Dole plc (DOLE)

Shares of Dole Plc (DOLE) dropped by 7.36% from $11.95 to $11.07 in the trading on Thursday, Novemeber 16, 2023. The reason why DOLE is down today is due to negative impact of economic data and mixed Q3 earnings results.

• Economic influence: Broader economic factors played a pivotal role in the stock's decline. The Dow Jones Industrial Average faced a decrease following the release of higher-than-expected initial jobless claims data. The Labor Department reported a rise in first-time jobless claims to 231,000, surpassing expectations of 222,000 and increasing from the previous week's 217,000. Despite this, there was an unexpected improvement in the Philadelphia Fed manufacturing index, which recorded a reading of -5.9 in November compared to October's -9.0, defying expectations of a further decrease to -11.0. These economic fluctuations contributed to the decline in DOLE's stock.
• Q3 earnings results: Dole reported quarterly earnings of $0.24 per share, surpassing the Zacks Consensus Estimate of $0.11 per share. This marked an improvement from earnings of $0.14 per share in the same period a year ago, adjusted for non-recurring items. The earnings surprise of 118.18% was significant and exceeded expectations. However, the company's revenue for the quarter, which amounted to $2.04 billion, fell short of the Zacks Consensus Estimate by 2.49% and was lower than the year-ago revenue of $2.27 billion. These mixed earnings results, with a positive earnings surprise but revenue miss, contributed to the stock's decline.

Dole plc stock fell 6.92% after its GAAP-based financial report, which also featured non-GAAP metrics like EBITDA. Q2 showed 4.4% revenue growth from strong Fresh Fruit and Diversified EMEA segments, but Diversified Americas faced hurdles. Adjusted EBITDA rose by 9.7% due to Fresh Fruit's strength, while higher interest expenses caused a drop in Adjusted Net Income.

https://finance.yahoo.com/news/dole-plc-reports-second-quarter-100000721.html