Dole Raises Quarterly Revenue but Cuts Full-Year EBITDA Outlook

Net profit was $38.5 million, or 41 cents a share, compared with $5.11 million, or 5 cents a share, a year earlier. Excluding certain one-time items, earnings were 16 cents a share, below the 32 cents analysts polled by FactSet had expected. Dole said profit benefited from a gain tied to the sale of an Ecuadorian port. Revenue matched Wall Street estimates.

Fresh fruit revenue declined 8% to $818.7 million, primarily because of tariffs, the company said. Adverse weather also affected supply, weighing on banana volumes in North America and pineapple volumes in Europe. Revenue in Dole’s diversified fresh produce business rose 9.3% to $1.09 billion in Europe, the Middle East and Africa. In the Americas, it increased 14% to $479.2 million.

Executive Chairman Carl McCann said Dole delivered solid results despite a challenging operating backdrop, citing steps taken over the past 18 months to strengthen operations. He said expectations for the rest of the year had moderated because of higher costs. Analysts had expected full-year adjusted EBITDA of $398.4 million. Dole shares fell 8.2% to $12.74 in premarket trading Monday.