Fresh Del Monte Produce Inc. announces fourth quarter and full year 2020 financial results

COVID-19 pandemic impacted net sales during 2020 by an estimated $303.6 million

Fresh Del Monte Produce today reported financial results for the fourth quarter and fiscal year 2020. For the full year 2020, the Company reported earnings per diluted share of $1.03, compared with earnings per diluted share of $1.37 for the full year 2019. Adjusted earnings per diluted share were $1.15 for the full year 2020, compared with adjusted earnings per diluted share of $1.12 for the full year 2019. The Company reported earnings per diluted share of $0.02 in the fourth quarter of 2020, compared with a loss per diluted share of $0.54 in the fourth quarter of 2019. Adjusted loss per diluted share was $0.08 in the fourth quarter of 2020, compared with adjusted loss per diluted share of $0.45 in the fourth quarter of 2019.

The Company's Board of Directors declared a cash dividend of ten cents $(0.10) per share, payable on April 2, 2021 to shareholders of record on March 10, 2021.

“In 2020, we benefited from actions taken as part of our $100 million asset sale optimization program, as well as making progress on our five-year strategic initiatives to become a value-added and more diversified Company,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “The emphasis on selling non-strategic, underutilized assets, and strengthening our core businesses led to improved cash flow and reduced debt. These efforts along with our versatile, vertically-integrated platform helped us mitigate the effects of disruptions, including weather and the COVID-19 pandemic. We are also proud of the progress we made in the following areas in the midst of a global pandemic, we placed in service four of our six new container vessels that we expect will increase our efficiency and reduce our carbon footprint; we opened a new state-of-the-art Mann Packing facility in California, merging four facilities into one; and opened a new state-of-the-art distribution and fresh-cut facility in Yokohama, Japan. Also, we benefited from our new avocado packing facility that opened in December 2019."

"We are optimistic that with an improved balance sheet, and our strategic focus on value-added products to respond to the shift in delivery channels driven by the trend towards a ‘stay-at-home economy’ we will continue to see gains in our performance during 2021. Our goal, as always, is to deliver shareholder value over the long-term,” Abu-Ghazaleh added.

Click here for the full financial results


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