Fresh Del Monte Produce Inc. Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results
Fresh and Value-Added Products for Fiscal 2024: Net Sales
Long-Term Debt Reduced by
Company Increased Quarterly Dividend for the Third Consecutive Year
"Our full-year 2024 results reflect the effectiveness of our strategic focus and operational improvements. This success, achieved despite facing several challenges in 2024, was primarily driven by the exceptional performance of our fresh and value-added products segment, particularly pineapples, avocados, and fresh-cut fruit, which continue to fuel our growth and deliver strong gross margins for the Company,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer. "Other notable 2024 performance highlights include a reduction in long-term debt, driven by strong cash flow, and a quarterly dividend increase for the third consecutive year. Building on this momentum and focusing on our core strengths, we remain committed to expanding key segments and delivering sustainable value for our shareholders."
Financial highlights for the fourth quarter 2024:
Net sales for the fourth quarter of 2024 were
Gross profit for the fourth quarter of 2024 was
Adjusted gross profit(1) for the fourth quarter of 2024 was
Operating income for the fourth quarter of 2024 was
Adjusted operating income(1) for the fourth quarter of 2024 was
(1) Non-GAAP financial measure. Reconciliations and other information required by Regulation G can be found below under "Non-GAAP Measures."
Adjusted operating income excludes the above-mentioned
FDP net income(2) for the fourth quarter of 2024 was
Financial highlights for the full fiscal year 2024:
For full fiscal year 2024, net sales were
For full fiscal year 2024, gross profit was
For full fiscal year 2024, Adjusted gross profit was
For the full fiscal year 2024, operating income was
For the full fiscal year 2024, Adjusted operating income was
For the full fiscal year 2024, FDP net income was
(2) "FDP net income/loss" as referenced throughout this release is defined as Net income/loss attributable to Fresh Del Monte Produce Inc.
Fourth Quarter and Full Fiscal Year 2024 Business Segment Performance and Selected Financial Data (As reported in business segment data) |
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Fresh Del Monte Produce Inc. and Subsidiaries |
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Business Segment Data |
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Quarters ended |
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December 27, 2024 |
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December 29, 2023 |
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Segment Data: |
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Net Sales |
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Gross Profit |
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Gross Margin |
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Net Sales |
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Gross Profit |
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Gross Margin |
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Fresh and value-added products |
$ |
612.3 |
|
61 |
% |
|
$ |
46.1 |
|
67 |
% |
|
7.5 |
% |
|
$ |
582.8 |
|
57 |
% |
|
$ |
22.0 |
|
35 |
% |
|
3.8 |
% |
Banana |
|
356.8 |
|
35 |
% |
|
|
14.0 |
|
20 |
% |
|
3.9 |
% |
|
|
379.6 |
|
38 |
% |
|
|
37.6 |
|
60 |
% |
|
9.9 |
% |
Other products and services |
|
44.1 |
|
4 |
% |
|
|
8.6 |
|
13 |
% |
|
19.5 |
% |
|
|
46.2 |
|
5 |
% |
|
|
2.9 |
|
5 |
% |
|
6.3 |
% |
|
$ |
1,013.2 |
|
100 |
% |
|
$ |
68.7 |
|
100 |
% |
|
6.8 |
% |
|
$ |
1,008.6 |
|
100 |
% |
|
$ |
62.5 |
|
100 |
% |
|
6.2 |
% |
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Years ended |
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December 27, 2024 |
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December 29, 2023 |
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Segment Data: |
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Net Sales |
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Gross Profit |
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Gross Margin |
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Net Sales |
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Gross Profit |
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Gross Margin |
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Fresh and value-added products |
$ |
2,606.9 |
|
61 |
% |
|
$ |
243.3 |
|
68 |
% |
|
9.3 |
% |
|
$ |
2,477.8 |
|
57 |
% |
|
$ |
167.3 |
|
48 |
% |
|
6.8 |
% |
Banana |
|
1,475.9 |
|
34 |
% |
|
|
86.8 |
|
24 |
% |
|
5.9 |
% |
|
|
1,638.2 |
|
38 |
% |
|
|
163.3 |
|
47 |
% |
|
10.0 |
% |
Other products and services |
|
197.4 |
|
5 |
% |
|
|
27.8 |
|
8 |
% |
|
14.1 |
% |
|
|
204.7 |
|
5 |
% |
|
|
20.1 |
|
5 |
% |
|
9.8 |
% |
|
$ |
4,280.2 |
|
100 |
% |
|
$ |
357.9 |
|
100 |
% |
|
8.4 |
% |
|
$ |
4,320.7 |
|
100 |
% |
|
$ |
350.7 |
|
100 |
% |
|
8.1 |
% |
Fourth Quarter 2024 Business Segment Performance
Fresh and Value-Added Products
Net sales for the fourth quarter of 2024 increased
Gross profit for the fourth quarter of 2024 was
Banana
Net sales for the fourth quarter of 2024 were
Gross profit for the fourth quarter of 2024 was
Other Products and Services
Net sales for the fourth quarter of 2024 were
Gross profit for the fourth quarter of 2024 was
Full Fiscal Year 2024 Business Segment Performance and Selected Financial Data (continued)
(As reported in business segment data)
Fresh and Value-Added Products
Net sales for full fiscal year 2024 were
Gross profit for full fiscal year 2024 was
Banana
Net sales for full fiscal year 2024 were
Gross profit for full fiscal year 2024 was
Other Products and Services
Net sales for full fiscal year 2024 were
Gross profit for full fiscal year 2024 was
Cash Flows
Net cash provided by operating activities for full fiscal year 2024 was
Long Term Debt
Long term debt as of the end of 2024 decreased to
Quarterly Cash Dividend
On February 21, 2025, the Company's Board of Directors declared an increase to the quarterly cash dividend to
Fresh Del Monte Produce Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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Quarter ended |
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Year ended |
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Statement of Operations: |
December 27, 2024 |
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December 29, 2023 |
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December 27, 2024 |
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December 29, 2023 |
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Net sales |
$ |
1,013.2 |
|
$ |
1,008.6 |
|
|
$ |
4,280.2 |
|
|
$ |
4,320.7 |
|
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Cost of products sold |
|
944.3 |
|
|
952.4 |
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|
|
3,921.3 |
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3,966.2 |
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Other product-related charges (credits) |
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0.2 |
|
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(6.3 |
) |
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1.0 |
|
|
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3.8 |
|
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Gross profit |
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68.7 |
|
|
62.5 |
|
|
|
357.9 |
|
|
|
350.7 |
|
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Selling, general and administrative expenses |
|
48.4 |
|
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44.2 |
|
|
|
196.9 |
|
|
|
186.7 |
|
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Gain on disposal of property, plant and equipment, net |
|
12.9 |
|
|
2.1 |
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|
|
39.5 |
|
|
|
37.9 |
|
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Asset impairment and other charges, net |
|
2.9 |
|
|
133.8 |
|
|
|
4.2 |
|
|
|
143.4 |
|
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Operating income (loss) |
|
30.3 |
|
|
(113.4 |
) |
|
|
196.3 |
|
|
|
58.5 |
|
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Interest expense |
|
3.6 |
|
|
3.7 |
|
|
|
18.4 |
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|
|
24.1 |
|
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Interest income |
|
0.5 |
|
|
0.3 |
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|
1.2 |
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|
1.4 |
|
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Other expense (income), net |
|
3.2 |
|
|
(3.5 |
) |
|
|
8.4 |
|
|
|
19.3 |
|
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Income (loss) before income taxes |
|
24.0 |
|
|
(113.3 |
) |
|
|
170.7 |
|
|
|
16.5 |
|
|
Income tax provision (benefit) |
|
3.6 |
|
|
(6.8 |
) |
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|
29.1 |
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|
|
18.1 |
|
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Net income (loss) |
$ |
20.4 |
|
$ |
(106.5 |
) |
|
$ |
141.6 |
|
|
$ |
(1.6 |
) |
|
Less: Net income (loss) attributable to redeemable and noncontrolling interests |
|
— |
|
|
(0.1 |
) |
|
|
(0.6 |
) |
|
|
9.8 |
|
|
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
$ |
20.4 |
|
$ |
(106.4 |
) |
|
$ |
142.2 |
|
|
$ |
(11.4 |
) |
|
Earnings (loss) per share(1): |
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Basic |
$ |
0.43 |
|
$ |
(2.22 |
) |
|
$ |
2.97 |
|
|
$ |
(0.24 |
) |
|
Diluted |
$ |
0.42 |
|
$ |
(2.22 |
) |
|
$ |
2.96 |
|
|
$ |
(0.24 |
) |
|
Dividends declared per ordinary share |
$ |
0.25 |
|
$ |
0.20 |
|
|
$ |
1.00 |
|
|
$ |
0.75 |
|
|
Weighted average number of ordinary shares: |
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Basic |
|
47,939,455 |
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|
47,868,948 |
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|
47,876,129 |
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|
|
47,979,143 |
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Diluted |
|
48,257,648 |
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|
47,868,948 |
|
|
|
48,040,005 |
|
|
|
47,979,143 |
|
(1) Earnings per share ("EPS") is calculated based on Net income (loss) attributable to Fresh Del Monte Produce Inc. |
Fresh Del Monte Produce Inc. and Subsidiaries |
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Consolidated Balance Sheets |
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December 27, 2024 |
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December 29, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
32.6 |
|
|
$ |
33.8 |
|
Trade accounts receivable, net |
|
393.2 |
|
|
|
387.0 |
|
Other accounts receivable, net |
|
78.0 |
|
|
|
95.1 |
|
Inventories, net |
|
595.3 |
|
|
|
599.9 |
|
Assets held for sale |
|
9.5 |
|
|
|
4.5 |
|
Prepaid expenses and other current assets |
|
24.3 |
|
|
|
24.0 |
|
Total current assets |
|
1,132.9 |
|
|
|
1,144.3 |
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|
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Investment in and advances to unconsolidated companies |
|
39.9 |
|
|
|
22.2 |
|
Property, plant and equipment, net |
|
1,191.6 |
|
|
|
1,256.4 |
|
Operating lease right-of-use assets |
|
186.1 |
|
|
|
213.8 |
|
Goodwill |
|
396.3 |
|
|
|
401.9 |
|
Intangible assets, net |
|
33.2 |
|
|
|
33.3 |
|
Deferred income taxes |
|
47.5 |
|
|
|
51.5 |
|
Other noncurrent assets |
|
68.7 |
|
|
|
60.7 |
|
Total assets |
$ |
3,096.2 |
|
|
$ |
3,184.1 |
|
|
|
|
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Liabilities and shareholders' equity |
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|
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Current liabilities: |
|
|
|
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Accounts payable and accrued expenses |
$ |
476.0 |
|
|
$ |
479.0 |
|
Current maturities of debt and finance leases |
|
1.5 |
|
|
|
1.4 |
|
Current maturities of operating leases |
|
38.6 |
|
|
|
48.6 |
|
Income taxes and other taxes payable |
|
17.0 |
|
|
|
11.6 |
|
Total current liabilities |
|
533.1 |
|
|
|
540.6 |
|
|
|
|
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Long-term debt and finance leases |
|
248.9 |
|
|
|
406.1 |
|
Operating leases, less current maturities |
|
122.3 |
|
|
|
142.1 |
|
Retirement benefits |
|
83.1 |
|
|
|
82.3 |
|
Other noncurrent liabilities |
|
26.8 |
|
|
|
27.6 |
|
Deferred income taxes |
|
75.2 |
|
|
|
72.7 |
|
Total liabilities |
|
1,089.4 |
|
|
|
1,271.4 |
|
Commitments and contingencies |
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Shareholders' equity: |
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Preferred shares |
|
— |
|
|
|
— |
|
Ordinary shares |
|
0.5 |
|
|
|
0.5 |
|
Paid-in capital |
|
605.0 |
|
|
|
597.7 |
|
Retained earnings |
|
1,435.4 |
|
|
|
1,341.4 |
|
Accumulated other comprehensive loss |
|
(50.4 |
) |
|
|
(43.3 |
) |
Total Fresh Del Monte Produce Inc. shareholders' equity |
|
1,990.5 |
|
|
|
1,896.3 |
|
Noncontrolling interests |
|
16.3 |
|
|
|
16.4 |
|
Total shareholders' equity |
|
2,006.8 |
|
|
|
1,912.7 |
|
Total liabilities and shareholders' equity |
$ |
3,096.2 |
|
|
$ |
3,184.1 |
|
Fresh Del Monte Produce Inc. and Subsidiaries |
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Consolidated Statements of Cash Flows |
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( |
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Year ended |
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December 27, 2024 |
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December 29, 2023 |
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Operating activities: |
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Net income (loss) |
$ |
141.6 |
|
|
$ |
(1.6 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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|
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Depreciation and amortization |
|
78.5 |
|
|
|
84.8 |
|
Amortization of debt issuance costs |
|
0.5 |
|
|
|
0.5 |
|
Share-based compensation expense |
|
6.9 |
|
|
|
9.9 |
|
Asset impairments |
|
3.7 |
|
|
|
141.3 |
|
Change in uncertain tax positions |
|
(1.0 |
) |
|
|
1.5 |
|
Gain on disposal of property, plant and equipment, net and subsidiary |
|
(39.5 |
) |
|
|
(37.9 |
) |
Deferred income taxes |
|
3.6 |
|
|
|
(3.8 |
) |
Gain on release of cumulative translation adjustment |
|
— |
|
|
|
(2.4 |
) |
Other, net |
|
(6.6 |
) |
|
|
(1.3 |
) |
Changes in operating assets and liabilities: |
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|
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Receivables |
|
(9.8 |
) |
|
|
(19.3 |
) |
Inventories |
|
(1.5 |
) |
|
|
64.7 |
|
Prepaid expenses and other current assets |
|
(2.4 |
) |
|
|
1.7 |
|
Accounts payable and accrued expenses |
|
11.2 |
|
|
|
(64.1 |
) |
Other noncurrent assets and liabilities |
|
(2.7 |
) |
|
|
3.9 |
|
Net cash provided by operating activities |
|
182.5 |
|
|
|
177.9 |
|
|
|
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Investing activities: |
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|
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Capital expenditures |
|
(51.7 |
) |
|
|
(57.7 |
) |
Proceeds from sales of property, plant and equipment and subsidiary |
|
74.4 |
|
|
|
119.9 |
|
Insurance proceeds received for damage to property, plant and equipment, net |
|
5.7 |
|
|
|
— |
|
Investments in and advances to unconsolidated companies |
|
(8.0 |
) |
|
|
(5.3 |
) |
Other investing activities |
|
— |
|
|
|
(0.5 |
) |
Net cash provided by investing activities |
|
20.4 |
|
|
|
56.4 |
|
|
|
|
|
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Financing activities: |
|
|
|
||||
Proceeds from debt |
|
620.4 |
|
|
|
590.5 |
|
Payments on debt |
|
(776.3 |
) |
|
|
(730.3 |
) |
Distributions to noncontrolling interests |
|
— |
|
|
|
(17.9 |
) |
Purchase of redeemable noncontrolling interest |
|
— |
|
|
|
(5.2 |
) |
Share-based awards settled in cash for taxes |
|
(0.9 |
) |
|
|
(0.8 |
) |
Dividends paid |
|
(47.8 |
) |
|
|
(35.9 |
) |
Payment of deferred financing costs |
|
(2.2 |
) |
|
|
— |
|
Repurchase and retirement of ordinary shares |
|
— |
|
|
|
(11.8 |
) |
Other financing activities |
|
(3.1 |
) |
|
|
(2.1 |
) |
Net cash used in financing activities |
|
(209.9 |
) |
|
|
(213.5 |
) |
Effect of exchange rate changes on cash |
|
5.8 |
|
|
|
(4.2 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(1.2 |
) |
|
|
16.6 |
|
Cash and cash equivalents, beginning |
|
33.8 |
|
|
|
17.2 |
|
Cash and cash equivalents, ending |
$ |
32.6 |
|
|
$ |
33.8 |
|
Non-GAAP Measures
The Company's results are determined in accordance with
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 (loss) attributable to Fresh Del Monte Produce Inc. excluding interest expense, interest income, provision (benefit) for income taxes, depreciation and amortization, and share-based compensation expense. Adjusted EBITDA represents EBITDA with additional adjustments for non-recurring items, including asset impairment and other charges (credits), net, gain on disposal of property, subsidiary and other product-related charges. 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 (loss), 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.
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Fresh Del Monte Produce Inc. and Subsidiaries |
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Non-GAAP Reconciliation |
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( |
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Quarter ended |
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December 27, 2024 |
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December 29, 2023 |
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Gross profit |
|
Operating income |
|
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
|
Diluted EPS |
|
Gross profit |
|
Operating (loss) income |
|
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
|
Diluted EPS |
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As reported |
$ |
68.7 |
|
$ |
30.3 |
|
|
$ |
20.4 |
|
|
$ |
0.42 |
|
|
$ |
62.5 |
|
|
$ |
(113.4 |
) |
|
$ |
(106.4 |
) |
|
$ |
(2.22 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other product-related charges (credits) (1) |
|
0.2 |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
(6.3 |
) |
|
|
(6.3 |
) |
|
|
(6.3 |
) |
|
|
(0.13 |
) |
|
Asset impairment and other charges, net (2) |
|
— |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
0.06 |
|
|
|
— |
|
|
|
133.8 |
|
|
|
133.8 |
|
|
|
2.79 |
|
|
(Gain) on disposal of property, plant and equipment, net and subsidiary (3) |
|
— |
|
|
(16.3 |
) |
|
|
(16.3 |
) |
|
|
(0.33 |
) |
|
|
— |
|
|
|
(2.1 |
) |
|
|
(2.1 |
) |
|
|
(0.04 |
) |
|
Other adjustments (4) |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Tax effects of all adjustments and other tax-related items (5) |
|
— |
|
|
— |
|
|
|
5.1 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
— |
|
|
|
(7.2 |
) |
|
|
(0.15 |
) |
|
As adjusted |
$ |
68.9 |
|
$ |
17.1 |
|
|
$ |
12.3 |
|
|
$ |
0.26 |
|
|
$ |
56.2 |
|
|
$ |
12.0 |
|
|
$ |
11.8 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Year ended |
||||||||||||||||||||||||||||||
|
December 27, 2024 |
|
December 29, 2023 |
||||||||||||||||||||||||||||
|
Gross profit |
|
Operating (loss) income |
|
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
|
Diluted EPS |
|
Gross profit |
|
Operating (loss) income |
|
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
|
Diluted EPS |
||||||||||||||||
As reported |
$ |
357.9 |
|
$ |
196.3 |
|
|
$ |
142.2 |
|
|
$ |
2.96 |
|
|
$ |
350.7 |
|
|
$ |
58.5 |
|
|
$ |
(11.4 |
) |
|
$ |
(0.24 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other product-related charges (credits) (1) |
|
1.0 |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
0.02 |
|
|
|
3.8 |
|
|
|
3.8 |
|
|
|
3.8 |
|
|
|
0.08 |
|
|
Asset impairment and other charges, net (2) |
|
— |
|
|
4.2 |
|
|
|
4.2 |
|
|
|
0.09 |
|
|
|
— |
|
|
|
143.4 |
|
|
|
143.4 |
|
|
|
2.99 |
|
|
(Gain) on disposal of property, plant and equipment, net and subsidiary (3) |
|
— |
|
|
(42.9 |
) |
|
|
(42.9 |
) |
|
|
(0.89 |
) |
|
|
— |
|
|
|
(40.4 |
) |
|
|
(40.4 |
) |
|
|
(0.84 |
) |
|
Other adjustments (4) |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.6 |
|
|
|
0.16 |
|
|
Tax effects of all adjustments and other tax-related items (5) |
|
— |
|
|
— |
|
|
|
11.7 |
|
|
|
0.24 |
|
|
|
— |
|
|
|
— |
|
|
|
(1.3 |
) |
|
|
(0.03 |
) |
|
As adjusted |
$ |
358.9 |
|
$ |
158.6 |
|
|
$ |
116.2 |
|
|
$ |
2.42 |
|
|
$ |
354.5 |
|
|
$ |
165.3 |
|
|
$ |
101.7 |
|
|
$ |
2.12 |
|
|
Fresh Del Monte Produce Inc. and Subsidiaries |
||||||||||||||||||||||
|
Segment Gross Profit Non-GAAP Reconciliation |
||||||||||||||||||||||
|
( |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Quarter ended |
||||||||||||||||||||||
|
December 27, 2024 |
|
December 29, 2023 |
||||||||||||||||||||
|
Fresh and value-added products |
|
Banana |
|
Other products and services |
|
Fresh and value-added products |
|
Banana |
|
Other products and services |
||||||||||||
Gross profit (as reported) |
$ |
46.1 |
|
|
$ |
14.0 |
|
|
$ |
8.6 |
|
|
$ |
22.0 |
|
|
$ |
37.6 |
|
|
$ |
2.9 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other product-related charges (credits) (1) |
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(6.3 |
) |
|
|
— |
|
|
|
— |
|
Adjusted gross profit |
$ |
46.3 |
|
|
$ |
14.0 |
|
|
$ |
8.6 |
|
|
$ |
15.7 |
|
|
$ |
37.6 |
|
|
$ |
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales |
$ |
612.3 |
|
|
$ |
356.8 |
|
|
$ |
44.1 |
|
|
$ |
582.8 |
|
|
$ |
379.6 |
|
|
$ |
46.2 |
|
Gross margin(a) |
|
7.5 |
% |
|
|
3.9 |
% |
|
|
19.5 |
% |
|
|
3.8 |
% |
|
|
9.9 |
% |
|
|
6.3 |
% |
Adjusted gross margin(b) |
|
7.6 |
% |
|
|
3.9 |
% |
|
|
19.5 |
% |
|
|
2.7 |
% |
|
|
9.9 |
% |
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Year ended |
||||||||||||||||||||||
|
December 27, 2024 |
|
December 29, 2023 |
||||||||||||||||||||
|
Fresh and value-added products |
|
Banana |
|
Other products and services |
|
Fresh and value-added products |
|
Banana |
|
Other products and services |
||||||||||||
Gross profit (as reported) |
$ |
243.3 |
|
|
$ |
86.8 |
|
|
$ |
27.8 |
|
|
$ |
167.3 |
|
|
$ |
163.3 |
|
|
$ |
20.1 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other product-related charges (1) |
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
3.7 |
|
|
|
0.1 |
|
|
|
— |
|
Adjusted gross profit |
$ |
243.9 |
|
|
$ |
87.2 |
|
|
$ |
27.8 |
|
|
$ |
171.0 |
|
|
$ |
163.4 |
|
|
$ |
20.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales |
$ |
2,606.9 |
|
|
$ |
1,475.9 |
|
|
$ |
197.4 |
|
|
$ |
2,477.8 |
|
|
$ |
1,638.2 |
|
|
$ |
204.7 |
|
Gross margin(a) |
|
9.3 |
% |
|
|
5.9 |
% |
|
|
14.1 |
% |
|
|
6.8 |
% |
|
|
10.0 |
% |
|
|
9.8 |
% |
Adjusted gross margin(b) |
|
9.4 |
% |
|
|
5.9 |
% |
|
|
14.1 |
% |
|
|
6.9 |
% |
|
|
10.0 |
% |
|
|
9.8 |
% |
(a) Calculated as Gross profit as a percentage of net sales. |
(b) Calculated as Adjusted gross profit as a percentage of net sales. |
|
Fresh Del Monte Produce Inc. and Subsidiaries |
||||||||||||||
|
Reconciliation of EBITDA and Adjusted EBITDA |
||||||||||||||
|
( |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Quarter ended |
|
Year ended |
||||||||||||
|
December 27, 2024 |
|
December 29, 2023 |
|
December 27, 2024 |
|
December 29, 2023 |
||||||||
Net income (loss) attributable to Fresh Del Monte Produce Inc. |
$ |
20.4 |
|
|
$ |
(106.4 |
) |
|
$ |
142.2 |
|
|
$ |
(11.4 |
) |
Interest expense, net |
|
3.1 |
|
|
|
3.4 |
|
|
|
17.2 |
|
|
|
22.7 |
|
Income tax provision (benefit) |
|
3.6 |
|
|
|
(6.8 |
) |
|
|
29.1 |
|
|
|
18.1 |
|
Depreciation & amortization |
|
19.3 |
|
|
|
19.9 |
|
|
|
78.5 |
|
|
|
84.8 |
|
Share-based compensation expense |
|
2.0 |
|
|
|
2.3 |
|
|
|
6.9 |
|
|
|
9.9 |
|
EBITDA |
$ |
48.4 |
|
|
$ |
(87.6 |
) |
|
$ |
273.9 |
|
|
$ |
124.1 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Other product-related charges (credits) (1) |
|
0.2 |
|
|
|
(6.3 |
) |
|
|
1.0 |
|
|
|
3.8 |
|
Asset impairment and other charges, net (2) |
|
2.9 |
|
|
|
133.8 |
|
|
|
4.2 |
|
|
|
143.4 |
|
(Gain) on disposal of property, plant and equipment, net (3) |
|
(16.3 |
) |
|
|
(2.1 |
) |
|
|
(42.9 |
) |
|
|
(40.4 |
) |
Other adjustments (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.6 |
|
Adjusted EBITDA |
$ |
35.2 |
|
|
$ |
37.8 |
|
|
$ |
236.2 |
|
|
$ |
238.5 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
1,013.2 |
|
|
$ |
1,008.6 |
|
|
$ |
4,280.2 |
|
|
$ |
4,320.7 |
|
|
|
|
|
|
|
|
|
||||||||
Net income margin(a) |
|
2.0 |
% |
|
|
(10.5 |
)% |
|
|
3.3 |
% |
|
|
(0.3 |
)% |
(a) Calculated as Net income (loss) attributable to Fresh Del Monte Produce Inc. as a percentage of net sales. |
|
|
|
|
|
|
|
||||||||
EBITDA margin(b) |
|
4.8 |
% |
|
|
(8.7 |
)% |
|
|
6.4 |
% |
|
|
2.9 |
% |
(b) Calculated as EBITDA as a percentage of net sales. |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin(c) |
|
3.5 |
% |
|
|
3.7 |
% |
|
|
5.5 |
% |
|
|
5.5 |
% |
(c) Calculated as Adjusted EBITDA as a percentage of net sales. |
(1) |
Other product-related charges (credits) for the quarter ended December 27, 2024, primarily consisted of |
|
|
(2) |
Asset impairment and other charges, net for the quarter ended December 27, 2024, primarily consisted of |
|
|
(3) |
Gain on disposal of property, plant and equipment, net and subsidiary for the quarter ended December 27, 2024 primarily related to a |
|
|
(4) |
Other adjustments for the year ended December 29, 2023, primarily related to portions of the gain on disposal of property, plant, and equipment, net and subsidiary 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 |
Conference Call and Webcast Data
Fresh Del Monte will host a conference call and simultaneous webcast at 11:00 a.m. Eastern Time today to discuss the fourth quarter and full fiscal year 2024 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
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 presentation and the earnings call contain forward-looking statements regarding the Company’s: focus on high-margin products that align with market demands and the Company’s business model; ability to solidify its position as a global leader of pineapples, including with respect to its pineapple varieties and related innovations; five-year growth strategy, as well as the Company’s strategy to build its fresh-cut program into a key profit center; ability to expand and diversify global sourcing through various partnerships; expectations regarding the banana segment, as well as the Company’s ability to penetrate the market; expectations regarding its ability as well as its timing to achieve compliance with FSMA 204; ongoing commitment to maximize the full utilization of its biomass, as well as the intended use and timing of such biofertilizers and the impact on the Company’s sustainability efforts; the impact of any potential international business on the business, as well as the Company’s ability to mitigate potential disruptions; ability to streamline operations and the impact that may have on its profitability and future growth; ability to generate value for shareholders; expectations regarding the Mann Packing business, and any impact on its profitability and financial condition; ongoing commitment to future growth, operational excellence and meeting evolving customer and consumer demands; future weather-related events on the Company’s business, and its ability to recover insurance proceeds, if any, to cover any damage or expenses; expectations for the tax rate; expected SG&A expenses, debt management, capital expenditures and cash flow in 2025 and expected segment results for the first six months of 2025. 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) ongoing elevated commodity and supply chain costs, (ii) the cost and other implications of changes in regulations applicable to the Company’s business, including potential domestic and international legislative or regulatory initiatives; (iii) ability to successfully execute on its strategic growth plans, including the use of biofertilizers and other technology, (iv) the impact of foreign currency fluctuations, (v) the impact of asset impairment or other charges, including those associated with exit activities, crop or facility damage or otherwise, (vi) the impact of any disruptions in the Company's supply chain, (vii) trends and other factors affecting consumer preferences, including customers’ reception of new product offerings and innovation, (viii) the impact of severe weather conditions and natural disasters, such as flooding, hurricanes, earthquakes, (ix) competitive pressures and ability to realize the full benefits of the inflation driven price increases implemented, (x) the impact of claims and adjustments proposed by the IRS or other foreign taxing authorities in connection with any tax audits and the Company’s ability to successfully contest such tax claims and pursue necessary remedies, (xi) damage to the Company’s reputation or brand names or negative publicity about the Company’s products, (xii) the Company’s ability to successfully manage the risks associated with international operations and (xiii) the adequacy of insurance coverage. In addition, these forward-looking statements and the information in this presentation 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 presentation 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/20250224960898/en/
Investors:
Christine Cannella
Vice President, Investor Relations
305-520-8433
Investors@freshdelmonte.com
Media:
Claudia Pou
Vice President, Global Head of Corporate Communications
Communications@freshdelmonte.com
Source: Fresh Del Monte Produce Inc.