Dole Earnings Decline In Q1, Stock Down

(RTTNews) - Dole plc. (DOLE), a fresh produce provider, on Monday announced that net income dropped in the first quarter compared with the previous year. The prior year earnings included an exceptional net gain from the disposal of Progressive Produce.

Shares of Dole are decreasing around 4% in the pre-market trading.

For the first quarter, net income attributable to the company declined to $38.91 million from $70.14 million in the prior year.

Earrings per share were $0.41 versus $0.74 last year.

On an adjusted basis, net income from continuing operations was $33.08 million, while it was $40.55 million in the previous year.

Adjusted earnings per share were $0.35 versus $0.43 last year.

Two analysts, on average, had expected the company to report $0.39 per share. Analysts' estimates typically exclude special items.

Adjusted EBITDA declined 4.8% to $104.82 from $110.10 in previous year.

Operating income also dropped to $67.90 million from $112.13 million in the previous year's quarter.

Revenue declined 1% to $2.10 million from $2.12 million last year.

On May 9, the company has declared a first quarter 2025 cash dividend of $0.085 per share, payable on July 7 to shareholders on record as of June 9. This follows a $0.08 dividend paid for fourth quarter 2024.

Looking ahead, despite ongoing economic uncertainty, the company raised full-year adjusted EBITDA to at least $380 million.

Capital expenditure expectation is approximately $100.0 million.

In the pre-market trading, Dole is 4.13% lesser at $14.15 on the New York Stock Exchange.