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Dole Posts Profit In Q3; Now Sees FY22 Adj. EBITDA At Lower End Of Guided Range, Backs Revenue View

Fresh produce supplier Dole plc (DOLE) reported Thursday that its third-quarter net income attributable to the company was $39.84 million or $0.42 per share, compared to last year's loss of $28.52 million or $0.35 per share.

On a pro-forma basis, prior year's profit was $28.63 million or $0.30 per share.

Adjusted net income was $13.5 million, compared to $2.4 million on a pro-forma basis. Adjusted earnings per share were $0.14, compared to $0.03 for the pro-forma comparative period last year.

Revenue increased to $2.27 billion from $1.94 billion a year ago. The increase was primarily driven by the impact of revenue from Legacy Dole following the acquisition by Dole plc.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share on revenues of $2.27 billion for the quarter. Analysts' estimates typically exclude special items.

Compared on a pro- forma basis, revenue decreased 1.7 percent. On a like- for-like basis, revenue increased 5 percent.

The Board of Directors of Dole on Wednesday declared a cash dividend for the third quarter of $0.08 per share, payable on January 6 to shareholders of record on December 16.

Looking ahead to fiscal 2022, Dole now expects adjusted EBITDA to be at the lower end of its previously guided range of $330.0 million to $350.0 million.

The revision was due to the ongoing challenges within Fresh Vegetables segment, which has taken longer in its recovery, as well as the impact of the unusual supply chain challenges encountered in the third quarter at the end of the Chilean grape season in North America.

The company continues to expect revenue in the range of $9.1 billion to $9.4 billion. The Street is looking for revenues of $9.17 billion for the year.

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