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Sep 29, 2023
Fresh Del Monte Q3 2023 Earnings Report
Reported solid results for Q3 2023, driven by higher gross margins and adjusted earnings per share growth.
Key Takeaways
Fresh Del Monte reported net sales of $1,003.1 million for the third quarter of 2023, compared to $1,053.5 million in the prior-year period. The company's net income for the third quarter was $8.4 million, compared to $33.3 million in the prior-year period.
Net sales for the third quarter of 2023 were $1,003.1 million compared with $1,053.5 million in the prior-year period.
Gross profit for the third quarter of 2023 was $74.4 million compared with $88.0 million in the prior-year period.
Operating income for the third quarter of 2023 was $25.4 million compared with $51.0 million in the prior-year period.
Long-term debt reduced by 26% to $401.0 million at the end of the third quarter 2023 from $539.8 million at end of fiscal year 2022.
Revenue by Segment
Forward Guidance
This press release and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company.
Positive Outlook
- commitment to asset optimization
- strategic partnerships and product innovations and the impact on the Company’s results of operations
- ability to improve efficiencies and lower debt
- anticipated demand for the Company’s core products
- ability to launch a new pineapple variety
Challenges Ahead
- macroeconomic factors, including inflation, interest rates and foreign exchange rates
- the Company’s ability to leverage technologies to introducing new products and enhance process, including its ability to successfully bring the new pineapple variety to market
- trends and other factors affecting consumer preferences, including whether consumers are receptive to the ideas and innovations made by the Company
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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