DOLE PLC Reports Second Quarter Earnings Results for FY 2023
August 26, 2023
🌥️Earnings Overview
On August 17 2023, DOLE PLC ($NYSE:DOLE) reported its earnings results for the second quarter of fiscal year 2023, which ended on June 30 2023. Revenue was USD 2141.2 million, representing a 9.3% decrease from the same quarter in the prior year. Meanwhile, net income increased by 2.4% year-over-year to USD 42.3 million.
Share Price
On Thursday, DOLE PLC stock opened at $13.7 and closed at $13.4, up by 2.0% from last closing price of 13.2. This marks a positive development for the company, as it reflects the strong performance of the company over the second quarter. This increase was primarily attributed to an increase in sales volume, as well as higher prices for their core products. Overall, DOLE PLC reported a solid performance for the second quarter of FY 2023.
The company’s continued focus on expanding its market share and increasing efficiency in their operations has clearly been paying off, as evidenced by their strong financial performance over the past quarter. Investors will be keeping a close eye on the company in the coming quarters to see if they can maintain this momentum. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Dole Plc. More…
| Total Revenues | Net Income | Net Margin |
| 9.34k | 103.05 | 0.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Dole Plc. More…
| Operations | Investing | Financing |
| 190.8 | -72.15 | -124.77 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Dole Plc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.62k | 3.25k | 12.73 |
Key Ratios Snapshot
Some of the financial key ratios for Dole Plc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 30.4% | 28.5% | 1.9% |
| FCF Margin | ROE | ROA |
| 1.0% | 9.2% | 2.4% |
Analysis
GoodWhale conducted an analysis of DOLE PLC‘s financials and concluded that the company was strong in terms of growth and medium in asset, dividend, and profitability as indicated by its Star Chart. Based on this assessment, we have classified DOLE PLC as a ‘cheetah’ company: one with achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given its higher growth potential, investors who are willing to take on higher risk in exchange for greater rewards may find this company attractive. Furthermore, DOLE PLC has a good health score of 7/10 with regards to its cashflows and debt. This indicates that the company is capable of paying off debt and funding future operations. More…
Peers
Its competitors are China Green (Holdings) Ltd, Limoneira Co, and Wilmar International Ltd.
– China Green (Holdings) Ltd ($SEHK:00904)
Green (Holdings) Ltd is a leading provider of environmental solutions in China. The company’s main businesses include environmental protection, new energy, and clean technology. Green (Holdings) Ltd has a market cap of 23.22M as of 2022, a Return on Equity of 147.95%. The company’s strong financial performance and market position make it a well-respected name in the industry.
– Limoneira Co ($NASDAQ:LMNR)
Limoneira Co is a citrus grower, packer, and shipper that was founded in 1873. The company owns or leases approximately 11,000 acres of agricultural land in California and Arizona. The company’s operations include the cultivation of lemons, oranges, limes, and other citrus fruits. Limoneira also operates a real estate business that owns, develops, and leases land for agricultural, residential, and commercial purposes.
Limoneira’s market cap is $244.91 million as of 2022. The company has a negative return on equity of -0.24%. Limoneira’s primary business is the cultivation of citrus fruits. The company also owns and leases agricultural land and operates a real estate business.
– Wilmar International Ltd ($SGX:F34)
Founded in 1991, Wilmar International is a Singapore-based agribusiness company that is involved in the production and marketing of edible oils, grains, and palm oil. The company has a market cap of 25.45B as of 2022 and a Return on Equity of 12.11%. Wilmar is the world’s largest palm oil processor and producer, and is also one of the largest manufacturers of palm oil-based biodiesel in the world. The company has operations in over 50 countries, and employs over 90,000 people.
Summary
Investors may be concerned about the 9.3% year-over-year decrease in revenue for DOLE PLC in the second quarter of fiscal year 2023, which ended June 30 2023. Despite this decrease, the company still reported a net income of USD 42.3 million, representing a 2.4% increase compared to the same period in the previous year. This suggests that the company is managing to maintain profitability despite declining revenue caused by external factors. Investors should monitor future earnings releases to gauge the company’s performance and long-term outlook.
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