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Sep 30, 2022
Fresh Del Monte Q3 2022 Earnings Report
Delivered strong net sales and profitability despite macroeconomic challenges.
Key Takeaways
Fresh Del Monte Produce reported a 5% increase in net sales and significant improvement in gross profit for Q3 2022, driven by inflation-justified price increases and a favorable product mix, despite macroeconomic headwinds.
Net sales increased by 5% compared to the prior-year period, primarily due to inflation-justified price increases.
Gross profit increased significantly, driven by higher consolidated net sales and a favorable product mix in the fresh and value-added products segment.
Operating income rose substantially due to higher gross profit, a one-time benefit from a reduction in a North America environmental reserve, and lower advertising expenses.
The company continues to invest in technology, product innovation, and diversification to grow its business.
Revenue by Segment
Forward Guidance
The company expects broad based cost pressures in the fourth quarter and in 2023.
Challenges Ahead
- Broad based cost pressures in the fourth quarter
- Broad based cost pressures in 2023
- Impact of governmental trade restrictions
- The continued shortage of qualified labor
- Damage to our reputation or brand names or negative publicity about our products
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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