Dole plc: Bitter Peel to Swallow on Costs

研报英文原文证据摘录

Dole plc: Bitter Peel to Swallow on Costs

Deutsche Bank

Research

Rating Company Date

Hold Dole plc 11 May 2026

North America Reuters Bloomberg Rating Hold

United States DOLE.N DOLE US Price target (USD) 15.00 Price at 8 May 26 14.88

52-week range 16.37 – 12.68

Consumer

Consumer Staples Valuation & Risks

Bitter Peel to Swallow on Costs

Christopher Barnes, CFA

Key takeaways from DOLE's 1Q26 results Research Analyst

+1-212-454-0778 In a difficult market tape for CPG, DOLE’s shares rose +2% (S&P flat) as the

company reaffirmed its FY26 outlook as it sees pricing/productivity and fuel Steve Powers

surcharges helping to offset incremental cost headwinds, alongside a continued Research Analyst

expectation for more normalized sourcing/supply in 2H. Specifically, escalating +1-212-250-5480

cost headwinds in shipping and fuel arising from the Middle East conflict, inflation

Angeline Goh in fertilizers and containerboard, and continued CRC strengthening (weighing on Research Associate

pineapple profitability) create additional challenges for DOLE to navigate. While +1-212-250-4515

the company is implementing fuel surcharges in its Fresh Fruit business to

address shipping/fuel costs, alongside underlying pricing benefits from contract Nikhil Jain, CFA

resets and cost containment efforts, 2Q will likely see continued margin Research Associate

+1-212-250-3253

degradation due to the mechanical timing of the surcharge (paid in arrears).

Elsewhere, in the Diversified businesses, DOLE’s dynamic pricing model should

allow for closer to real-time management of fuel/logistics costs, with strong

execution also helping drive profitability.

Stepping back, we believe DOLE is executing well in a difficult and volatile

operating environment. However, meaningful cost headwinds on DOLE’s already