Fresh Del Monte Q3 net income $8.4M ($0.17 EPS) vs $33.3M; banana margin up 250 bps

FRESH DEL MONTE PRODUCE INC

2023-Q3 EPS reported $1.97 revenue$3,312,100,000

Net sales Q3 $1,003.1M vs $1,053.5M; gross profit $74.4M vs $88.0M (incl. $8.4M Greece flood charge).
Banana segment gross margin improved to 8.3% from 5.8% on lower distribution and ocean freight costs.
Long-term debt reduced 26% to $401.0M from $539.8M at FY2022 year-end.
Quarterly cash dividend increased to $0.20 per share from $0.15, payable Dec 8, 2023.
Nine-month diluted EPS $1.97 vs $1.68; adjusted EBITDA growth driven by higher gross margins.

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