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Dec 30, 2022
Fresh Del Monte Q4 2022 Earnings Report
Fresh Del Monte experienced strong net sales and margins, marking the best-performing fourth quarter in recent history.
Key Takeaways
Fresh Del Monte Produce Inc. reported a strong fourth quarter and full fiscal year 2022, driven by increased net sales and improved gross margins. The company's focus on flexibility, cost control, and customer relationships contributed to a stronger financial position compared to the previous year.
Net sales for the fourth quarter of 2022 increased by 2% compared to the prior-year period, driven by inflation-justified per unit price increases.
Gross profit for the fourth quarter of 2022 increased significantly to $81.7 million, compared to $39.8 million in the prior-year period, due to higher per unit selling prices across all segments.
Operating income for the fourth quarter of 2022 was $31.2 million, a substantial improvement from the operating loss of $9.2 million in the prior-year period.
FDP net income for the fourth quarter of 2022 was $18.3 million, compared to a net loss of $11.2 million in the prior-year period.
Revenue by Segment
Forward Guidance
The press release and related earnings call contain forward-looking statements regarding the intent, beliefs, or current expectations of the Company, including plans and expectations for future performance.
Positive Outlook
- Company's commitment to remaining flexible and agile.
- Company's commitment to controlling costs.
- Company's commitment to leveraging its assets.
- Company's commitment to optimizing customer relationships.
- Company's intent to focus on strengthening its relationships with customers to work toward profitable incremental sales and expansion of its product line
Challenges Ahead
- Macroeconomic factors, including inflation and governmental actions such as increased interest rates taken to combat inflation, on its business, suppliers, customers and consumers
- Company’s ability to successfully execute on its strategic growth plans, including the use of AI and other technology to effectively manage costs and pricing
- Company’s ability to successfully develop and expand its logistics business
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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