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Dec 29, 2023
Fresh Del Monte Q4 2023 Earnings Report
Reported financial results for the fourth quarter and the full fiscal year ended December 29, 2023.
Key Takeaways
Fresh Del Monte Produce reported a decrease in net sales for Q4 2023 to $1,008.6 million compared to $1,040.0 million in the prior-year period, driven by lower net sales of banana and other products and services segments. The company faced an operating loss of $(113.4) million, impacted by a $133.8 million non-cash asset impairment charge. However, the company increased the quarterly dividend by 25% for the second consecutive year and reduced long-term debt by $140 million.
Net sales for the fourth quarter of 2023 were $1,008.6 million, a decrease from $1,040.0 million in the prior-year period.
Gross profit for the fourth quarter of 2023 was $62.5 million, compared to $81.7 million in the prior-year period.
Operating loss for the fourth quarter of 2023 was $(113.4) million, compared to operating income of $31.2 million in the prior-year period.
The Company's Board of Directors declared an increase to the quarterly cash dividend to $0.25 per share.
Revenue by Segment
Forward Guidance
The company intends to focus on continuous innovation, commercializing its assets through strategic partnerships, investing in organic growth, increasing the mix of high margin products and working toward a circular economy and expects to control costs in 2024.
Positive Outlook
- Intent to focus on continuous innovation
- Commercializing its assets through strategic partnerships
- Investing in organic growth
- Increasing the mix of high margin products
- Working toward a circular economy
Challenges Ahead
- Ongoing elevated commodity and supply chain costs
- Impact of foreign currency fluctuations
- Impact of asset impairment or other charges
- Impact of ongoing conflict in the Middle East on supply chain logistics
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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