DAVY VIEW

The key takeaway from the 2019 results is the stand-out performance from Dole and the near-30% year-on-year (yoy) increase in Dole EBITDA. The performance exceeds our expectations and underpins strong yoy growth in adjusted EPS – which was 5% ahead of our forecasts and surpassed the upper-end of guidance. With a strong recovery in its packaged salads business, Dole’s EBITDA has now surpassed its 2017 high water mark. The outlook calls for “continued growth”, while we see c.2-3% upside to our FY 2020 EPS forecast.