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Sep 25, 2020
Fresh Del Monte Q3 2020 Earnings Report
Reported financial results for the third quarter of 2020.
Key Takeaways
Fresh Del Monte Produce reported net sales of $989.7 million and net income of $17.4 million for the third quarter of 2020. The company announced a $100 million asset sales program and increased the quarterly cash dividend to $0.10 per share.
Improved cash flow through rapid adjustments to business operations.
Reduced long-term debt by $76.0 million since the end of 2019.
Saw improvement in the fresh and value-added products business segment.
Announced optimization program to sell non-strategic assets for approximately $100 million.
Revenue by Segment
Forward Guidance
The company intends to sell certain identified assets over the next 12 to 18 months and anticipates cash proceeds of such sales. They also intend to optimize its current cost structure, improve its profitability, and prioritize its capital investments and anticipates dividend payment.
Positive Outlook
- Intention to sell certain identified assets
- Anticipated cash proceeds from sales
- Intention to optimize cost structure
- Intention to improve profitability
- Intention to prioritize capital investments
Challenges Ahead
- Impact of the COVID-19 outbreak on business
- Disruptions or inefficiencies in operations or supply chain
- Impact of governmental trade restrictions
- Anticipated cash needs in light of liquidity
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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