Why Dole Shares Are Plunging Today - Dole (NYSE:DOLE)

Dole PLC DOLE reported first-quarter FY22 sales growth of 113.5% year-on-year, to $2.25 billion, missing the consensus of $2.32 billion.
On a pro-forma comparative basis, revenue decreased marginally, primarily due to a decrease in Fresh Vegetables resulting from the Value Added salads product recall in January and February 2022 and negative foreign currency translation movements.
The gross profit rose 58.6% Y/Y to $134 million with a margin of 6%.
The operating margin was 0.5%, and operating income for the quarter fell 15.2% to $10.6 million.
The company held $215.9 million in cash and equivalents as of March 31, 2022.
The Board of Directors declared a cash dividend for Q1 at $0.08 per share, payable on July 6, 2022, to shareholders of record on June 17, 2022.
Adjusted EPS of $0.30 missed the analyst consensus of $0.35.
Outlook: Dole sees FY22 sales of $9.4 billion - $9.7 billion (prior view $9.6 billion - $9.9 billion) versus the consensus of $9.7 billion.
It sees adjusted EBITDA of $350 million - $370 million (prior view $370.0 million - $380.0 million).
Price Action: DOLE shares are trading lower by 11.6% at $9.85 on the last check Tuesday.