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Fresh Del Monte Produce reports third quarter 2019 financial results

Fresh Del Monte Produce Inc. reported financial results for the third quarter ended September 27, 2019. The Company reported earnings per diluted share of $0.38 for the third quarter of 2019, compared with a loss per diluted share of $0.44 in the third quarter of 2018. Adjusted earnings per diluted share were $0.35 in the third quarter of 2019, compared with an adjusted net loss per diluted share of $0.14 in the third quarter of 2018.

“Positive trends continue for Fresh Del Monte with a strong financial performance in the third quarter of 2019,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Our strategic focus on stabilizing our core business, innovative diversification, and transforming Fresh Del Monte to a value-added Company has been building throughout 2019.”

Net sales for the third quarter of 2019 were $1,070.2 million, in line with $1,069.5 million in the third quarter of 2018. The increase in net sales in the fresh and value-added business segment was offset by lower sales in the Company's banana business segment, and weakening currencies against the U.S. dollar in selling countries.
Gross profit for the third quarter of 2019 was $74.7 million, compared with $52.6 million in the third quarter of 2018. The increase in gross profit was primarily attributable to higher gross profit in all of the Company's business segments, principally due to higher selling prices in the Company's fresh and value-added and banana business segments. The increase was partially offset by lower sales volume, higher fruit production and procurement costs, as well as the negative impact of unfavorable exchange rates.

Operating income for the third quarter of 2019 was $27.1 million, compared with operating loss of $11.3 million in the third quarter of 2018. The increase in operating income was the result of higher gross profit, lower asset impairment and other charges, net, and a gain on disposal of property, plant and equipment, net. Adjusted operating income was $25.1 million in the third quarter of 2019, compared with adjusted operating income of $3.2 million in the third quarter of 2018.

Net income attributable to Fresh Del Monte Produce Inc. for the third quarter of 2019 was $18.1 million, compared with net loss attributable to Fresh Del Monte Produce Inc. of $21.5 million in the third quarter of 2018. Adjusted net income was $16.6 million in the third quarter of 2019, compared with adjusted net loss of $7.0 million in the third quarter of 2018. The change was primarily the result of higher operating income.

For the full third quarter financial results, please click here.


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