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Jun 26, 2020
Fresh Del Monte Q2 2020 Earnings Report
Fresh Del Monte reported net income per diluted share of $0.38 and adjusted net income per diluted share of $0.54, with net sales of $1,092.3 million.
Key Takeaways
Fresh Del Monte Produce Inc. reported a decrease in net sales to $1,092.3 million compared to $1,239.4 million in the second quarter of 2019. Net income per diluted share was $0.38, and adjusted net income per diluted share was $0.54. The company reduced long-term debt by $51.8 million since the end of 2019.
Net income per diluted share was $0.38, while adjusted net income per diluted share reached $0.54.
Net sales amounted to $1,092.3 million, impacted by an estimated $132.0 million due to the COVID-19 pandemic.
Gross profit stood at $78.7 million, with adjusted gross profit at $89.3 million.
Long-term debt was reduced by $51.8 million since the end of 2019, driven by strong operating cash flow.
Revenue by Segment
Forward Guidance
The company expects its transformation to continue, aiming to improve asset utilization and create efficiencies.
Positive Outlook
- Focus on protecting the health and safety of global team members.
- Maintenance of business continuity.
- Strong liquidity.
- Ability to generate positive cash-flows.
- Transformation expected to continue in the quarters ahead.
Challenges Ahead
- Significant global disruptions, including lockdowns, closures and quarantines due to the COVID-19 pandemic.
- Unprecedented, turbulent period during the quarter.
- Challenges due to the nature of perishable business.
- COVID-19 pandemic impacted net sales during the second quarter by an estimated $132.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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