Dole Q3 2026: Revenue Beats but Earnings Miss by Half

Dole posted adjusted earnings per share of $0.16 for the third quarter of 2026, missing the $0.34 consensus estimate by roughly 53%. The gap stands out as particularly wide given that the top line held up: revenue of $2.37 billion came in above expectations and grew about 3.8% from the same quarter a year ago. The divergence between a passable revenue number and a deeply disappointing profit figure points squarely at costs.

The primary culprit was elevated fuel and shipping costs in Europe, which pressured margins across the quarter. That same headwind is now being baked into the full-year outlook: Dole cut its 2026 Adjusted EBITDA guidance to a range of $380 million to $390 million, citing incremental shipping fuel costs versus original plans. Routine capital expenditure guidance was also trimmed, while interest expense guidance held steady.

A large one-time item complicates the headline numbers. Dole recorded a $48.6 million gain on the sale of its Ecuador port during the quarter, which lifted reported GAAP figures but was stripped out of adjusted results along with a related tax charge. On an underlying basis, profitability was essentially flat with the prior year, meaning the adjusted EPS miss reflects genuine operational pressure.

Segment performance was uneven. The Diversified Fresh Produce Americas and Rest of World segment was the standout, with revenue up 14.1% driven by higher North American volumes in kiwi, avocados, grapes, and tomatoes. EMEA revenue rose 9.3%, supported in part by the acquisition of Greenfood Fresh Produce, a Nordic distributor, completed in July 2026. Fresh Fruit revenue, however, declined 8%, with lower banana volumes in North America and weaker pineapple volumes in Europe adding to the pressure.

El Niño-related weather continued to weigh on fruit availability across key growing regions, adding an operational layer to the fuel cost challenge. Management still expects year-on-year improvement in the fourth quarter, though at a lower level than had been anticipated at the time of the second-quarter results. During the quarter, Dole also repurchased 762,319 shares, totaling $10 million, with $75.4 million remaining under its repurchase program.