Foods

Strong Dole contribution offsets eurozone challenges; EPS guidance reiterated

  • Sectors : Foods
  • Companies : Total Produce | Dole plc

Ratings and price correct at time of issue.

  • Total Produce

    Closing Price: 125c

  • RATING 14/05/10

  • PREVIOUS RATING 30/06/09

    NEUTRAL

DAVY VIEW

Despite a sundry of sector headwinds, Total Produce has delivered a resilient H1 performance and has reiterated full-year EPS guidance. While like-for-like (LFL) revenues in the core business were down 2% – challenged by competitive markets and international trade tensions – Dole’s EBITA was ahead of our expectations. Dole’s Fresh Vegetable benefitted from continued recovery in packaged salads following last year’s romaine product safety notices. We will hold our full-year EPS forecast whilst recalibrating our growth assumptions towards Dole.

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Aug 29 2019, 07:10 IST/BST

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