Fresh Del Monte Produce Inc. today reported the financial results for the third quarter ended October 1, 2021.
Financial highlights for the third quarter and first nine months of 2021:
- Net sales for the third quarter of 2021 increased to $1,004.8 million compared with $989.7 million in the prior-year period; Net sales for the first nine months of 2021 increased to $3,234.6 million compared with $3,200.0 million in the prior-year period;
- Gross profit for the third quarter of 2021 decreased to $48.9 million compared with $67.3 million in the prior-year period; gross profit for the first nine months of 2021 increased to $264.0 million compared with $214.5 million in the prior-year period;
- FDP net income(1) for the third quarter of 2021 was $1.3 million compared with $17.4 million in the prior-year period, corresponding Diluted EPS(2) was $0.03 compared with $0.37 in the prior-year period; FDP net income for the first nine months of 2021 was $91.2 million compared with $48.3 million in the prior-year period, corresponding Diluted EPS was $1.91 compared with $1.01 in the prior-year period;
- Adjusted EBITDA(3) for the third quarter of 2021 was $26.2 million compared with $51.0 million in the prior-year period; Adjusted EBITDA for the first nine months of 2021 was $192.0 million in the first nine months of 2021 compared with $165.5 million in the prior-year period.
“While we continue to operate in one of the most challenging macroeconomic environments in recent history, impacted by inflationary and cost pressures across our supply chain, we remain focused on growth by managing our business for the long term and on continuing to provide reliable, quality service to our customers," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer.
“In terms of seasonality, the second half of the year is typically more challenging due to industry-wide excess supply and shifts in demand towards seasonal fruits. During the third quarter, we continued to experience significantly higher input cost and labor shortages, which impacted our margins and profitability. To offset this impact we are implementing inflation-justified price increases in an effort to maintain our continuous supply and service levels."
"As we move forward, we believe that our recent capital investments in the automation of our production facilities, further leveraging of our vertical integration, such as the recent addition of 6 new refrigerated container vessels to our fleet, optimization and consolidation of our operations and product rationalization will prove to be advantageous by putting us in a stronger, more agile position."
Click here to view the full press release.
For more information:
Ana Miranda
Fresh Del Monte Produce Inc.
Tel.: +1 305-520-8433