Dole shares rise after earnings jump

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Dole News

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Dublin-based fruit and vegetable firm sees revenue top $2.1bn

Fruit and vegetable giant Dole said earnings for the first quarter of the year jumped, as it booked a $74 million gain on the sale of its stake in another company and cut its debt.

“Our strong start to the year positions us well to deliver another good result in 2024,” executive chairman Carl McCann said in a statement. “For the full year, we are maintaining our target to deliver adjusted ebitda in line with 2023 on a like-for-like basis.”Grafton Street investment offers 6.34% yield at reduced price of €2.15m“Adjusting for the sale of Progressive Produce, this implies an Adjusted EBITDA target of at least $360 million,” he added.

Dole booked a $74 million gain on the sale of its stake in Progressive Produce, which closed in March. Those funds helped contribute to a $100 million paydown of the group’s long term debt. Net debt now stands at $776 million.

 

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