DAVY VIEW

Dole’s Q3 EBITDA performance was ahead of our expectations, driven by a strong performance in Diversified EMEA and a significant recovery in Diversified Americas and RoW. No further insight has been provided on the disposal of the Fresh Vegetables division, with the transaction expected to close following regulatory approvals. Given its strong year-to-date (YTD) performance, full-year FY23 guidance has been increased to “at least $365m” (previously: “at least $350m”). At first blush, we envisage a modest increase to our current forecasts.