Fresh Del Monte Q1 net income down 40% to $25.8M; revenue up 5% to $1.14B

FRESH DEL MONTE PRODUCE INC

2022-Q1 EPS reported $0.54 revenue$1,136,900,000

Net sales $1,136.9M (+5% YoY); gross profit $89.8M vs $105M; FDP net income $25.8M vs $42.7M.
Diluted EPS $0.54 vs $0.90; adjusted diluted EPS $0.55 vs $0.88.
Banana segment gross margin fell to 9.3% from 12.0%; fresh/value-added margin to 6.6% from 8.3%.
Dividend raised to $0.15/share from $0.10; payable June 10 to holders of record May 18.
Management cited unprecedented inflation and supply chain constraints as primary headwinds.

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