Fresh Del Monte Q3 net income plunges to $1.3M from $17.4M; EPS $0.03 vs $0.37

FRESH DEL MONTE PRODUCE INC

2021-10-01 EPS reported $1.91 revenue$3,234,600,000

Net sales up 2% to $1,004.8M; gross profit fell to $48.9M from $67.3M (margin 4.9% vs 6.8%).
FDP net income of $1.3M ($0.03 diluted EPS) vs $17.4M ($0.37) in prior-year quarter.
Adjusted EBITDA dropped to $26.2M from $51.0M; Adjusted EBITDA margin declined to 2.6% from 5.2%.
Inflation and labor shortages drove higher costs across supply chain, particularly in banana and fresh-cut segments.
Board declared $0.15/share quarterly dividend, payable Dec 10, 2021 to holders of record Nov 17.

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