.01 per share last year.

Adjusted earnings were $32.3 million or $0.34 per share, compared with $40.5 million or $0.43 per share in the prior year. Adjusted earnings decreased $8.2 million, particularly impacted by higher interest expense.

On average, four analysts polled by Thomson-Reuters expected the company to report earnings of $0.18 per share for the quarter. Consensus estimates typically exclude one-time items.

Adjusted EBITDA was $100.4 million, compared with $91.9 million of the previous year. It showed an increase of 9.3% due to strong fresh fruit performance.

Revenue increased 1% to $1.98 billion from $1.97 billion last year. The Street was looking for revenues of $2.19 billion for the quarter.

The company declared a quarterly dividend of $0.08 per share payable on July 6 to shareholders of record on June 16.

Looking ahead for fiscal 2023, the company said it continues to target an Adjusted EBITDA of $350 million.

In Premarket activity, shares of Dole were trading at $12.48 up 4.61% or $0.55 on the New York Stock Exchange.