By Denny Jacob
Dole posted better-than-expected sales in its latest quarter and raised its full-year guidance for a key metric.
The Irish-American agricultural company recorded net income of $14.4 million, or 15 cents a share, for the third quarter, down from $45.3 million, or 48 cents a share, a year earlier.
Stripping out one-time items, earnings came in at 19 cents a share.
Revenue grew to $2.06 billion from $2.04 billion. Analysts polled by FactSet expected around $2 billion.
Dole attributed the top-line increase primarily due to positive operational performance across all its segments and a favorable impact from foreign currency translation.
Revenue in the fresh fruit segment increased more than 6% to $798.8 million due to higher volumes of bananas sold worldwide, as well as higher pricing of bananas and pineapples around the world.
For 2024, Dole raised its adjusted Ebitda outlook by $10 million to at least $380 million.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 13, 2024 06:27 ET (11:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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