Recently IPO’d Dole reports profit and revenue growth, in face of inflation and supply chain headwinds

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Shares of Dole PLC DOLE, -2.58% were indicated up nearly 1% in premarket trading Friday, after the fresh fruit and vegetables company, which went public in July, reported a rise in third-quarter profit and revenue, in the face of inflationary pressures and supply chain congestion and labor shortages. Pro-forma net income rose to $29.9 million, or 31 cents a share, from $18.6 million, or 20 cents a share, in the year-ago period. Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion. FactSet did not have consensus estimates for earnings or revenue. Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North American and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North American and volume growth in pineapples. Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes. For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion. The stock has tumbled 16.7% over the past three months while the S&P 500 SPX, -0.84% has gained 0.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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