Dole PLC (NYSE:DOLE) shares moved lower in early trade on Thursday after its third-quarter sales fell short of Wall Street estimates.
The agricultural company specializing in fresh fruit and vegetables reported a 4.2% year-over-year increase in sales to $2.04 billion but this was short of estimates of $2.18 billion.
However, adjusted earnings per share of $0.24 were ahead of the expected $0.10. Adjusted EPS was down year-over-year from $0.28.
“We are very pleased that our momentum from the first half of the year has continued into the third quarter,” Dole’s executive chairman Carl McCann said.
The company added that, due to its strong results for the first nine months of the year, it is now targeting full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $365 million, up from its prior target of $350 million.
It noted that, as the wider macro-environment continues to remain complex and impacts from weather events remain unpredictable, it is confident its supply base and global teams can handle these challenges.
Dole shares were down 5.4% at US$11.31 shortly after Thursday’s market open.
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