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Dole Releases First Quarter Results

Published May 16, 2025

Dole plc (DOLE) released its first quarter results on Monday, May 12. The earnings of the global fresh produce company fell short of analysts’ expectations, resulting in a decline in its shares of approximately 4% after the report’s release.

Dole reported quarterly revenue of $2.10 billion. This was down 1% from revenue of $2.12 billion in the same quarter last year but above analysts’ estimates of $2.05 billion.

“We are pleased with the performance in Q1 delivering a result which is ahead of our own expectations,” said Dole CEO, Rory Byrne. “A good start to the year along with our resilient and diverse business model gives us confidence in our ability to navigate the challenges of the current volatile economic environment. Consequently, we are pleased to provide our guidance upwards and are now targeting full year adjusted EBITDA of at least $380 million.”

The company reported a net income of $38.91 million or $0.41 per diluted share for the quarter. This was a decrease in net income from $70.14 million or $0.74 per diluted share in the same quarter last year.

Dole’s Fresh Fruit segment experienced revenue increase of 6.5%, reaching $878.15 million. The Diversified Fresh Produce division in Europe, the Middle East and Africa reported revenue growth of 4.5%, totaling $892.09 million, due to strong sales in the U.K., Spain and the Netherlands partially offset by the effects of foreign currency translation. Revenue in the Diversified Fresh Produce division in the Americas and the Rest of the World region declined 23.8%, primarily due to the sale in the same quarter last year of Progressive Produce. Dole declared a dividend of $0.085 per share of common stock, payable on July 7, 2025, to the stockholders of record on June 9, 2025.

Dole plc (DOLE) shares ended the week at $14.37, up 5% for the week.

Topgolf Callaway Posts Earnings

Topgolf Callaway Brands Corp. (MODG) posted its first quarter earnings report on Monday, May 12. After the golf company reported better-than-expected revenue, its stock rose nearly 1% following the release of the report.

Topgolf Callaway posted revenue of $1.09 billion for the first quarter. This was down 4.5% from $1.14 billion during the same quarter last year. This slightly exceeded analysts’ expectations of $1.07 billion.

“We are pleased with our first quarter results as we met or beat our plan in all segments of our business,” said Topgolf Callaway CEO, Chip Brewer. “This is clearly going to be an interesting year, but we believe we are well positioned to create shareholder value via: building on our core strengths, achieving our consolidated financial goals, and through the sale of our Jack Wolfskin business and the planned separation of Topgolf.”

Net income for the quarter came in at $2.1 million or $0.01 per adjusted share. This was down from net income of $6.5 million or $0.04 per adjusted share during the same quarter last year.

The company’s Topgolf segment, a driving range entertainment venue, contributed $393.7 million in revenue, a 6.9% decrease from $422.8 million one year ago. The decrease was primarily due to a decline in same venue sales of 12%. The company’s Golf Equipment segment accounted for $443.7 million in revenue, a 1.4% decrease from the previous year. Within Topgolf Callaway’s Active Lifestyle segment, which includes golf apparel and accessories, revenue declined 6.1% to $254.9 million from the same quarter one year ago. For the full fiscal year 2025, the company reaffirmed that it expects net sales of $4.0 billion to $4.19 billion.

Topgolf Callaway Brands Corp. (MODG) shares ended the week at $7.00, down 8% for the week.

Under Armour Announces Earnings

Under Armour, Inc. (UAA) announced its fourth quarter and full year earnings on Tuesday, May 13. The athletic-wear company’s stock remained relatively unchanged despite reporting better-than-expected quarterly earnings and sales.

The company reported revenue of $1.18 billion for the first quarter. Revenue was down 11.4% from $1.33 billion during the same quarter last year but exceeded analysts’ expectations of $1.16 billion for the quarter. For the full year, revenue came in at $5.16 billion, down from $5.70 billion reported last year.

"One year into our strategic reset, we are laying the groundwork for a more focused Under Armour," said Under Armour CEO, Kevin Plank. "Our fourth quarter performance contributed to fiscal 2025 results that were better than the expectations we set a year ago and we are demonstrating traction in our efforts to reposition the brand." 

Under Armour posted a net loss of $67.46 million or $0.16 per adjusted share for the quarter. Last year at this time, the company reported net income of $6.57 million or $0.02 per adjusted share. For the full year, the company reported a net loss of $201.27 million, down from net income of $232.04 million last year.

The Baltimore-based sports apparel manufacturer’s North America segment posted an 11% decrease in revenue to $689 million in revenue for the quarter. Under Armour’s International segment experienced a 13% decrease in revenue to $489 million compared to the prior year. Wholesale revenue decreased 10% to $768 million and direct-to-consumer revenue fell 15% to $386 million due, in part, to planned reductions in promotional activities. Looking ahead, Under Armor expects revenue in the first quarter of fiscal 2026 to decrease 4% to 5% with adjusted earnings per share to be between $0.01 and $0.03.

Under Armour, Inc. (UAA) shares ended the week at $6.71, up 6% for the week.

The Dow started the week of 5/12 at 41,899 and closed at 42,655 on 5/16. The S&P 500 started the week at 5,807 and ended at 5,958. The NASDAQ started the week at 18,675 and finished at 19,211.