Dole Cuts 2026 Adjusted EBITDA Target After Port Sale

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $2.37 billion as the company now targets $380 million to $390 million of full-year Adjusted EBITDA, down from about $400 million.

Dole plc (DOLE), a global fresh-produce producer, reported third-quarter revenue of $2.37 billion, up 3.8% from a year earlier, and net income of $48.3 million, including a $48.6 million gain on the sale of an Ecuador port.

The fresh-produce company said it is now targeting full-year 2026 Adjusted EBITDA of $380 million to $390 million, compared with approximately $400 million previously, citing a higher cost environment. Routine capital-expenditure guidance was reduced to about $90 million; interest-expense guidance was held at about $58 million.

Adjusted EBITDA for the three months ended September 30, 2026 was $84.1 million, reversing a two-quarter decline after a 14.8% drop in the second quarter and a 4.3% drop in the first. The company said the increase was driven by Diversified Fresh Produce – Americas & ROW and Fresh Fruit, offset by a marginal decrease in Diversified Fresh Produce – EMEA. Like-for-like revenue, which excludes currency, acquisitions and divestitures, rose 2.0%.

Adjusted net income was $15.0 million and adjusted diluted earnings were $0.16 a share, matching the year-ago quarter. Diluted earnings from continuing operations were $0.41 a share. Operating income rose $64.7 million, primarily on the Ecuador port gain, higher gross profit and lower impairment charges, partly offset by higher selling, marketing, general and administrative expenses.

Fresh Fruit revenue fell 8.0% to $818.7 million, which the company attributed to tariff-related impacts, lower banana volumes in North America and lower pineapple volumes in Europe from adverse weather. Adjusted EBITDA in the segment rose 6.0% to $28.8 million on improved North America banana pricing and higher Europe banana volumes, partly offset by elevated pineapple production costs and a stronger Costa Rican colón.

Diversified Fresh Produce – EMEA revenue increased 9.3% to $1.09 billion, including the July 2 Greenfood Fresh Produce acquisition in Scandinavia and like-for-like growth of 4.1%. Adjusted EBITDA in that segment fell 3.1% to $39.5 million on weaker results in the Netherlands and Spain, partly offset by improved performance in Scandinavia, Ireland and the United Kingdom.

Diversified Fresh Produce – Americas & ROW revenue increased 14.1% to $479.2 million on higher North America volumes in kiwi, avocados, grapes and tomatoes. Adjusted EBITDA in the segment rose 22.8% to $15.8 million.

Net cash proceeds from the Ecuador port sale, after pre-closing ownership restructuring and related items, were $126.7 million for the nine months ended September 30, 2026. Cumulative net cash proceeds, including cash taxes to be paid and other adjustments, are expected to be approximately $95.0 million. Net debt was $491.3 million and net leverage was 1.3x at September 30, 2026.

The company repurchased 762,319 shares at an average $13.10 a share, totaling $10.0 million, in the quarter. The board declared a cash dividend of $0.085 a share, payable January 6, 2027.

Dole said it continues to expect year-on-year improvement in the fourth quarter, albeit at a lower level than anticipated at the time of second-quarter results. Higher shipping fuel costs in Europe are expected to have an impact of approximately $16 million relative to original 2026 expectations. Fuel surcharge mechanisms in North America, the company said, provide protection against higher shipping fuel costs.