Dole plc 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Dole plc reported second quarter 2026 group revenue of $2.5 billion, up 2.9% on a reported basis and 1.7% on a like-for-like basis excluding foreign exchange impacts.
- Gross profit decreased by $23 million due to higher costs in fresh fruit, driven by elevated fuel and shipping costs related to the Middle East conflict.
- Adjusted EBITDA was $117 million, down $20.4 million mainly due to higher fresh fruit costs, partially offset by strong performance in Diversified Americas.
- Net income from continuing operations was $35.1 million, compared to $52.9 million in the prior year, with adjusted diluted EPS of $0.46 versus $0.55 in Q2 2025.
- Fresh fruit revenue was broadly flat at $972.8 million, with adjusted EBITDA down $22.5 million due to higher costs and depreciation of the Costa Rica colon.
- Diversified EMEA revenue increased 1%, but adjusted EBITDA decreased 6%, mainly due to weaker performance in South Africa and other markets.
- Diversified Americas revenue increased 14%, with adjusted EBITDA up $5.2 million to $20.6 million driven by strong North American business performance.
- Capital expenditure was approximately $25 million in Q2, with full-year routine CapEx guidance maintained at around $100 million.
- Dole completed the Ecuador port sale on July 1st, unlocking approximately $95 million of net proceeds, strengthening the balance sheet with net debt at $746 million and net leverage at 2 times.
- The company repurchased over 700,000 shares for $10 million at an average price of $13.88 per share during the quarter.
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Transcript
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Welcome to Dole PLC second quarter 2026 results webcast. Today's webcast is being broadcast live over the internet and it's also being recorded for playback purposes. Currently, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole PLC, James O'Regan.
Thank you, Derek. Welcome everybody, thank you for joining our results webcast. Joining me today is our Chief Executive Officer, Rory Byrne, our Chief Operating Officer, Johan Linden, and our Chief Financial Officer, Jacinta Devine. During this webcast, we'll be referring to presentation slides to supplement our remarks, and these, along with our earnings release and other related materials, are available on the Investor Relations section of the Dole PLC website. Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Securities Safe Harbor law. These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings and press releases.
Information regarding the use of non-GAAP financial measures may be found in our press release, which also includes a reconciliation to the most comparable GAAP measures. With that, I'm pleased to hand over to Rory.
Thank you, James, welcome everybody. Thank you all for joining us today as we discuss our results for the second quarter and provide an update on the latest developments across the group. Turning firstly to slide four. Well, across the group, we continue to see healthy consumer demand for our products. Fresh produce consumption remains resilient, supported by the long-term health and wellness trends. We believe this augurs well for the future of our sector. Our second quarter results was in line with our expectations, reflecting the impact of higher fuel and shipping costs on fresh fruit profitability arising from the conflict in the Middle East. Despite these pressures, the quarter once again demonstrated the resilience of our diversified business model with the strength of our Diversified Americas in particular, helping to offset the pressures experienced in fresh fruit.
Since our last update, we've been active in advancing our development pipeline while maintaining our disciplined approach to capital allocation. Turning now to slide five and focusing in more detail on this topic. As we said last quarter, our priority remains clear: to allocate capital where we can achieve the best long-term returns for our shareholders. As part of this approach, we were delighted to complete the Ecuador port sale on July 1st. This transaction represents an important milestone, unlocking approximately $95 million of net proceeds, further strengthening our balance sheet and increasing our financial flexibility. Importantly, the sale is expected to have a negligible impact on our ongoing earnings and cash flow profile, making it a very attractive value-enhancing transaction for shareholders. We continue to explore an important strategic opportunity to invest in automation, AI, and innovative warehouse solutions to better serve our core customer base in Scandinavia.
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