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May 24 2022, 12:50 IST/BST
Dole plc
Q1 broadly in line; full-year outlook impacted by FX and salads headwinds
DAVY VIEW
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.
