Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or
the "Company") today reported financial results for the second
quarter ended June 30, 2023.
“We are pleased with our performance for the second quarter as
net income more than doubled and gross profit and gross margin
increased substantially when compared with the prior-year period –
all while continuing to reduce our debt,” said Mohammad
Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive
Officer. “Our strategic efforts led by asset optimization,
strategic partnerships, and product innovation continue to guide
our decision-making process, which is beginning to reflect in our
financial results.”
Financial highlights for the second quarter 2023:
Net sales for the second quarter of 2023 were $1,180.5 million
compared with $1,211.9 million in the prior-year period. The net
sales variance was primarily driven by the fresh and value-added
products segment, specifically lower per unit pricing of avocados
due to market conditions, and lower sales volume of non-tropical
fruit. Net sales were partially offset by higher net sales in our
banana segment, driven by both per unit pricing and volume.
Gross profit for the second quarter of 2023 was $116.8 million
compared with $80.7 million in the prior-year period, an increase
of 45%. Gross profit benefited from lower product and distribution
costs in the fresh and value-added products segment combined with
higher banana profitability.
Operating income for the second quarter of 2023 was $72.1
million compared with $34.3 million in the prior-year period and
Adjusted operating income(2) was $67.9 million compared with $33.4
million in the prior-year period. The increase in operating income
was due to higher gross profit and the gain on sale of our plastics
business and other underutilized assets in South and Central
America. Adjusted operating income excludes these asset sale gains,
as well as $4.6 million of asset impairment and other charges
related to impairments of grape vines in South America due to low
productivity, idle land in Central America, and incremental
expenses associated with the cybersecurity incident in early 2023.
In the prior-year period, Adjusted operating income excludes asset
impairment and other charges of $0.7 million and a $1.6 million
gain on sale of assets.
Other expense, net for the second quarter of 2023 was $6.4
million compared with $2.6 million in the prior-year period. The
increase principally resulted from higher foreign currency related
losses, primarily related to unrealized losses on balance sheet
remeasurement.
FDP net income(1) for the second quarter of 2023 was $47.7
million compared with $21.2 million in the prior-year period and
Adjusted FDP net income(2) was $46.2 million compared with $20.7
million in the prior-year period. Adjusted FDP net income for the
second quarter of 2023 excludes the abovementioned asset impairment
and other charges, gain on sale of assets, as well as a $2.7
million tax effect related to all adjustments. In the prior-year
period, Adjusted FDP net income excludes the abovementioned asset
impairment and other charges, gain on sale of assets and tax effect
related to all adjustments.
(1) "FDP net income" as referenced
throughout this release is defined as Net income attributable to
Fresh Del Monte Produce Inc.
(2) Non-GAAP financial measure.
Reconciliations and other information required by Regulation G can
be found below under "Non-GAAP Measures."
Second Quarter 2023 Business Segment Performance and Selected
Financial Data (As reported in business segment data)
Fresh Del Monte Produce Inc.
and Subsidiaries
Business Segment Data
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
June 30, 2023
July 1, 2022
Segment Data:
Net Sales
Gross Profit
Gross Margin
Net Sales
Gross Profit
Gross Margin
Fresh and value-added products
$
677.6
57
%
$
62.1
53
%
9.2
%
$
732.4
60
%
$
49.4
61
%
6.7
%
Banana
448.8
38
%
50.5
43
%
11.3
%
421.6
35
%
22.2
28
%
5.3
%
Other products and services
54.1
5
%
4.2
4
%
7.8
%
57.9
5
%
9.1
11
%
15.6
%
$
1,180.5
100
%
$
116.8
100
%
9.9
%
$
1,211.9
100
%
$
80.7
100
%
6.7
%
Six months ended
June 30, 2023
July 1, 2022
Net Sales
Gross Profit
Gross Margin
Net Sales
Gross Profit
Gross Margin
Fresh and value-added products
$
1,321.0
57
%
$
109.1
51
%
8.3
%
$
1,405.1
60
%
$
93.8
55
%
6.7
%
Banana
873.9
38
%
93.7
44
%
10.7
%
827.6
35
%
60.0
35
%
7.2
%
Other products and services
114.1
5
%
11.0
5
%
9.6
%
116.2
5
%
16.7
10
%
14.4
%
$
2,309.0
100
%
$
213.8
100
%
9.3
%
$
2,348.9
100
%
$
170.5
100
%
7.3
%
Second Quarter 2023 Business Segment Performance
Fresh and Value-Added
Products
Net sales for the second quarter of 2023 were $677.6
million compared with $732.4 million in the prior-year period,
primarily as a result of lower per unit pricing of avocados due to
market conditions, combined with lower sales volumes of
non-tropical fruit. Partially offsetting the decrease were higher
net sales of fresh-cut fruit, pineapples, vegetables, and melons
due to higher per unit selling prices and higher avocados sales
volume.
Gross profit for the second quarter of 2023 was $62.1
million compared with $49.4 million in the prior-year period, an
increase of 26%. The increase in gross profit was positively
impacted by higher per unit selling prices for most products in the
segment and lower distribution and ocean freight costs.
Additionally, higher gross profit of avocados, due to lower per
unit product cost, and higher demand of our Honeyglow® and
Pinkglow® pineapple varieties, positively impacted gross profit.
Partially offsetting the increase were higher production and
procurement costs of most products which continue to be impacted by
lingering inflationary pressures as well as the foreign exchange
impact of a stronger Costa Rican colon. As a result of these
factors, gross margin increased to 9.2% compared with 6.7% in the
prior-year period.
Banana
Net sales for the second quarter of 2023 were $448.8
million compared with $421.6 million in the prior-year period,
primarily as a result of higher per unit selling prices in Europe
and North America and higher sales volume in Asia, Europe and North
America.
Gross profit for the second quarter of 2023 was $50.5
million compared with $22.2 million in the prior-year period, an
increase of 127%. The increase in gross profit was impacted by
higher net sales and lower distribution and ocean freight costs
partially offset by higher production and procurement costs due to
the continuing impact of inflation combined with the foreign
exchange impact of a stronger Costa Rican colon. As a result of
these factors, gross margin more than doubled to 11.3% compared
with 5.3% in the prior-year period.
Other Products and
Services
Net sales for the second quarter of 2023 were $54.1
million compared with $57.9 million in the prior-year period as a
result of lower net sales of third-party freight services due to
softened global demand.
Gross profit for the second quarter of 2023 was $4.2
million compared with $9.1 million in the prior-year period as a
result of lower third-party freight services net sales. Gross
margin was 7.8% compared with 15.6% in the prior-year period.
Cash Flows
Net cash provided by operating activities for the first six
months of 2023 was $132.7 million compared with $95.1 million in
the prior-year period. The increase was primarily attributable to
working capital fluctuations, mainly related to lower levels of raw
materials and packaging supplies inventory, combined with higher
net income.
Total Long Term Debt
Total long-term debt decreased to $400.5 million at the end of
the second quarter of 2023 from $472.7 million at the end of the
first quarter of 2023.
Quarterly Cash Dividend
On August 1, 2023, the Company's Board of Directors declared a
quarterly cash dividend of $0.20 per share, payable on September 8,
2023 to shareholders of record on August 16, 2023.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Operations
(U.S. dollars in millions,
except share and per share data) - (Unaudited)
Quarter ended
Six months ended
Statement of Operations:
June 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Net sales
$
1,180.5
$
1,211.9
$
2,309.0
$
2,348.9
Cost of products sold
1,063.7
1,131.2
2,093.4
2,178.4
Other product-related charges
—
—
1.8
—
Gross profit
116.8
80.7
213.8
170.5
Selling, general and administrative
expenses
46.8
47.3
94.4
92.5
Gain (loss) on disposal of property, plant
and equipment, net and subsidiary
6.7
1.6
34.2
(2.2
)
Asset impairment and other charges,
net
4.6
0.7
7.1
1.7
Operating income
72.1
34.3
146.5
74.1
Interest expense, net
6.1
5.7
13.9
11.0
Other expense, net
6.4
2.6
15.7
6.7
Income before income taxes
59.6
26.0
116.9
56.4
Income tax provision
11.3
4.9
20.9
10.7
Net income
$
48.3
$
21.1
$
96.0
$
45.7
Less: Net income (loss) attributable to
redeemable and noncontrolling interests
0.6
(0.1
)
9.3
(1.2
)
Net income attributable to Fresh Del Monte
Produce Inc.
$
47.7
$
21.2
$
86.7
$
46.9
Earnings per share(1):
Basic
$
0.99
$
0.44
$
1.81
$
0.98
Diluted
$
0.99
$
0.44
$
1.80
$
0.98
Dividends declared per ordinary share
$
0.20
$
0.15
$
0.35
$
0.30
Weighted average number of ordinary
shares:
Basic
48,032,711
47,825,758
47,962,822
47,745,440
Diluted
48,213,033
47,887,123
48,183,287
47,871,704
(1)
Earnings per share ("EPS") is calculated
based on Net income attributable to Fresh Del Monte Produce
Inc.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated Balance
Sheets
(U.S. dollars in millions) -
(Unaudited)
June 30, 2023
December 30,
2022
Assets
Current assets:
Cash and cash equivalents
$
43.8
$
17.2
Trade and other accounts receivable,
net
520.2
464.5
Inventories, net
583.3
669.0
Other current assets
30.2
90.7
Total current assets
1,177.5
1,241.4
Investment in and advances to
unconsolidated companies
21.8
18.0
Property, plant and equipment, net
1,281.2
1,309.5
Operating lease right-of-use assets
224.8
213.8
Goodwill
423.4
422.9
Intangible assets, net
131.8
135.0
Other noncurrent assets
112.0
118.3
Total assets
$
3,372.5
$
3,458.9
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued expenses
$
514.2
$
549.9
Current maturities of debt and finance
leases
1.4
1.3
Current maturities of operating leases
53.6
41.6
Other current liabilities
29.0
14.2
Total current liabilities
598.2
607.0
Long-term debt and finance leases
407.1
547.1
Operating leases, less current
maturities
146.5
147.3
Other noncurrent liabilities
175.2
182.5
Total liabilities
1,327.0
1,483.9
Redeemable noncontrolling interest
—
49.4
Total Fresh Del Monte Produce Inc.
shareholders' equity
2,029.4
1,904.7
Noncontrolling interests
16.1
20.9
Total shareholders' equity
2,045.5
1,925.6
Total liabilities, redeemable
noncontrolling interest and shareholders' equity
$
3,372.5
$
3,458.9
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(U.S. dollars in millions) -
(Unaudited)
Six months ended
June 30, 2023
July 1, 2022
Operating activities:
Net income
$
96.0
$
45.7
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
43.7
47.3
Amortization of debt issuance costs
0.2
0.3
Asset impairments
2.8
0.2
Share-based compensation expense
5.1
2.8
Deferred income taxes
(6.1
)
(5.8
)
(Gain) loss on disposal of property, plant
and equipment and subsidiary
(34.2
)
2.2
Other, net
0.6
(10.6
)
Changes in operating assets and
liabilities:
Receivables
(44.3
)
(61.8
)
Inventories
81.8
26.7
Prepaid expenses and other current
assets
0.4
(0.2
)
Accounts payable and accrued expenses
(17.0
)
42.3
Other assets and liabilities
3.7
6.0
Net cash provided by operating
activities
132.7
95.1
Investing activities:
Capital expenditures
(18.9
)
(23.2
)
Proceeds from sales of property, plant and
equipment
96.8
6.3
Cash paid from derivatives not designated
as hedges
—
(0.2
)
Investments in unconsolidated
companies
(3.7
)
(8.1
)
Other investing activities
(0.5
)
0.1
Net cash provided by (used in)
investing activities
73.7
(25.1
)
Financing activities:
Net repayments on debt
(139.3
)
(56.4
)
Purchase of redeemable noncontrolling
interest
(5.2
)
—
Distributions to noncontrolling
interests
(17.8
)
(0.6
)
Net payments related to share-based
awards
(0.7
)
(0.8
)
Dividends paid
(16.8
)
(14.3
)
Other financing activities
(0.4
)
(0.3
)
Net cash used in financing
activities
(180.2
)
(72.4
)
Effect of exchange rate changes on
cash
0.4
1.9
Net increase (decrease) in cash and cash
equivalents
26.6
(0.5
)
Cash and cash equivalents, beginning
17.2
16.1
Cash and cash equivalents, ending
$
43.8
$
15.6
Non-GAAP Measures
The Company's results are determined in accordance with U.S.
generally accepted accounting principles (GAAP). Certain
information presented in this press release reflects adjustments to
GAAP measures such as amounts related to asset impairment and other
charges, net, gain on disposal of property, plant and equipment,
net and subsidiary, and other product-related charges. These
adjustments result in non-GAAP financial measures and are referred
to in this press release as Adjusted gross profit, Adjusted gross
margin, Adjusted operating income, Adjusted FDP net income, and
Adjusted diluted EPS. Management believes these adjustments provide
a more comparable analysis of the underlying operating performance
of the business.
This press release also includes non-GAAP measures such as
EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin.
EBITDA is defined as net income attributable to Fresh Del Monte
Produce Inc. excluding interest expense, net, provision for income
taxes, depreciation and amortization, and share-based compensation
expense. Adjusted EBITDA represents EBITDA with additional
adjustments for non-recurring items. EBITDA margin represents
EBITDA as a percentage of net sales, and Adjusted EBITDA margin
represents Adjusted EBITDA as a percentage of net sales.
Adjusted gross profit, Adjusted operating income, Adjusted FDP
net income, and Adjusted EBITDA provide the Company with an
understanding of the results from the primary operations of its
business. The Company uses these metrics because management
believes they provide more comparable measures to evaluate
period-over-period operating performance since they exclude special
items that are not indicative of the Company's core business or
operations. These measures may be useful to an investor in
evaluating the underlying operating performance of the Company's
business because these measures:
- Are used by investors to measure a company's comparable
operating performance;
- Are financial measurements that are used by lenders and other
parties to evaluate creditworthiness; and
- Are used by the Company's management for various purposes,
including as measures of performance of its operating entities, as
a basis of strategic planning and forecasting, and in certain cases
as a basis for incentive compensation.
Because all companies do not use identical calculations, the
Company's presentation of these non-GAAP financial measures may not
be comparable to similarly titled measures used by other companies.
Reconciliations of non-GAAP financial measures to the most directly
comparable GAAP financial measures are provided in the financial
tables that accompany this release.
Fresh Del Monte Produce Inc.
and Subsidiaries
Non-GAAP
Reconciliation
(U.S. dollars in millions,
except per-share amounts) - (Unaudited)
Quarter ended
June 30, 2023
July 1, 2022
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
As reported
$
116.8
$
72.1
$
47.7
$
0.99
$
80.7
$
34.3
$
21.2
$
0.44
Adjustments:
Other product-related charges (1)
—
—
—
—
—
—
—
—
Asset impairment and other charges, net
(2)
—
4.6
4.6
0.09
—
0.7
0.7
0.01
(Gain) on disposal of property, plant and
equipment, net and subsidiary (3)
—
(8.8
)
(8.8
)
(0.18
)
—
(1.6
)
(1.6
)
(0.03
)
Other adjustments (4)
—
—
—
—
—
—
—
—
Tax effects of all adjustments (5)
—
—
2.7
0.06
—
—
0.4
0.01
As adjusted
$
116.8
$
67.9
$
46.2
$
0.96
$
80.7
$
33.4
$
20.7
$
0.43
Six months ended
June 30, 2023
July 1, 2022
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
As reported
$
213.8
$
146.5
$
86.7
$
1.80
$
170.5
$
74.1
$
46.9
$
0.98
Adjustments:
Other product-related charges (1)
1.8
1.8
1.8
0.04
—
—
—
—
Asset impairment and other charges, net
(2)
—
7.1
7.1
0.15
—
1.7
1.7
0.04
(Gain) on disposal of property, plant and
equipment, net and subsidiary (3)
—
(36.3
)
(36.3
)
(0.76
)
—
(2.0
)
(2.0
)
(0.04
)
Other adjustments (4)
—
—
7.6
0.16
—
—
—
—
Tax effects of all adjustments (5)
—
—
6.0
0.12
—
—
0.2
—
As adjusted
$
215.6
$
119.1
$
72.9
$
1.51
$
170.5
$
73.8
$
46.8
$
0.98
Fresh Del Monte Produce Inc.
and Subsidiaries
Segment Gross Profit Non-GAAP
Reconciliation
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
June 30, 2023
July 1, 2022
Fresh and value-added
products
Banana
Other products and services
Fresh and value-added
products
Banana
Other products and services
Gross profit (as reported)
$
62.1
$
50.5
$
4.2
$
49.4
$
22.2
$
9.1
Adjustments:
Other product-related charges (1)
—
—
—
—
—
—
Adjusted Gross profit
$
62.1
$
50.5
$
4.2
$
49.4
$
22.2
$
9.1
Adjusted Gross margin (a)
9.2
%
11.3
%
7.8
%
6.7
%
5.3
%
15.6
%
Six months ended
June 30, 2023
July 1, 2022
Fresh and value-added
products
Banana
Other products and services
Fresh and value-added
products
Banana
Other products and services
Gross profit (as reported)
$
109.1
$
93.7
$
11.0
$
93.8
$
60.0
$
16.7
Adjustments:
Other product-related charges (1)
1.7
0.1
—
—
—
—
Adjusted Gross profit
$
110.8
$
93.8
$
11.0
$
93.8
$
60.0
$
16.7
Adjusted Gross margin (a)
8.4
%
10.7
%
9.6
%
6.7
%
7.2
%
14.4
%
(a)
Calculated as Adjusted Gross profit as a
percentage of net sales.
Fresh Del Monte Produce Inc.
and Subsidiaries
Reconciliation of EBITDA and
Adjusted EBITDA
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
Six months ended
June 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Net income attributable to Fresh Del Monte
Produce Inc.
$
47.7
$
21.2
$
86.7
$
46.9
Interest expense, net
6.1
5.7
13.9
11.0
Income tax provision
11.3
4.9
20.9
10.7
Depreciation & amortization
21.6
23.7
43.7
47.3
Share-based compensation expense
2.9
1.1
5.1
2.8
EBITDA
$
89.6
$
56.6
$
170.3
$
118.7
Adjustments:
Other product-related charges (1)
—
—
1.8
—
Asset impairment and other charges, net
(2)
4.6
0.7
7.1
1.7
(Gain) on disposal of property, plant and
equipment, net and subsidiary (3)
(8.8
)
(1.6
)
(36.3
)
(2.0
)
Other adjustments (4)
—
—
7.6
—
Adjusted EBITDA
$
85.4
$
55.7
$
150.5
$
118.4
Net sales
$
1,180.5
$
1,211.9
$
2,309.0
$
2,348.9
EBITDA margin (a)
7.6
%
4.7
%
7.4
%
5.1
%
(a) Calculated as EBITDA as a percentage
of net sales.
Adjusted EBITDA margin (b)
7.2
%
4.6
%
6.5
%
5.0
%
(b) Calculated as Adjusted EBITDA as a
percentage of net sales.
(1)
Other product-related charges for
the six months ended June 30, 2023 of $1.8 million consisted of
inventory write-offs which were primarily related to the sale of
two distribution centers in the Middle East.
(2)
Asset impairment and other
charges, net for the quarter ended June 30, 2023 primarily
consisted of impairment charges related to low productivity grape
vines in South America and idle land in Central America. In
addition, the quarter and six months ended June 30, 2023 also
included expenses incurred in connection with a cybersecurity
incident which occurred during early 2023. The incident temporarily
impacted certain of the Company's operational and information
technology systems, and resulted in incremental costs primarily
related to the engagement of specialized legal counsel and other
incident response advisors. The Company's critical operational data
and business systems were promptly recovered and accordingly, the
incident did not have a material impact on the Company's financial
results for the six months ended June 30, 2023 and is not expected
to have a material impact on future quarters. Asset impairment and
other charges, net for the quarter ended July 1, 2022 primarily
consisted of severance expenses due to the exit from a European
facility. For the six months ended July 1, 2022, asset impairment
and other charges, net also included severance expense in
connection with the departure of the Company's former President and
Chief Operating Officer.
(3)
Gain on disposal of property,
plant and equipment, net and subsidiary for the quarter ended June
30, 2023 primarily included a $3.8 million gain on the sale of the
Company's plastics business subsidiary in South America and gains
on the sales of land assets in South and Central America. For the
six months ended June 30, 2023, gain on disposal of property, plant
and equipment, net and subsidiary also included a $20.5 million
gain on the sale of two distribution centers and related assets in
the Middle East and a $7.0 million gain on the sale of an idle
facility in North America. Gain on disposal of property, plant and
equipment, net and subsidiary for the quarter and six months ended
July 1, 2022 primarily related to a gain on the sale of vacant land
in Mexico.
(4)
Other adjustments for the six
months ended June 30, 2023 primarily related to the portions of the
gain on disposal of property, plant, and equipment, net and other
product-related charges which were attributable to a minority
interest partner, reflected in net income (loss) attributable to
redeemable and noncontrolling interests.
(5)
Tax effects are calculated in
accordance with ASC 740, Income Taxes, using the same methodology
as the GAAP provision of income taxes. Income tax effects of
non-GAAP adjustments are calculated based on the applicable
statutory tax rate for each jurisdiction in which such adjustments
were incurred, except for those items which are non-taxable for
which the tax provision was calculated at 0%. Certain non-GAAP
adjustments were subject to valuation allowances and therefore were
calculated at 0%.
Conference Call and Webcast Data
Fresh Del Monte will host a conference call and simultaneous
webcast at 10:00 a.m. Eastern Time today to discuss the second
quarter 2023 financial results and to review the Company’s progress
and outlook. The webcast can be accessed on the Company’s Investor
Relations home page at https://investorrelations.freshdelmonte.com.
The call will be available for re-broadcast on the Company’s
website approximately two hours after the conclusion of the call
for a period of one year.
About Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well as a
leading producer and distributor of prepared food in Europe, Africa
and the Middle East. Fresh Del Monte markets its products worldwide
under the Del Monte® brand (under license from Del Monte Foods,
Inc.), a symbol of product innovation, quality, freshness and
reliability for over 135 years. The Company also markets its
products under the Mann™ brand and other related trademarks. Fresh
Del Monte Produce Inc. is not affiliated with certain other Del
Monte companies around the world, including Del Monte Foods, Inc.,
the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada,
or Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global
marketer of fruits and vegetables to commit to the “Science Based
Targets” initiative. In 2023, for the second consecutive year,
Fresh Del Monte Produce was ranked as one of "America's Most
Trusted Companies" by Newsweek based on an independent survey
rating companies on three different touchpoints, including customer
trust, investor trust, and employee trust. Fresh Del Monte Produce
is traded on the NYSE under the symbol FDP.
Forward-looking Information
This press release and the related earnings call contain certain
forward-looking statements regarding the intent, beliefs or current
expectations of the Company. These statements include statements
that are preceded by, followed by or include the words “believes”,
“expects”, “anticipates”, “may” or similar expressions with respect
to various matters. Specifically, this press release and the
earnings call contain forward-looking statements regarding the
Company’s plans and expectations for future performance, including
the Company’s (a) commitment to asset optimization, strategic
partnerships and product innovations and the impact on the
Company’s results of operations; (b) expectations regarding the
ability to identify, sell or leverage underutilized assets,
including the related impacts to operational efficiency; (c)
anticipated demand for the Company’s core products; (d)
improvements in the Company’s avocado business and pricing and
technology developments; (e) climate-related projects, including
the Company’s Brighter World Tomorrow™ vision; (f) leveraging
technologies to improve grower and supply-related efficiencies; (g)
continued focus on innovation and value-added products; (h)
strategies and goals for industry innovation, including becoming a
technology-driven, sustainable company; (i) changes to, or launches
of, new product lines, partnerships or programs and the ability to
expand into other markets; and (j) impact of inflation and foreign
exchange rates on the Company’s results. It is important to note
that these forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. The Company’s
actual plans and performance may differ materially from those in
the forward-looking statements as a result of various factors,
including (i) macroeconomic factors, including inflation, interest
rates and foreign exchange rates; (ii) the Company’s ability to
leverage technologies, (iii) trends and other factors affecting
consumer preferences, including whether consumers are receptive to
the ideas and innovations made by the Company, (iv) its inability
to accurately identify underperforming product lines and assets,
and (v) other factors outside the Company’s control that impact its
and other growers’ crop quality and yields. In addition, these
forward-looking statements and the information in this press
release and the earnings call are qualified in their entirety by
cautionary statements and risk factor disclosures contained in the
Company’s Securities and Exchange Commission filings, including the
Company’s most recently filed Annual Report on Form 10-K. All
forward-looking statements in this press release are based on
information available to us on the date hereof, and we assume no
obligation to update such statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802281062/en/
Monica Vicente Senior Vice President, Chief Financial
Officer 305-520-8433
Grafico Azioni Fresh Del Monte Produce (NYSE:FDP)
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Grafico Azioni Fresh Del Monte Produce (NYSE:FDP)
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