Fresh Del Monte Produce Inc. today reported financial results for the first quarter ended April 2, 2021.
Financial highlights for the first quarter of 2021:
- Gross profit was $105.0 million for the first quarter of 2021, which represents an increase of 53%, compared with the prior year period, and gross profit margin increased to 10% in the first quarter of 2021, compared with 6% in the prior year period;
- FDP net income(1) for the first quarter of 2021 was $42.7 million, compared with $13.0 million in the prior year period, and Diluted EPS(2) was $0.90 for the first quarter of 2021, compared with $0.27 in the prior year period;
- Adjusted Diluted EPS(3) was $0.88 for the first quarter of 2021, compared with $0.34 in the prior year period; and
- Adjusted EBITDA(3) was $82.3 million for the first quarter of 2021, compared with $51.0 million in the prior year period.
“Despite slightly lower net sales resulting from the continued impact of COVID-19 restrictions on our foodservice customers, and the reduced supply of fruit due to the two hurricanes in Guatemala in the fourth quarter of 2020, we generated strong results,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “We remained focused on creating greater efficiencies and controlling costs throughout our operations.”
Net sales for the first quarter of 2021 decreased $29.7 million, compared with the prior year period which was primarily due to lower net sales in the Company's fresh and value-added and banana business segments, partially offset by higher sales in the Company's other products and services business segment. The overall decrease in net sales was driven by:
- The continued negative effect of the COVID-19 pandemic on the Company's foodservice distribution channel which the Company estimates reduced net sales by $19.4 million in the first quarter of 2021.
- The negative impact on fruit supply due to hurricanes Eta and Iota which drastically impacted the Company's production areas in Guatemala in the fourth quarter of 2020.
Gross profit for the first quarter of 2021 increased $36.5 million, or 53% and Adjusted Gross profit(3), which primarily excludes the impact of inclement weather in South America, increased $30.1 million or 39%, compared with the prior year period. The increase was driven by higher gross profit in all of the Company's business segments.
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For more information:
Christine Cannella
Fresh Del Monte Produce Inc.
U.S. Executive Offices
241 Sevilla Avenue, 12th Floor
Coral Gables, FL 33134
Phone: +1 305-520-8433
Fax: +1 305-567-0320