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Dole Plc (NYSE:DOLE) reported revenue rose 4.4% year-over-year in Q2 to $2.1B. On a like-for-like basis, revenue was 3.8% higher for the quarter. The revenue growth was primarily due to strong performance in Dole’s (DOLE) Fresh Fruit and Diversified EMEA segments, offset partially by the Diversified Americas segment.
Adjusted EBITDA was up 9.7% to $122.7M, primarily driven by strong Fresh Fruit performance, offset partially by headwinds in the Diversified Americas segment. On a like-for-like basis, adjusted EBITDA increased 9.2% during the quarter. Dole (DOLE) beat estimates on the EPS line, with a tally of $0.51 vs. $0.34 consensus.
Dole (DOLE) noted that capital expenditures for the six months ending on June 30 were $41.0M, which included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. The amount also includes $5.4M of capital expenditures related to discontinued operations. The food company ended the quarter with a net debt position of $1.0B.
“As we progress through the second half of the year, our performance for the first six months gives us confidence in achieving our targeted Adjusted EBITDA for the full year of at least $350.0 million,” noted Executive Chairman Carl McCann.
Shares of Dole (DOLE) rose 1.33% in premarket trading on Thursday to $13.33 vs. the 52-week trading range of $7.20 to $14.01.
