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Fresh Del Monte Produce Inc. Reports Third Quarter Earnings for Fiscal 2024

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Fresh Del Monte Produce reported strong Q3 2024 financial results with net sales of $1,019.5 million, up from $1,003.1 million in the prior year. Gross margin increased to 9.2% from 7.4%, driven by higher sales volume and prices in fresh and value-added products. Net income rose significantly to $42.1 million compared to $8.4 million in Q3 2023. The company's fresh and value-added products segment saw improved performance with higher sales of avocados and pineapples, while the banana segment experienced decreased sales due to competitive pressures. Long-term debt decreased by 33% to $269.6 million, and the company declared a quarterly dividend of $0.25 per share.

Fresh Del Monte Produce ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con vendite nette di 1.019,5 milioni di dollari, in aumento rispetto ai 1.003,1 milioni di dollari dell'anno precedente. Il margine di profitto lordo è aumentato al 9,2% rispetto al 7,4%, grazie a un aumento del volume delle vendite e dei prezzi nei prodotti freschi e a valore aggiunto. Il reddito netto è aumentato significativamente a 42,1 milioni di dollari rispetto agli 8,4 milioni di dollari del terzo trimestre del 2023. Il segmento dei prodotti freschi e a valore aggiunto dell'azienda ha mostrato prestazioni migliorate, con vendite più elevate di avocado e ananas, mentre il segmento delle banane ha subito una diminuzione delle vendite a causa della pressione competitiva. Il debito a lungo termine è diminuito del 33% a 269,6 milioni di dollari e l'azienda ha dichiarato un dividendo trimestrale di 0,25 dollari per azione.

Fresh Del Monte Produce reportó sólidos resultados financieros en el tercer trimestre de 2024, con ventas netas de 1,019.5 millones de dólares, un aumento respecto a los 1,003.1 millones de dólares del año anterior. El margen bruto aumentó al 9.2% desde el 7.4%, impulsado por un mayor volumen de ventas y precios en productos frescos y de valor agregado. La utilidad neta aumentó significativamente a 42.1 millones de dólares en comparación con 8.4 millones de dólares en el tercer trimestre de 2023. El segmento de productos frescos y de valor agregado de la compañía vio un rendimiento mejorado con mayores ventas de aguacates y piñas, mientras que el segmento de plátanos experimentó una disminución en las ventas debido a presiones competitivas. La deuda a largo plazo disminuyó en un 33% a 269.6 millones de dólares y la compañía declaró un dividendo trimestral de 0.25 dólares por acción.

프레시 델몬트 프로듀스는 2024년 3분기 재무 결과에서 10억 1,950만 달러의 순매출을 기록하며, 작년의 10억 31만 달러에서 증가했다고 발표했습니다. 총 마진은 7.4%에서 9.2%로 증가했으며, 이는 신선한 제품과 부가가치 제품의 판매 증가 및 가격 상승에 기인합니다. 순이익은 2023년 3분기의 840만 달러와 비교하여 4,210만 달러로 크게 증가했습니다. 회사의 신선한 제품 및 부가가치 제품 부문은 아보카도와 파인애플의 판매 증가로 성과가 개선되었으며, 바나나 부문은 경쟁 압력으로 인해 판매가 감소했습니다. 장기부채는 33% 감소하여 2억 6,960만 달러에 이르렀으며, 회사는 주당 0.25달러의 분기 배당금을 선언했습니다.

Fresh Del Monte Produce a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de 1,019.5 millions de dollars, en hausse par rapport à 1,003.1 millions de dollars l'année précédente. La marge brute a augmenté à 9,2% contre 7,4%, grâce à une augmentation du volume des ventes et des prix des produits frais et à valeur ajoutée. Le revenu net a considérablement augmenté à 42,1 millions de dollars par rapport à 8,4 millions de dollars au troisième trimestre 2023. Le segment des produits frais et à valeur ajoutée de l'entreprise a connu une amélioration de ses performances avec des ventes plus élevées d'avocats et d'ananas, tandis que le segment des bananes a connu une baisse des ventes en raison de la pression concurrentielle. La dette à long terme a diminué de 33% pour atteindre 269,6 millions de dollars, et l'entreprise a déclaré un dividende trimestriel de 0,25 dollar par action.

Fresh Del Monte Produce meldete starke Finanzresultate für das dritte Quartal 2024 mit einem Nettoumsatz von 1.019,5 Millionen Dollar, gegenüber 1.003,1 Millionen Dollar im Vorjahr. Die Bruttomarge stieg von 7,4% auf 9,2%, was auf ein höheres Verkaufsvolumen und steigende Preise bei frischen und wertschöpfenden Produkten zurückzuführen ist. Der Nettogewinn stieg deutlich auf 42,1 Millionen Dollar im Vergleich zu 8,4 Millionen Dollar im dritten Quartal 2023. Der Bereich der frischen und wertschöpfenden Produkte des Unternehmens zeigte eine verbesserte Leistung mit höheren Verkaufszahlen von Avocados und Ananas, während der Bananenbereich aufgrund des Wettbewerbsdrucks einen Rückgang bei den Verkäufen verzeichnete. Die langfristigen Schulden sanken um 33% auf 269,6 Millionen Dollar, und das Unternehmen überwand eine vierteljährliche Dividende von 0,25 Dollar pro Aktie.

Positive
  • Net sales increased to $1,019.5 million from $1,003.1 million YoY
  • Gross margin improved to 9.2% from 7.4% YoY
  • Net income surged to $42.1 million from $8.4 million YoY
  • Long-term debt reduced by 33% to $269.6 million
  • Higher sales volume and prices in avocado and pineapple products
Negative
  • Decreased banana segment sales due to competitive market pressures
  • Lower banana gross margin at 6.2% compared to 8.3% YoY
  • Higher per unit production costs impacting profitability
  • Negative impact from stronger Costa Rican colon exchange rates

Insights

The Q3 2024 results show significant financial improvements with net sales increasing to $1,019.5 million from $1,003.1 million year-over-year. Most notably, gross margin expanded by 180 basis points to 9.2%, driven by stronger performance in fresh and value-added products. The company's strategic focus on higher-margin products is paying off, with operating income doubling to $53.9 million.

The balance sheet shows impressive deleveraging with long-term debt reduced by 33% year-over-year to $269.6 million. Strong cash flow generation continues with $187.2 million from operations in the first nine months. The $0.25 quarterly dividend reflects management's confidence in sustained profitability.

The fresh and value-added segment shows robust growth with sales up to $623.7 million, driven by higher volumes and improved pricing in avocados and pineapples. However, the banana segment faces headwinds with sales declining to $345.3 million due to competitive pressures in North America and weather-related supply constraints from the Philippines.

The strategic decision on Mann Packing and focus on profitable product lines demonstrates disciplined portfolio management. Weather events like Hurricane Beryl caused some disruptions, but the impact was relatively contained at $1.0 million in additional logistics and inventory costs.

Gross Margin Increased By 180 Basis Points Compared to the Prior-Year Period: Driven by Fresh and Value-Added Products Segment

Strategic Decision on Mann Packing Finalized to Enhance Profitability and Position for Growth

CORAL GABLES, Fla.--(BUSINESS WIRE)-- Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or the "Company") today reported financial results for the third quarter ended September 27, 2024.

"We are pleased to report strong performance in the third quarter. Our strategic focus on high-margin, value-added products continues to deliver positive results, demonstrating the strength of our product innovations and our commitment to driving long-term profitability and value for our shareholders,” said Fresh Del Monte Chairman and CEO Mohammad Abu-Ghazaleh. "As committed, we have announced our decision on Mann Packing following our strategic review—a defining step that we believe will boost profitability, reinforce resilience, and deliver sustained growth.”

Financial highlights for the third quarter 2024:

Net sales for the third quarter of 2024 were $1,019.5 million compared with $1,003.1 million in the prior-year period. The increase in net sales was primarily driven by higher net sales in the Company's fresh and value-added product segment due to higher sales volume, as well as increased per unit selling prices principally of avocado and pineapple, as a result of strong market demand. The increase was partially offset by a decrease in net sales in the Company's banana segment, primarily driven by competitive market pressures.

Gross profit for the third quarter of 2024 was $93.8 million compared with $74.4 million in the prior-year period. The increase in gross profit was primarily driven by higher sales volume and higher per unit selling prices in the Company's fresh and value-added product segment, partially offset by higher per unit production and procurement costs, lower sales volume in the Company's banana segment, and the negative impact of fluctuations in exchange rates, primarily related to a stronger Costa Rican colon. Gross margin for the third quarter of 2024 increased to 9.2% compared with 7.4% in the prior-year period.

Gross profit for the third quarter of 2024 included $0.6 million of other product-related charges, net, primarily as a result of $1.0 million of additional logistic and inventory write-offs incurred as a result of Hurricane Beryl during July 2024, partially offset by $0.6 million of insurance recoveries related to shipment disruptions in the Red Sea during the second quarter of 2024. Gross profit for the third quarter of 2023 included $8.4 million of other product-related charges, net, comprised primarily of an inventory write-off and clean-up costs related to the flooding of a seasonal production facility in Greece due to heavy rainstorms. Excluding the net impact from the other product-related charges, Adjusted gross profit(1) for the third quarter of 2024 was $94.4 million compared with $82.8 million in the prior-year period.

Operating income for the third quarter of 2024 was $53.9 million compared with $25.4 million in the prior-year period. The increase in operating income was primarily driven by higher gross profit combined with the higher gain on the sale of property, plant and equipment.

Operating income for the third quarter of 2024 included asset impairment and other charges, net, of $0.2 million due to heavy wind and rainstorms in Chile, $7.7 million gain from the sale of a warehouse in Chile and $0.3 million gain from the sale of an idle packing facility in Costa Rica. In the prior-year period, operating income included the $8.4 million of inventory write-off primarily due to severe flooding in Greece, a $2.5 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 expenses incurred in connection with a cybersecurity incident in the first quarter of 2023. Additionally, there was a $2.0 million gain from the sale of underutilized assets in South and Central America. Excluding the net impact from the other product-related charges, Adjusted operating income(1) was $46.5 million compared with $34.3 million in the prior-year period.

Other (income) expense, net, for the third quarter of 2024 was a gain of $0.1 million compared with a loss of $7.1 million in the prior-year period. The change was primarily due to the equity earnings of unconsolidated companies within the food and nutrition sector and lower foreign currency losses as compared with the prior-year period.

FDP net income(2) for the third quarter of 2024 was $42.1 million compared with $8.4 million in the prior-year period and Adjusted FDP net income(1) was $37.0 million compared with $17.2 million in the prior-year period. Adjusted FDP net income for the third quarter of 2024, excludes the above-mentioned adjustments and the associated $2.3 million tax effect. In the prior-year period, Adjusted FDP net income excludes the above-mentioned adjustments and the associated $0.1 million tax effect.

Third Quarter 2024 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

 

September 27, 2024

 

September 29, 2023

Segment Data:

Net Sales

 

Gross Profit

 

Gross Margin

 

Net Sales

 

Gross Profit

 

Gross Margin

Fresh and value-added products

$

623.7

 

61

%

 

$

63.3

 

67

%

 

10.1

%

 

$

574.0

 

57

%

 

$

36.2

 

49

%

 

6.3

%

Banana

 

345.3

 

34

%

 

 

21.3

 

23

%

 

6.2

%

 

 

384.7

 

38

%

 

 

31.9

 

43

%

 

8.3

%

Other products and services

 

50.5

 

5

%

 

 

9.2

 

10

%

 

18.2

%

 

 

44.4

 

5

%

 

 

6.3

 

8

%

 

14.2

%

 

$

1,019.5

 

100

%

 

$

93.8

 

100

%

 

9.2

%

 

$

1,003.1

 

100

%

 

$

74.4

 

100

%

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

September 27, 2024

 

September 29, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

Gross Profit

 

Gross Margin

 

Net Sales

 

Gross Profit

 

Gross Margin

Fresh and value-added products

$

1,994.6

 

61

%

 

$

197.2

 

68

%

 

9.9

%

 

$

1,895.0

 

57

%

 

$

145.3

 

50

%

 

7.7

%

Banana

 

1,119.1

 

34

%

 

 

72.8

 

25

%

 

6.5

%

 

 

1,258.6

 

38

%

 

 

125.7

 

44

%

 

10.0

%

Other products and services

 

153.3

 

5

%

 

 

19.2

 

7

%

 

12.5

%

 

 

158.5

 

5

%

 

 

17.2

 

6

%

 

10.9

%

 

$

3,267.0

 

100

%

 

$

289.2

 

100

%

 

8.9

%

 

$

3,312.1

 

100

%

 

$

288.2

 

100

%

 

8.7

%

 

(1) Non-GAAP financial measure. Reconciliations and other information required by Regulation G can be found below under "Non-GAAP Measures."

 

(2) "FDP net income" as referenced throughout this release is defined as Net income attributable to Fresh Del Monte Produce Inc.

Third Quarter 2024 Business Segment Performance

Fresh and Value-Added Products

Net sales for the third quarter of 2024 were $623.7 million compared with $574.0 million in the prior-year period. The increase in net sales was primarily a result of higher sales volume, as well as higher per unit selling prices in the Company's avocado, pineapple, prepared food, and fresh-cut fruit product lines due to strong market demand. These increases were partially offset by lower net sales of vegetables due to lower sales volume as a result of strategic volume rationalization.

Gross profit for the third quarter of 2024 was $63.3 million compared with $36.2 million in the prior-year period. The increase in gross profit was primarily driven by higher net sales and lower per unit production costs of pineapple and fresh-cut fruit, partially offset by the negative impact of fluctuations in exchange rates, primarily a stronger Costa Rican colon. Gross margin increased to 10.1% compared with 6.3% in the prior-year period.

Gross Profit for the third quarter of 2024 included $0.2 million of other product-related charges, net, primarily as a result of $0.6 million of additional logistic and inventory write-offs incurred as a result of Hurricane Beryl during July 2024, partially offset by $0.6 million of insurance recoveries related to shipment disruptions in the Red Sea during the second quarter of 2024. Gross profit for the third quarter of 2023 included $8.4 million of other product-related charges due to severe flooding caused by heavy rainstorms in Greece that impacted a seasonal production facility.

Banana

Net sales for the third quarter of 2024 were $345.3 million compared with $384.7 million in the prior-year period. The decrease in net sales was primarily due to lower sales volume in the Company's North America region, due to competitive market pressures, and lower sales volume in the Company's Asia region, caused by decreased supply from the Philippines as a result of weather-related events. The decrease was partially offset by higher per unit selling prices in Asia, resulting from lower industry supply.

Gross profit for the third quarter of 2024 was $21.3 million compared with $31.9 million in the prior-year period. The decrease in gross profit was principally driven by lower net sales, higher per unit production costs, and the negative impact of fluctuations in exchange rates due to a stronger Costa Rican colon, partially offset by lower per unit ocean freight costs. Gross margin decreased to 6.2% compared with 8.3% in the prior-year period.

Gross profit for the third quarter of 2024 included $0.4 million of other product-related charges, primarily as a result of additional logistic and inventory write-offs incurred as a result of Hurricane Beryl during July 2024.

Other Products and Services

Net sales for the third quarter of 2024 were $50.5 million compared with $44.4 million in the prior-year period. The increase in net sales was primarily driven by higher per unit selling prices in the Company's poultry and meats business, as well as higher net sales in the Company's third-party ocean freight services business due to higher rates.

Gross profit for the third quarter of 2024 was $9.2 million compared with $6.3 million in the prior-year period. The increase in gross profit was primarily a result of higher per unit selling prices and lower per unit production costs in the Company's poultry and meats business. Gross margin increased to 18.2% compared with 14.2% in the prior-year period.

Cash Flows

Net cash provided by operating activities for the first nine months of 2024 was $187.2 million compared with $180.1 million in the prior-year period. The increase in net cash provided by operating activities was primarily driven by higher net income during the first nine months of 2024, as well as proceeds received from the termination of the Company's interest rate swap. The increase was partially offset by the impact of working capital fluctuations, primarily related to inventory.

Long Term Debt

Long-term debt decreased to $269.6 million at the end of the third quarter of 2024 from $401.0 million at the end of the third quarter of 2023, a decrease of approximately 33%.

Quarterly Cash Dividend

On October 29, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.25 per share, payable on December 6, 2024, to shareholders of record on November 14, 2024.

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

 

Nine months ended

 

 

 

 

 

 

 

 

Statement of Operations:

September 27,
2024

 

September 29,
2023

 

September 27,
2024

 

September 29,
2023

Net sales

$

1,019.5

 

 

$

1,003.1

 

$

3,267.0

 

 

$

3,312.1

Cost of products sold

 

925.1

 

 

 

920.3

 

 

2,977.0

 

 

 

3,013.7

Other product-related charges

 

0.6

 

 

 

8.4

 

 

0.8

 

 

 

10.2

Gross profit

 

93.8

 

 

 

74.4

 

 

289.2

 

 

 

288.2

Selling, general and administrative expenses

 

47.9

 

 

 

48.1

 

 

148.6

 

 

 

142.6

Gain on disposal of property, plant and equipment, net and subsidiary

 

8.2

 

 

 

1.6

 

 

26.6

 

 

 

35.8

Asset impairment and other charges, net

 

0.2

 

 

 

2.5

 

 

1.2

 

 

 

9.5

Operating income

 

53.9

 

 

 

25.4

 

 

166.0

 

 

 

171.9

Interest expense, net

 

4.2

 

 

 

5.4

 

 

14.0

 

 

 

19.4

Other (income) expense, net

 

(0.1

)

 

 

7.1

 

 

5.2

 

 

 

22.7

Income before income taxes

 

49.8

 

 

 

12.9

 

 

146.8

 

 

 

129.8

Income tax provision

 

7.9

 

 

 

4.1

 

 

25.6

 

 

 

24.9

Net income

$

41.9

 

 

$

8.8

 

$

121.2

 

 

$

104.9

Less: Net (loss) income attributable to redeemable and noncontrolling interests

 

(0.2

)

 

 

0.4

 

 

(0.6

)

 

 

9.8

Net income attributable to Fresh Del Monte Produce Inc.

$

42.1

 

 

$

8.4

 

$

121.8

 

 

$

95.1

Earnings per share(1):

 

 

 

 

 

 

 

Basic

$

0.88

 

 

$

0.17

 

$

2.55

 

 

$

1.98

Diluted

$

0.88

 

 

$

0.17

 

$

2.54

 

 

$

1.97

Dividends declared per ordinary share

$

0.25

 

 

$

0.20

 

$

0.75

 

 

$

0.55

Weighted average number of ordinary shares:

 

 

 

 

 

 

 

Basic

 

47,936,254

 

 

 

48,121,978

 

 

47,855,020

 

 

 

48,015,874

Diluted

 

48,023,238

 

 

 

48,261,757

 

 

47,967,458

 

 

 

48,209,443

 

(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)

 

 

 

 

 

September 27,
2024

 

December 29,
2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

50.8

 

 

$

33.8

 

Trade accounts receivable, net

 

390.3

 

 

 

387.0

 

Other accounts receivable, net

 

82.0

 

 

 

95.1

 

Inventories, net

 

588.7

 

 

 

599.9

 

Assets held for sale

 

25.6

 

 

 

4.5

 

Prepaid expenses and other current assets

 

28.9

 

 

 

24.0

 

Total current assets

 

1,166.3

 

 

 

1,144.3

 

 

 

 

 

Investments in and advances to unconsolidated companies

 

36.2

 

 

 

22.2

 

Property, plant and equipment, net

 

1,203.2

 

 

 

1,256.4

 

Operating lease right-of-use assets

 

194.7

 

 

 

213.8

 

Goodwill

 

402.2

 

 

 

401.9

 

Intangible assets, net

 

33.2

 

 

 

33.3

 

Deferred income taxes

 

52.6

 

 

 

51.5

 

Other noncurrent assets

 

68.5

 

 

 

60.7

 

Total assets

$

3,156.9

 

 

$

3,184.1

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

489.6

 

 

$

479.0

 

Current maturities of debt and finance leases

 

1.5

 

 

 

1.4

 

Current maturities of operating leases

 

38.8

 

 

 

48.6

 

Other current liabilities

 

27.0

 

 

 

11.6

 

Total current liabilities

 

556.9

 

 

 

540.6

 

 

 

 

 

Long-term debt and finance leases

 

274.8

 

 

 

406.1

 

Retirement benefits

 

83.5

 

 

 

82.3

 

Deferred income taxes

 

77.3

 

 

 

72.7

 

Operating leases, less current maturities

 

130.5

 

 

 

142.1

 

Other noncurrent liabilities

 

26.3

 

 

 

27.6

 

Total liabilities

 

1,149.3

 

 

 

1,271.4

 

Commitments and contingencies

 

 

 

Redeemable noncontrolling interests

 

 

 

 

 

Shareholders' equity:

 

 

 

Preferred shares

 

 

 

 

 

Ordinary shares

 

0.5

 

 

 

0.5

 

Paid-in capital

 

602.9

 

 

 

597.7

 

Retained earnings

 

1,427.0

 

 

 

1,341.4

 

Accumulated other comprehensive loss

 

(39.2

)

 

 

(43.3

)

Total Fresh Del Monte Produce Inc. shareholders' equity

 

1,991.2

 

 

 

1,896.3

 

Noncontrolling interests

 

16.4

 

 

 

16.4

 

Total shareholders' equity

 

2,007.6

 

 

 

1,912.7

 

Total liabilities, redeemable noncontrolling interest and shareholders' equity

$

3,156.9

 

 

$

3,184.1

 

 

 

 

 

Fresh Del Monte Produce Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(U.S. dollars in millions) - (Unaudited)

 

Nine months ended

 

September 27,
2024

 

September 29,
2023

Operating activities:

 

 

 

Net income

$

121.2

 

 

$

104.9

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

59.2

 

 

 

64.9

 

Amortization of debt issuance costs

 

0.4

 

 

 

0.4

 

Asset impairments

 

0.7

 

 

 

8.1

 

Share-based compensation expense

 

4.8

 

 

 

7.6

 

Change in uncertain tax positions

 

(1.3

)

 

 

0.5

 

Deferred income taxes

 

3.4

 

 

 

(5.0

)

Gain on disposal of property, plant and equipment and subsidiary

 

(26.6

)

 

 

(35.8

)

Other, net

 

(4.0

)

 

 

(0.5

)

Changes in operating assets and liabilities

 

 

 

Receivables

 

(0.4

)

 

 

(7.1

)

Inventories

 

12.7

 

 

 

74.7

 

Prepaid expenses and other current assets

 

(6.6

)

 

 

(3.4

)

Accounts payable and accrued expenses

 

26.2

 

 

 

(33.8

)

Other assets and liabilities

 

(2.5

)

 

 

4.6

 

Net cash provided by operating activities

 

187.2

 

 

 

180.1

 

 

 

 

 

Investing activities:

 

 

 

Capital expenditures

 

(34.1

)

 

 

(40.7

)

Proceeds from sales of property, plant and equipment and subsidiary

 

35.6

 

 

 

115.5

 

Insurance proceeds received for damage to property, plant and equipment, net

 

5.7

 

 

 

 

Investments in and advances to unconsolidated companies

 

(6.2

)

 

 

(4.4

)

Other investing activities

 

 

 

 

(0.5

)

Net cash provided by investing activities

 

1.0

 

 

 

69.9

 

 

 

 

 

Financing activities:

 

 

 

Proceeds from debt

 

315.4

 

 

 

383.2

 

Payments on debt

 

(445.8

)

 

 

(522.0

)

Purchase of redeemable noncontrolling interest

 

 

 

 

(5.2

)

Distributions to noncontrolling interests

 

 

 

 

(17.9

)

Share-based awards settled in cash for taxes

 

(0.9

)

 

 

(0.8

)

Dividends paid

 

(35.9

)

 

 

(26.4

)

Payment of deferred financing costs

 

(2.2

)

 

 

 

Other financing activities

 

(2.7

)

 

 

(2.1

)

Net cash used in financing activities

 

(172.1

)

 

 

(191.2

)

Effect of exchange rate changes on cash

 

0.9

 

 

 

1.9

 

Net increase in cash and cash equivalents

 

17.0

 

 

 

60.7

 

Cash and cash equivalents, beginning

 

33.8

 

 

 

17.2

 

Cash and cash equivalents, ending

$

50.8

 

 

$

77.9

 

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 that are referred to in this press release as “non-GAAP measures.” Management believes these non-GAAP measures provide a more comparable analysis of the underlying operating performance of the business.

These non-GAAP measures include the following: Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted FDP net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin. Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted FDP net income and Adjusted diluted EPS each reflect adjustments relating to asset impairment and other charges, net, gain on disposal of property, plant and equipment, net, and subsidiary and other product-related charges. 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 asset impairment and other (credits) charges, net, gain on disposal of property, plant and equipment, net and 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.

These non-GAAP measures 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:

  1. Are used by investors to measure a company's comparable operating performance;
  2. Are financial measurements that are used by lenders and other parties to evaluate creditworthiness; and
  3. 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

 

September 27,
2024

 

September 29,
2023

 

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

$

93.8

 

$

53.9

 

 

$

42.1

 

 

$

0.88

 

 

$

74.4

 

$

25.4

 

 

$

8.4

 

 

$

0.17

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other product-related charges (1)

 

0.6

 

 

0.6

 

 

 

0.6

 

 

 

0.01

 

 

 

8.4

 

 

8.4

 

 

 

8.4

 

 

 

0.17

 

Asset impairment and other charges, net (2)

 

 

 

0.2

 

 

 

0.2

 

 

 

 

 

 

 

 

2.5

 

 

 

2.5

 

 

 

0.05

 

Gain on disposal of property, plant and equipment, net and subsidiary (3)

 

 

 

(8.2

)

 

 

(8.2

)

 

 

(0.17

)

 

 

 

 

(2.0

)

 

 

(2.0

)

 

 

(0.04

)

Other adjustments (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effects of all adjustments (5)

 

 

 

 

 

 

2.3

 

 

 

0.05

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

As adjusted

$

94.4

 

$

46.5

 

 

$

37.0

 

 

$

0.77

 

 

$

82.8

 

$

34.3

 

 

$

17.2

 

 

$

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

September 27,
2024

 

September 29,
2023

 

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

$

289.2

 

$

166.0

 

 

$

121.8

 

 

$

2.54

 

 

$

288.2

 

$

171.9

 

 

$

95.1

 

 

$

1.97

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other product-related charges (1)

 

0.8

 

 

0.8

 

 

 

0.8

 

 

 

0.02

 

 

 

10.2

 

 

10.2

 

 

 

10.2

 

 

 

0.21

 

Asset impairment and other charges, net (2)

 

 

 

1.2

 

 

 

1.2

 

 

 

0.02

 

 

 

 

 

9.5

 

 

 

9.5

 

 

 

0.20

 

Gain on disposal of property, plant and equipment, net and subsidiary (3)

 

 

 

(26.6

)

 

 

(26.6

)

 

 

(0.56

)

 

 

 

 

(38.3

)

 

 

(38.3

)

 

 

(0.79

)

Other adjustments (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.6

 

 

 

0.16

 

Tax effects of all adjustments (5)

 

 

 

 

 

 

6.6

 

 

 

0.14

 

 

 

 

 

 

 

 

5.9

 

 

 

0.12

 

As adjusted

$

290.0

 

$

141.4

 

 

$

103.8

 

 

$

2.16

 

 

$

298.4

 

$

153.3

 

 

$

90.0

 

 

$

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fresh Del Monte Produce Inc. and Subsidiaries

 

Segment Gross Profit Non-GAAP Reconciliation

 

(U.S. dollars in millions) - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

September 27,
2024

 

September 29,
2023

 

Fresh and value-added products

 

Banana

 

Other products and services

 

Total

 

Fresh and value-added products

 

Banana

 

Other products and services

 

Total

Gross profit (as reported)

$

63.3

 

 

$

21.3

 

 

$

9.2

 

 

$

93.8

 

 

$

36.2

 

 

$

31.9

 

 

$

6.3

 

 

$

74.4

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other product-related charges (1)

 

0.2

 

 

 

0.4

 

 

 

 

 

 

0.6

 

 

 

8.4

 

 

 

 

 

 

 

 

 

8.4

 

Adjusted gross profit

$

63.5

 

 

$

21.7

 

 

$

9.2

 

 

$

94.4

 

 

$

44.6

 

 

$

31.9

 

 

$

6.3

 

 

$

82.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

623.7

 

 

$

345.3

 

 

$

50.5

 

 

$

1,019.5

 

 

$

574.0

 

 

$

384.7

 

 

$

44.4

 

 

$

1,003.1

 

Gross margin (a)

 

10.1

%

 

 

6.2

%

 

 

18.2

%

 

 

9.2

%

 

 

6.3

%

 

 

8.3

%

 

 

14.2

%

 

 

7.4

%

Adjusted gross margin (b)

 

10.2

%

 

 

6.3

%

 

 

18.2

%

 

 

9.3

%

 

 

7.8

%

 

 

8.3

%

 

 

14.2

%

 

 

8.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

September 27,
2024

 

September 29,
2023

 

Fresh and value-added products

 

Banana

 

Other products and services

 

Total

 

Fresh and value-added products

 

Banana

 

Other products and services

 

Total

Gross profit (as reported)

$

197.2

 

 

$

72.8

 

 

$

19.2

 

 

$

289.2

 

 

$

145.3

 

 

$

125.7

 

 

$

17.2

 

 

$

288.2

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other product-related (credits) charges (1)

 

0.4

 

 

 

0.4

 

 

 

 

 

 

0.8

 

 

 

10.1

 

 

 

0.1

 

 

 

 

 

 

10.2

 

Adjusted Gross profit

$

197.6

 

 

$

73.2

 

 

$

19.2

 

 

$

290.0

 

 

$

155.4

 

 

$

125.8

 

 

$

17.2

 

 

$

298.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

1,994.6

 

 

$

1,119.1

 

 

$

153.3

 

 

$

3,267.0

 

 

$

1,895.0

 

 

$

1,258.6

 

 

$

158.5

 

 

$

3,312.1

 

Gross margin (a)

 

9.9

%

 

 

6.5

%

 

 

12.5

%

 

 

8.9

%

 

 

7.7

%

 

 

10.0

%

 

 

10.9

%

 

 

8.7

%

Adjusted Gross margin (b)

 

9.9

%

 

 

6.5

%

 

 

12.5

%

 

 

8.9

%

 

 

8.2

%

 

 

10.0

%

 

 

10.9

%

 

 

9.0

%

 

(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

 

(U.S. dollars in millions) - (Unaudited)

 

 

 

 

 

 

 

 

 

Quarter ended

 

Nine months ended

 

September 27,
2024

 

September 29,
2023

 

September 27,
2024

 

September 29,
2023

Net income attributable to Fresh Del Monte Produce Inc.

$

42.1

 

 

$

8.4

 

 

$

121.8

 

 

$

95.1

 

Interest expense, net

 

4.2

 

 

 

5.4

 

 

 

14.0

 

 

 

19.4

 

Income tax provision

 

7.9

 

 

 

4.1

 

 

 

25.6

 

 

 

24.9

 

Depreciation & amortization

 

19.5

 

 

 

21.2

 

 

 

59.2

 

 

 

64.9

 

Share-based compensation expense

 

2.0

 

 

 

2.4

 

 

 

4.8

 

 

 

7.6

 

EBITDA

$

75.7

 

 

$

41.5

 

 

$

225.4

 

 

$

211.9

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

Other product-related charges (1)

 

0.6

 

 

 

8.4

 

 

 

0.8

 

 

 

10.2

 

Asset impairment and other charges, net (2)

 

0.2

 

 

 

2.5

 

 

 

1.2

 

 

 

9.5

 

Gain on disposal of property, plant and equipment, net and subsidiary (3)

 

(8.2

)

 

 

(2.0

)

 

 

(26.6

)

 

 

(38.3

)

Other adjustments (4)

 

 

 

 

 

 

 

 

 

 

7.6

 

Adjusted EBITDA

$

68.3

 

 

$

50.4

 

 

$

200.8

 

 

$

200.9

 

 

 

 

 

 

 

 

 

Net sales

$

1,019.5

 

 

$

1,003.1

 

 

$

3,267.0

 

 

$

3,312.1

 

Net income margin (a)

 

4.1

%

 

 

0.8

%

 

 

3.7

%

 

 

2.9

%

(a) Calculated as Net income attributable to Fresh Del Monte Produce Inc. as a percentage of net sales.

 

 

 

 

 

 

 

EBITDA margin (b)

 

7.4

%

 

 

4.1

%

 

 

6.9

%

 

 

6.4

%

(b) Calculated as EBITDA as a percentage of net sales.

 

 

 

 

 

 

 

Adjusted EBITDA margin (c)

 

6.7

%

 

 

5.0

%

 

 

6.1

%

 

 

6.1

%

(c) Calculated as Adjusted EBITDA as a percentage of net sales.

 

 

 

 

 

 

 

(1)  

Other product-related charges for the quarter ended September 27, 2024, primarily consisted of $1.0 million of additional logistic and inventory write-off expenses incurred as a result of Hurricane Beryl during July 2024, partially offset by $0.6 million of insurance recoveries related to shipment disruptions in the Red Sea during the second quarter of 2024. For the nine months ended September 27, 2024, other product-related charges also consisted of $1.2 million of severance charges from the outsourcing of certain functions within our fresh and value-added operations, partially offset by $1.7 million of insurance recoveries, net of expenses, associated with Greece production facility flooding. Other product-related charges for the quarter ended September 29, 2023, primarily consisted of an inventory write-off and clean-up costs of $8.4 million due to severe flooding caused by heavy rainstorms in Greece that impacted a seasonal production facility. For the nine months ended September 29, 2023, other product-related charges also included inventory write-offs of $1.8 million, which were primarily related to the sale of two distribution centers in Saudi Arabia.

   

 

(2)  

Asset impairment and other charges, net for the quarter ended September 27, 2024, primarily consisted of $0.2 million of property, plant and equipment damage due to heavy wind and rainstorms in Chile. For the nine months ended September 27, 2024, asset impairment and other charges, net also included $1.8 million of legal settlement charges and $0.5 million of reserves related to a potential liability arising from our third-party logistics operations (refer to the Form 10-Q for the quarter and nine months ended September 27, 2024, for further information on this matter), partially offset by $2.0 million of insurance recoveries associated with fire damage to a warehouse facility in South America during the fourth quarter of 2023. Asset impairment and other charges, net for the quarter ended September 29, 2023, primarily consisted of impairment charges related to low-yielding banana farms in the Philippines of $3.7 million, property, plant and equipment damage of $0.9 million due to severe flooding caused by heavy rainstorms in Greece, and impairment of right-of-use asset in South America of $0.7 million, partially offset by insurance reimbursement and other credits of $2.8 million in connection with a cybersecurity incident, which occurred during early 2023. For the nine months ended September 29, 2023, asset impairment and other charges, net also included impairment charges due to low productivity grape vines in South America, idle land in Central America, and expenses incurred in connection with a cybersecurity incident which occurred during early 2023. The cybersecurity 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.

   

 

(3)  

Gain on disposal of property, plant and equipment, net and subsidiary for the quarter ended September 27, 2024, primarily consisted of a $7.7 million gain from the sale of a warehouse in Chile and a $0.3 million gain from the sale of an idle packing facility in Costa Rica. For the nine months ended September 27, 2024, gain on disposal of property, plant and equipment, net and subsidiary also included a $14.7 million gain from the sale of two idle facilities in South America and a $3.4 million gain from the sale of a warehouse in Europe. Gain on disposal of property, plant and equipment, net and subsidiary for the quarter ended September 29, 2023, primarily consisted of a gain of $2.4 million related to the sale of a carrier vessel, partially offset by the loss of $0.4 million related to disposals of a farm in the Philippines and a plantation in Costa Rica. For the nine months ended September 29, 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 Saudi Arabia, a $7.0 million gain on the sale of an idle facility in North America, 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.

   

 

(4)  

Other adjustments for the nine months ended September 29, 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.

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 third quarter 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 Europe, Africa, and the Middle East. Fresh Del Monte Produce Inc. markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods Corporation II 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 Produce Inc. is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2022, 2023, and 2024 Fresh Del Monte Produce was ranked as one of "American'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. The company was also named a Humankind 100 Company for two consecutive years by Humankind Investments, which recognizes companies that substantially impact areas such as access to food and clean water, healthcare, and digital services. Fresh Del Monte Produce Inc. 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 focus on high-margin, value-added products; our ability to streamline operations and the impact that may have on our profitability and future growth; our ability to generate value for shareholders, including through focusing on its strengths in pineapple, fresh-cut fruit, avocados and value-added products; our expectations regarding our ability to implement strategic alternatives for streamlining our Mann Packing business, and any impact on our profitability and financial condition; our ongoing commitment to future growth, operational excellence and meeting evolving customer and consumer demands; our expectations regarding our pineapple varieties and related innovations, and our ability to expand production and meet the ongoing demand; our expectations regarding customer growth and the expansion and diversification of our product offerings; our expectations regarding our fresh-cut facilities; our expectations regarding our avocado and avocado-related products, as well as our ability to meet the growing demand from key customers and further drive innovation; our ability to strengthen our leadership, and the impact that may have on our business; our ongoing commitment to maximize the full utilization of our biomass, as well as the intended use and timing of such biofertilizers and the impact on our sustainability efforts; our anticipating completion of the sale of certain assets of Fresh Leaf Farms; the impact of recent and future weather-related events on our business, and our ability to recover insurance proceeds, if any, to cover any damage or expenses; our expectations for the tax rate; our commitment to maintaining a prudent capital structure and creating long-term value for shareholders; our expected capital expenditures in 2024; our expected segment results for the full year; our expected net sales and gross margin for the fresh and value-added segment; the impact of any strategic initiative to improve gross margin, including consolidating facilities, expanding fresh-cut facilities, managing product and procurement costs and expanding market presence and our anticipated sales volume regarding our banana segment, any supply and shipping challenges that we may encounter. 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, including costs of raw materials, packaging materials, labor, energy, fuel and transportation, (ii) the Company’s ability to successfully execute on its strategic growth plans, including the use of AI, biofertilizers and other technology to effectively manage costs and pricing, (iii) the outcome and anticipated timing of strategic alternatives with respect to the Mann Packing operation, and any impact on our business and results of operations, (iv) the impact of foreign currency fluctuations, including the effectiveness of our hedging activities, (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 ongoing conflict in the Middle East on supply chain logistics and other disruptions in the Company's supply chain, (vii) trends and other factors affecting consumer preferences or consumer, including customers’ reception of our new product offerings and innovation, (viii) factors outside the Company’s control that impact its and other growers’ crop quality and yields, such as severe weather conditions, crop disease, disruptions or issues that impact its production facilities or complex logistics network, and the availability of sufficient labor during peak growing and harvesting seasons, (ix) competitive pressures and the Company’s 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 our current or future tax audits and our ability to successfully contest such tax claims and pursue necessary remedies, (xi) the cost and other implications of changes in regulations applicable to our business, including potential legislative or regulatory initiatives in the United States or elsewhere directed at mitigating the effects of climate change, (xii) damage to our reputation or brand names or negative publicity about our products, (xiii) the Company’s ability to successfully manage the risks associated with international operations, (xiv) the impact of severe weather conditions and natural disasters, such as flooding, hurricanes, earthquakes, (xv) the adequacy of insurance coverage and (xvi) the Company’s ability to close the sale of Fresh Leaf Farms. 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.

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.

FAQ

What was Fresh Del Monte's (FDP) net income in Q3 2024?

Fresh Del Monte (FDP) reported net income of $42.1 million in Q3 2024, compared to $8.4 million in the prior-year period.

What was FDP's gross margin in Q3 2024?

Fresh Del Monte's gross margin increased to 9.2% in Q3 2024, compared to 7.4% in the prior-year period.

How much did Fresh Del Monte (FDP) reduce its long-term debt in Q3 2024?

FDP reduced its long-term debt by 33% to $269.6 million at the end of Q3 2024, down from $401.0 million in Q3 2023.

What dividend did Fresh Del Monte (FDP) declare for Q3 2024?

Fresh Del Monte declared a quarterly cash dividend of $0.25 per share, payable on December 6, 2024, to shareholders of record on November 14, 2024.

Fresh Del Monte Produce Inc.

NYSE:FDP

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1.61B
37.41M
21.95%
67.81%
0.8%
Farm Products
Consumer Defensive
Link
United States of America
CORAL GABLES