Fresh Del Monte Produce Inc. Reports Strong Operating Results in the Second Quarter 2023; Net Income More Than Doubles, Gross Profit and Margin Increase
- Net income more than doubled in Q2 2023 compared to the prior-year period.
- Gross profit increased by 45% in Q2 2023 compared to the prior-year period.
- Operating income increased by 110% in Q2 2023 compared to the prior-year period.
- Total long-term debt decreased to $400.5 million at the end of Q2 2023.
- None.
“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
Gross profit for the second quarter of 2023 was
Operating income for the second quarter of 2023 was
Other expense, net for the second quarter of 2023 was
FDP net income(1) for the second quarter of 2023 was
(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)
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Fresh Del Monte Produce Inc. and Subsidiaries |
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Business Segment Data |
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Quarter ended |
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June 30, 2023 |
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July 1, 2022 |
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Segment Data: |
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Net Sales |
|
Gross Profit |
|
Gross
|
|
Net Sales |
|
Gross Profit |
|
Gross
|
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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 |
% |
|
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Six months ended |
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June 30, 2023 |
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July 1, 2022 |
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Net Sales |
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Gross Profit |
|
Gross
|
|
Net Sales |
|
Gross Profit |
|
Gross
|
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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
Gross profit for the second quarter of 2023 was
Banana
Net sales for the second quarter of 2023 were
Gross profit for the second quarter of 2023 was
Other Products and Services
Net sales for the second quarter of 2023 were
Gross profit for the second quarter of 2023 was
Cash Flows
Net cash provided by operating activities for the first six months of 2023 was
Total Long Term Debt
Total long-term debt decreased to
Quarterly Cash Dividend
On August 1, 2023, the Company's Board of Directors declared a quarterly cash dividend of
Fresh Del Monte Produce Inc. and Subsidiaries |
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Condensed Consolidated Statements of Operations |
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Quarter ended |
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Six months ended |
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Statement of Operations: |
June 30,
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July 1,
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June 30,
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July 1,
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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): |
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|
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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 |
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$ |
0.35 |
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$ |
0.30 |
|
Weighted average number of ordinary shares: |
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Basic |
|
48,032,711 |
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|
47,825,758 |
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|
47,962,822 |
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47,745,440 |
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Diluted |
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48,213,033 |
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|
47,887,123 |
|
|
|
48,183,287 |
|
|
47,871,704 |
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(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 |
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Condensed Consolidated Balance Sheets |
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June 30,
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December 30,
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Assets |
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Current assets: |
|
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|
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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 |
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|
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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 |
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Liabilities and shareholders' equity |
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Current liabilities: |
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|
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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 |
|
|
|
|
|
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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 |
|
|
|
|
|
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Redeemable noncontrolling interest |
|
— |
|
|
49.4 |
|
|
|
|
|
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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 |
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Condensed Consolidated Statements of Cash Flows |
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( |
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Six months ended |
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June 30,
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July 1,
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Operating activities: |
|
|
|
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Net income |
$ |
96.0 |
|
|
$ |
45.7 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
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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: |
|
|
|
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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 |
|
|
|
|
|
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Investing activities: |
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|
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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 |
) |
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Financing activities: |
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|
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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
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.
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Fresh Del Monte Produce Inc. and Subsidiaries |
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Non-GAAP Reconciliation |
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Quarter ended |
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June 30,
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July 1,
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Gross
|
|
Operating
|
|
Net income
|
|
Diluted EPS |
|
Gross
|
|
Operating
|
|
Net income
|
|
Diluted EPS |
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As reported |
$ |
116.8 |
|
$ |
72.1 |
|
|
$ |
47.7 |
|
|
$ |
0.99 |
|
|
$ |
80.7 |
|
$ |
34.3 |
|
|
$ |
21.2 |
|
|
$ |
0.44 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
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Six months ended |
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June 30,
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July 1,
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Gross
|
|
Operating
|
|
Net income
|
|
Diluted EPS |
|
Gross
|
|
Operating
|
|
Net income
|
|
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 |
||||||||||||||||||||||
|
( |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Quarter ended |
||||||||||||||||||||||
|
June 30,
|
|
July 1,
|
||||||||||||||||||||
|
Fresh and
|
|
Banana |
|
Other
|
|
Fresh and
|
|
Banana |
|
Other
|
||||||||||||
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,
|
|
July 1,
|
||||||||||||||||||||
|
Fresh and
|
|
Banana |
|
Other
|
|
Fresh and
|
|
Banana |
|
Other
|
||||||||||||
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 |
||||||||||||||
|
( |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Quarter ended |
|
Six months ended |
||||||||||||
|
June 30,
|
|
July 1,
|
|
June 30,
|
|
July 1,
|
||||||||
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 |
|
|
(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 |
|
|
(3) |
Gain on disposal of property, plant and equipment, net and subsidiary for the quarter ended June 30, 2023 primarily included a |
|
|
(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 |
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
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
Source: Fresh Del Monte Produce Inc.
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