Dole plc (NYSE: DOLE) saw its stock price surge 5.25% in pre-market trading on Monday following the release of its third-quarter financial results and the announcement of a significant share repurchase program.

The fruit and produce company reported Q3 revenue of $2.28 billion, up 10.5% year-over-year and surpassing analysts' expectations of $2.15 billion. While adjusted earnings per share came in at $0.16, slightly below the $0.17 forecast, investors appeared to focus on the company's strong top-line growth and positive outlook. Dole's Diversified Fresh Produce segments delivered excellent results, partially offsetting an anticipated decline in the Fresh Fruit business.

Adding to investor enthusiasm, Dole's Board of Directors authorized a $100 million share repurchase program, signaling confidence in the company's financial position and future prospects. The company also maintained its quarterly dividend of $0.085 per share. Furthermore, Dole raised its full-year guidance, expecting adjusted EBITDA to be at the upper end of its $380 million to $390 million target range. These factors, combined with the recent completion of the Fresh Vegetables division sale, which improved the company's financial flexibility, contributed to the positive market reaction.