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May 24 2022, 12:50 IST/BST
Dole’s Q1 statement reflects the impact of the previously flagged bagged salads recall and lower banana pricing (exceptional comparative), with adjusted EBITDA down 38% in the quarter. Noting increased FX headwinds and a slower-than-anticipated recovery in the salads business, full-year guidance has been recalibrated. Revenues are now expected to grow by c.3% year-on-year (yoy) at the mid-point (previously +5%), with adjusted EBITDA of $350-370m, a c.4% downgrade at the mid-point.