Dole Q2 Adj. EPS Tops Estimates, But Revenues Miss; Slashes FY22 Outlook

(RTTNews) - Fresh produce supplier Dole plc (DOLE) reported Tuesday that net income attributable to Dole for the second quarter surged to $41.3 million or $0.43 per share from $29.2 million or $0.52 per share in the prior-year quarter. Excluding items, adjusted income was $0.44 per share, compared to $0.74 per share in the year-ago quarter.

Revenue for the quarter nearly doubled to $2.36 billion from $1.21 billion in the same quarter last year. On a pro-forma basis, revenue decreased by 4.2 percent. On a like-for-like basis, revenue increased 3.2 percent.

On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share on revenues of $2.5 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, due to a slower than anticipated return to full operating profitability in its Fresh Vegetables segment and the translation impact from the strengthening US Dollar, the company said it is now targeting Adjusted EBITDA in the range of $330.0 million to $350.0 million for the full year, a reduction of approximately 5.5% from prior guidance.

The company is also targeting revenue in the range of $9.1 billion to $9.4 billion, down from the prior guidance between $9.4 billion and $9.7 billion. The Street is looking for revenues of $9.49 billion for the year.

On Tuesday, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2022 of $0.08 per share, payable on October 7, 2022 to shareholders of record on September 16, 2022.