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May 24, 2022, 7:20 a.m. EDT

Dole shares slide 3% premarket after food distributor swings to Q1 loss and revenue falls short of estimates

Dole PLC shares (NYS:DOLE) slid 3% in premarket trade Tuesday, after the distributor of fruit and vegetables swung to a loss for the first quarter and posted revenue that fell short of estimates. Dole posted a net loss of $1.4 million, or 1 cent a share, for the quarter, after income of $21.3 million, or 38 cents a share, in the year-earlier period. Adjusted per-share earnings came to 30 cents, ahead of the 27 cent FactSet consensus. Revenue rose to $2.245 billion from $1.051 billion a year ago, below the $2.324 billion FactSet consensus. "We are pleased with the result that the Group has delivered for the first quarter of 2022 particularly as we were impacted by the Value Added salads recall and foreign currency translation movements in the quarter," CEO Carl McCann said in a statement. The recall and currency moves shaved $112 million off revenue in the quarter, he said. The company is now expecting full-year revenue to range from $9.4 billion to $9.7 billion, compared with a FactSet consensus of $9.7 billion. Shares have fallen 16% in the year to date, while the S&P 500 (S&P:SPX) has fallen 16.6%.

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