Fresh Del Monte Q1 2024: EPS $0.55 vs $0.81; fresh/value-added revenue up 5%

FRESH DEL MONTE PRODUCE INC

2024-Q1 EPS reported $0.55 revenue$1,107,900,000

Net sales $1,107.9M (-1.8% YoY); net income attributable to FDP $26.1M (-33%) or $0.55 per diluted share.
Fresh/value-added segment revenue up 5% to $676.8M, gross margin improved to 8.3% (7.3% prior). Avocado revenue +23%.
Banana net sales down 11% to $379.5M; gross margin halved to 5.7% due to service issues and competitive pressures.
Operating cash flow $18.7M vs $15.5M; long-term debt reduced to $400.0M from $472.7M.
Quarterly dividend raised to $0.25/share from $0.15/share (67% increase).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRESH DEL MONTE PRODUCE INC reported the first quarter ended March 29, 2024 results: revenue $1,107.9 million, net income $26.1 million.

Period: the first quarter ended March 29, 2024
Revenue: $1,107.9 million
Net income: $26.1 million
Result: reported results

Exact text from the filing

believe we are well-positioned to generate sustainable value for our shareholders.” Financial highlights for the first quarter 2024: Net sales for the first quarter of 2024 were $1,107.9 million compared with $1,128.5 million in the prior-year period. The decrease in net sales was a result of lower banana net sales, driven by lower volume and pricing, and lower net sales

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Source: SEC EDGAR

accession 0001047340-24-000121

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