Dole Shares Rise In Pre-market As Earnings Improve In Q2, Better Than Estimates

Shares of Dole plc (DOLE), a fresh fruits and vegetables company, are up more than 3% in pre-market trade on Thursday after reporting improved earnings in the second quarter, above analysts’ view.

Net income in the second quarter increased to $42.3 million or $0.44 per share from $41.3 million or $0.43 per share in the same quarter a year ago.

Excluding one-time items, earnings were $48.4 million or $0.51 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.34 per share.

Adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA rose to $122.7 million from $111.8 million a year ago.

Quarterly revenue increased 4.4% year-on-year to $2.141 billion. The consensus estimate was for $2.27 billion.

Looking forward, Carl McCann, Executive Chairman said, “As we progress through the second half of the year, our performance for the first six months gives us confidence in achieving our targeted adjusted EBITDA for the full year of at least $350.0 million.”

DOLE closed at $13.18, down 1.57% on Wednesday. It has traded in the range of $7.20 – $14.01 in the last 52 weeks.

Source: Read Full Article