Dole plc: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. Guidance figures: 2 lowered, 1 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Ecuador port sale gain of $48.6 million: The $48.6 million gain on the Ecuador port sale lifted operating income to $88.9 million from $24.2 million. A $22.2 million tax charge on the sale sits within income tax expense. Source
• Adjusted EBITDA up 4.1%: Adjusted EBITDA reached $84.1 million, up $3.3 million from $80.8 million. The increase came mainly from Diversified Fresh Produce Americas and Rest of World, with Fresh Fruit also higher and EMEA slightly lower. Source
• Fresh Fruit revenue fell on tariffs: Fresh Fruit revenue fell 8.0% to $818.7 million, mainly on tariff-related impacts and lower banana volumes in North America, with lower pineapple volumes in Europe from weather. Adjusted EBITDA rose 6.0% to $28.8 million. Source
• Fuel and shipping costs stayed elevated: Management said fuel and shipping costs remain elevated and that El Niño weather continues to affect fruit availability. Shipping and logistics costs rose in key markets on higher fuel costs. Source
• Net debt and leverage fell: Net debt was $491.3 million at September 30, 2026, with the Ecuador port sale completed. Net leverage was 1.3x, against 2.0x at June 30, 2026. Source
• Greenfood acquisition completed July 2: The company completed the Greenfood Fresh Produce acquisition on July 2, 2026. Preliminary cash consideration paid, less cash acquired, was $0.4 million. Source
• Full-year Adjusted EBITDA target lowered: Management cited a higher cost environment for moderating its full-year expectations. The target is now $380 million to $390 million, against about $400 million previously. Source

“We are pleased with the Group’s solid performance in the third quarter against a challenging operating backdrop.”

Carl McCann, Executive Chairman

Guidance

What changed from last quarter

• Guidance lowered: Full-year Adjusted EBITDA target moved from about $400 million to $380 million to $390 million. Source
• Guidance lowered: Routine capital expenditure guidance reduced from about $100 million to about $90 million. Source
• Guidance lowered: Fourth-quarter improvement is still expected, but at a lower level than anticipated at the second-quarter results. Source
• Guidance kept: Interest expense guidance of about $58 million was maintained. Source
• New: Plans for multi-year development of the Helsingborg facility acquired with Greenfood were described for the first time in these documents. Source

Group results and profit drivers

• Revenue rose 3.8% in quarter: Revenue reached $2,366 million, up $87.3 million from $2,279 million. Like-for-like revenue, excluding currency and acquisitions and divestitures, rose 2.0% or $46.1 million. Source
• Net income rose on Ecuador gain: Net income was $48.3 million against $13.8 million a year earlier. The company attributed the rise mainly to higher operating income and lower interest expense, with a prior-year discontinued loss not repeated. Source
• Ecuador port sale gain of $48.6 million: The $48.6 million gain on the Ecuador port sale lifted operating income to $88.9 million from $24.2 million. A $22.2 million tax charge on the sale sits within income tax expense. Source
• Adjusted EBITDA up 4.1%: Adjusted EBITDA reached $84.1 million, up $3.3 million from $80.8 million. The increase came mainly from Diversified Fresh Produce Americas and Rest of World, with Fresh Fruit also higher and EMEA slightly lower. Source
• Adjusted diluted EPS flat at $0.16: Adjusted diluted EPS was $0.16 in both periods, and Adjusted Net Income was $15.0 million, unchanged. Higher Adjusted EBITDA, lower depreciation and lower interest were offset mainly by higher tax expense. Source
• Nine-month Adjusted EBITDA below prior year: For the nine months, Adjusted EBITDA was $301.1 million against $322.7 million, and adjusted diluted EPS was $0.94 against $1.06. GAAP diluted EPS was $1.00 against $0.56. Source

Segment performance

• Fresh Fruit revenue fell on tariffs: Fresh Fruit revenue fell 8.0% to $818.7 million, mainly on tariff-related impacts and lower banana volumes in North America, with lower pineapple volumes in Europe from weather. Adjusted EBITDA rose 6.0% to $28.8 million. Source
• Fresh Fruit EBITDA rose on pricing: Fresh Fruit Adjusted EBITDA rose on better underlying banana pricing in North America and higher banana volumes in Europe. Pineapple production costs and the stronger Costa Rican colón offset part of the gain. Source
• EMEA revenue rose with Greenfood: EMEA revenue rose 9.3% to $1,090.7 million, mainly from the Greenfood acquisition at the start of the quarter and Scandinavian growth, partly offset by lower Spain revenue. Like-for-like revenue rose 4.1%. Source
• EMEA Adjusted EBITDA fell 3.1%: EMEA Adjusted EBITDA fell $1.3 million to $39.5 million, on lower results in the Netherlands and Spain. Scandinavia, Ireland and the U.K. improved. Like-for-like Adjusted EBITDA decreased 2.0%. Source
• Americas and ROW revenue and EBITDA rose: Americas and ROW revenue rose 14.1% to $479.2 million on higher North American volumes in kiwi, avocados, grapes and tomatoes. Adjusted EBITDA rose 22.8% to $15.8 million, with Southern Hemisphere exports also contributing. Source

“The strategic actions we have taken over the last 18 months have strengthened our business, leaving Dole a more focused company today, with greater financial flexibility to support our continued development.”

Carl McCann, Executive Chairman

Costs, fuel and weather

• Fuel and shipping costs stayed elevated: Management said fuel and shipping costs remain elevated and that El Niño weather continues to affect fruit availability. Shipping and logistics costs rose in key markets on higher fuel costs. Source
• Weather cut pineapple volumes in Europe: Adverse weather lowered pineapple volumes in Europe and raised pineapple production costs. Lower banana volumes in North America also weighed on Fresh Fruit revenue. Source
• Colón strength raised Fresh Fruit costs: The stronger Costa Rican colón against the U.S. dollar raised Fresh Fruit costs, partly offsetting banana pricing gains in North America and volume gains in Europe. Source
• Gross profit up on higher revenue: Gross profit rose $13.5 million to $168.7 million, and gross margin was 7.1% against 6.8%. Cost of sales rose with higher trading activity in Americas and ROW and EMEA, and with acquisitions. Source
• Selling and admin costs rose: Selling, marketing, general and administrative expenses were $127.5 million for the quarter, against $123.6 million a year earlier. Impairment charges fell to $2.9 million from $8.4 million. Source

Cash flow and net debt

• Nine-month free cash flow turned positive: Free cash flow from continuing operations was an inflow of $59.3 million for the nine months, against an outflow of $66.2 million a year earlier. Source
• Working capital and tariff timing drove cash: Management attributed the improvement to lower seasonal working capital outflows, the timing benefit of tariff-related impacts, lower tax and interest payments, and lower capital expenditures. Source
• Net debt and leverage fell: Net debt was $491.3 million at September 30, 2026, with the Ecuador port sale completed. Net leverage was 1.3x, against 2.0x at June 30, 2026. Source
• Port sale net proceeds for nine months: Net cash proceeds from the Ecuador port sale were $126.7 million for the nine months, after the pre-closing restructuring, cash transferred, completion adjustments and transaction costs. Source
• Capital expenditure fell: Cash capital expenditure was $64.4 million for the nine months, against $93.1 million a year earlier. Spending covered Latin American farming, European distribution and ripening rooms, and blueberry and avocado packing. Source
• Operating cash flow rose: Net cash from operating activities in continuing operations was $123.7 million for the nine months, against $26.9 million a year earlier. Source

“Due to the higher cost environment, our expectations for the remainder of the year have moderated”

Carl McCann, Executive Chairman

Capital returns to shareholders

• Dividend declared for third quarter: The board declared $0.085 per share for the third quarter, the same amount as the second quarter. The dividend is payable January 6, 2027 to holders of record on December 16, 2026. Source
• Third-quarter buybacks of $10.0 million: The company repurchased 762,319 shares in the quarter at an average $13.10, totaling $10.0 million. For the nine months, 1,788,179 shares were repurchased for $24.6 million at an average $13.76. Source
• Buyback authorization remaining: $75.4 million remained available for repurchase under the share repurchase program at September 30, 2026. Source
• Dividends paid to shareholders and noncontrolling holders: For the nine months, dividends paid to shareholders were $24.8 million and dividends paid to noncontrolling interests were $22.6 million. Source

Acquisitions and development

• Greenfood acquisition completed July 2: The company completed the Greenfood Fresh Produce acquisition on July 2, 2026. Preliminary cash consideration paid, less cash acquired, was $0.4 million. Source
• Greenfood strengthens Nordic position: Greenfood is a Nordic fresh produce distributor. Management said the acquisition strengthens the company's position in that market, and integration is underway. Source
• Helsingborg facility multi-year development plans: Plans are progressing for multi-year development of the Helsingborg facility acquired with Greenfood, incorporating advanced warehouse and robotics technology. Source

Full-year targets and commentary

• Full-year Adjusted EBITDA target lowered: Management cited a higher cost environment for moderating its full-year expectations. The target is now $380 million to $390 million, against about $400 million previously. Source
• Fourth-quarter year-on-year improvement expected: Management continues to expect year-on-year Adjusted EBITDA improvement in the fourth quarter, at a lower level than it expected at the second-quarter results. Source
• Routine capex and interest guidance: Routine capital expenditure guidance was reduced to about $90 million, and interest expense guidance of about $58 million was maintained. Source

Coming up, as management said on 9 November 2026

• Fourth-quarter improvement expected: Management expects year-on-year Adjusted EBITDA improvement in the fourth quarter, at a lower level than anticipated at the second-quarter results. Source
• Dividend payment in January 2027: The $0.085 third-quarter dividend is payable to shareholders of record on December 16, 2026. Source

Risks management discussed

• External: Fuel and shipping costs remain elevated, and El Niño weather continues to affect fruit availability. Source
• Financial: A higher cost environment led management to moderate its expectations for the rest of the year. Source
• Regulatory: Tariff-related impacts reduced Fresh Fruit revenue in the quarter. Source
• Financial: A stronger Costa Rican colón against the U.S. dollar raised Fresh Fruit costs. Source
• Operational: Adverse weather raised pineapple production costs in Fresh Fruit. Source
• External: Higher shipping fuel costs in Europe are expected to weigh on results against original 2026 expectations. Source

Earlier plans management reported on

• Not stated: Guidance for routine capital expenditure for 2026 was reduced to about $90 million from about $100 million. Source
• Not stated: Interest expense guidance of about $58 million for 2026 was maintained. Source
• Not stated: Management said net debt was impacted by completion of the Ecuador port sale. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.