Fresh Del Monte Q4 net loss $106.4M ($2.22/share) on $1.01B revenue; exploring Mann Packing sale; dividend up 25%

FRESH DEL MONTE PRODUCE INC

2023-FY EPS reported -$0.24 revenue$4,320,700,000

Q4 GAAP net loss $106.4M ($2.22 basic EPS) vs prior-year net income $18.3M; adjusted net income $11.8M.
Full-year 2023 adjusted net income $101.7M, up from $94.3M; GAAP net loss $11.4M due to $143.4M impairments.
Banana segment full-year gross margin improved 250 bps to 10.0%; overall gross margin 8.1% vs 7.7%.
Long-term debt reduced $140M (26%) to $400M; quarterly dividend raised 25% to $0.25/share.
Exploring strategic alternatives for Mann Packing after $133.8M non-cash impairment charge in Q4.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FRESH DEL MONTE PRODUCE INC reported financial results for the fourth quarter and full fiscal year ended December 29, 2023.

Period: the fourth quarter and full fiscal year ended December 29, 2023
Result: reported results

Exact text from the filing

On February 26, 2024 , Fresh Del Monte Produce Inc. announced its financial results for the fourth quarter and full year 2023.

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Source: SEC EDGAR

accession 0001047340-24-000012

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