Fresh and Value-Added Segment Revenue Increased
5% Compared to Prior-Year
Avocado Revenue Increased 23% Driven by
Year-Over-Year Pricing Improvement
Company Expanded Pineapple Program with Launch
of Two New Pineapple Innovations, Rubyglow® pineapple and Precious
Honeyglow® pineapple
Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or
the "Company") today reported financial results for the first
quarter ended March 29, 2024.
“We are pleased with the ongoing momentum in our higher-margin
fresh and value-added segment. During the first quarter of 2024,
this prioritized area of our business delivered 5% revenue growth
driven by our strategic initiatives around distribution, pricing,
and premiumization. While service level issues and competitive
market pressures in North America and Europe reduced our banana
revenue, we continued to generate very strong cash flow, which
fuels our growth strategy tied to innovation around fresh-cut and
pineapples,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman
and CEO. “We further enhanced our pineapple program with the
release of two new products this quarter. Furthermore, our
leadership team remains focused on operational excellence, cost
discipline, and strategic capital allocation to further improve
profitability across all areas of our business. With our diverse
product portfolio, strong brand recognition, and unwavering
commitment to innovation, we believe we are well-positioned to
generate sustainable value for our shareholders.”
Financial highlights for the first quarter 2024:
Net sales for the first quarter of 2024 were $1,107.9 million
compared with $1,128.5 million in the prior-year period. The
decrease in net sales was a result of lower banana net sales,
driven by lower volume and pricing, and lower net sales in the
other products and services segment. These were partially offset by
an increase in net sales in the fresh and value-added products
segment, driven by higher overall sales volume and pricing in the
segment.
Gross profit for the first quarter of 2024 was $82.3 million
compared with $97.0 million in the prior-year period. Gross profit
was impacted by lower overall net sales, higher production and
procurement costs, and the negative impact of fluctuations in
exchange rates partially offset by lower ocean freight and
distribution costs. Gross profit in the first quarter of 2024
includes a $1.0 million net credit related to insurance recoveries
associated with damages tied to the flooding of a seasonal
production facility in Greece during the third quarter of 2023,
partially offset by severance charges from the outsourcing of
certain functions within our fresh and value-added operations.
Excluding the net impact from the other product-related credits
related to the insurance recoveries and severance payout, Adjusted
gross profit(1) for the first quarter of 2024 was $81.3 million
compared with $98.8 million in the prior-year period. The
prior-year period excludes $1.8 million of other product-related
charges primarily related to the sale of two distribution centers
in the Middle East.
Operating income for the first quarter of 2024 was $44.1 million
compared with $74.5 million in the prior-year period primarily due
to lower gross profit in the current quarter and higher gain on
sale of assets in the prior-year period. Adjusted operating
income(1) was $30.6 million compared with $51.2 million in the
prior-year period. Adjusted operating income for the first quarter
of 2024 excludes $14.8 million gain on asset sale primarily related
to the sale of two idle facilities in South America, $2.3 million
of asset impairment and other charges related to legal settlements,
net of insurance and $1.0 million of other product related credits.
In the prior-year period, Adjusted operating income excluded the
gain on sale of $27.5 million related to the sale of two
distribution centers in the Middle East and an idle facility in
North America, $2.4 million of asset impairment and other charges
primarily related to expenses incurred in connection with a
cybersecurity incident, and $1.8 million of other product-related
charges.
FDP net income(2) for the first quarter of 2024 was $26.1
million compared with $39.0 million in the prior-year period and
Adjusted FDP net income(1) was $15.8 million compared with $26.6
million in the prior-year period. Adjusted FDP net income for the
first quarter of 2024 excludes the abovementioned adjustments and
the associated $3.2 million tax effect. In the prior-year period,
Adjusted FDP net income excludes the abovementioned adjustments,
$7.6 million of minority interest expense associated with the gain
on sale, and the associated $3.3 million tax effect.
(1) Non-GAAP financial measure.
Reconciliations and other information required by Regulation G can
be found below under "Non-GAAP Measures."
(2) "FDP net income" as referenced
throughout this release is defined as Net income attributable to
Fresh Del Monte Produce Inc.
First Quarter 2024 Business Segment Performance and Selected
Financial Data
(As reported in business segment data)
Fresh Del Monte Produce Inc.
and Subsidiaries
Business Segment Data
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
March 29, 2024
March 31, 2023
Segment Data:
Net Sales
Gross Profit
Gross Margin
Net Sales
Gross Profit
Gross Margin
Fresh and value-added products
$
676.8
61
%
$
55.9
68
%
8.3
%
$
643.4
57
%
$
47.1
49
%
7.3
%
Banana
379.5
34
%
21.8
26
%
5.7
%
425.1
38
%
43.2
45
%
10.2
%
Other products and services
51.6
5
%
4.6
6
%
8.9
%
60.0
5
%
6.7
6
%
11.2
%
$
1,107.9
100
%
$
82.3
100
%
7.4
%
$
1,128.5
100
%
$
97.0
100
%
8.6
%
First Quarter 2024 Business Segment Performance
Fresh and Value-Added
Products
Net sales for the first quarter of 2024 were $676.8
million compared with $643.4 million in the prior-year period,
primarily due to higher sales volume of pineapples, melons, and
prepared food products and higher per unit selling prices of
avocados. These were partially offset by lower net sales of
fresh-cut fruit due to lower sales volumes.
Gross profit for the first quarter of 2024 was $55.9
million compared with $47.1 million in the prior-year period. The
increase in gross profit was driven by overall higher net sales
partially offset by higher production and procurement costs of
pineapple and avocados, including the negative impact of
fluctuations in exchange rates primarily versus a stronger Costa
Rican colon and Mexican peso. Gross profit for the first quarter of
2024 and in the prior-year period included the abovementioned $1.0
million and $1.8 million of other product-related credits and
charges, respectively. Gross margin increased to 8.3% compared with
7.3% in the prior-year period.
Banana
Net sales for the first quarter of 2024 were $379.5
million compared with $425.1 million in the prior-year period,
primarily driven by 5% lower volume due partially to service level
issues in the first two months of the year and lower selling prices
due to competitive market pressures in North America and
Europe.
Gross profit for the first quarter of 2024 was $21.8
million compared with $43.2 million in the prior-year period. The
decrease in gross profit was driven by lower net sales, higher per
unit production and procurement costs and the negative impact of
exchange rate fluctuation due to a stronger Costa Rican colon,
partially offset by lower distribution and ocean freight cost.
Gross margin decreased to 5.7% compared with 10.2% in the
prior-year period.
Other Products and
Services
Net sales for the first quarter of 2024 were $51.6
million compared with $60.0 million in the prior-year period mainly
due to lower net sales of third-party ocean freight services as a
result of lower rates driven by a competitive market environment
and the sale of our plastics subsidiary in South America in
2023.
Gross profit for the first quarter of 2024 was $4.6
million compared with $6.7 million in the prior-year period as a
result of lower net sales. Gross margin decreased to 8.9% compared
with 11.2% in the prior-year period.
Cash Flows
Net cash provided by operating activities for the first three
months of 2024 was $18.7 million compared with $15.5 million in the
prior-year period. The increase was primarily attributable to
working capital fluctuations, mainly driven by higher levels of
account payables and accrued expenses and lower inventory levels
due to optimization efforts around working capital.
Long Term Debt
Long-term debt decreased to $400.0 million at the end of the
first quarter of 2024 from $472.7 million at the end of the first
quarter of 2023, a decrease of approximately 15%.
Quarterly Cash Dividend
On April 30, 2024, the Company's Board of Directors declared a
quarterly cash dividend of $0.25 per share, payable on June 7, 2024
to shareholders of record on May 16, 2024.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Operations
(U.S. dollars in millions,
except share and per share data) - (Unaudited)
Quarter ended
Statement of Operations:
March 29, 2024
March 31, 2023
Net sales
$
1,107.9
$
1,128.5
Cost of products sold
1,026.6
1,029.7
Other product-related (credits)
charges
(1.0
)
1.8
Gross profit
82.3
97.0
Selling, general and administrative
expenses
50.7
47.6
Gain on disposal of property, plant and
equipment, net
14.8
27.5
Asset impairment and other charges,
net
2.3
2.4
Operating income
44.1
74.5
Interest expense, net
5.0
7.9
Other expense, net
7.7
9.3
Income before income taxes
31.4
57.3
Income tax provision
5.3
9.5
Net income
$
26.1
$
47.8
Less: Net income attributable to
redeemable and noncontrolling interests
—
8.8
Net income attributable to Fresh Del Monte
Produce Inc.
$
26.1
$
39.0
Earnings per share(1):
Basic
$
0.55
$
0.81
Diluted
$
0.55
$
0.81
Dividends declared per ordinary share
$
0.25
$
0.15
Weighted average number of ordinary
shares:
Basic
47,709,355
47,892,934
Diluted
47,903,920
48,153,540
(1) Earnings per share ("EPS") is
calculated based on Net income attributable to Fresh Del Monte
Produce Inc.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated Balance
Sheets
(U.S. dollars in millions) -
(Unaudited)
March 29, 2024
December 29,
2023
Assets
Current assets:
Cash and cash equivalents
$
42.2
$
33.8
Trade accounts receivable, net
435.0
387.0
Other accounts receivable, net
94.2
95.1
Inventories, net
575.1
599.9
Assets held for sale
11.7
4.5
Prepaid expenses and other current
assets
22.3
24.0
Total current assets
1,180.5
1,144.3
Investment in and advances to
unconsolidated companies
26.2
22.2
Property, plant and equipment, net
1,234.8
1,256.4
Operating lease right-of-use assets
201.3
213.8
Goodwill
401.8
401.9
Intangible assets, net
33.2
33.3
Deferred income taxes
53.5
51.5
Other noncurrent assets
68.7
60.7
Total assets
$
3,200.0
$
3,184.1
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued expenses
$
484.7
$
479.0
Current maturities of debt and finance
leases
1.4
1.4
Current maturities of operating leases
44.9
48.6
Other current liabilities
15.2
11.6
Total current liabilities
546.2
540.6
Long-term debt and finance leases
405.8
406.1
Retirement benefits
83.8
82.3
Deferred income taxes
76.2
72.7
Operating leases, less current
maturities
133.9
142.1
Other noncurrent liabilities
26.0
27.6
Total liabilities
1,271.9
1,271.4
Commitments and contingencies
Redeemable noncontrolling interest
—
—
Shareholders' equity:
Preferred shares
—
—
Ordinary shares
0.5
0.5
Paid-in capital
598.7
597.7
Retained earnings
1,355.2
1,341.4
Accumulated other comprehensive loss
(42.7
)
(43.3
)
Total Fresh Del Monte Produce Inc.
shareholders' equity
1,911.7
1,896.3
Noncontrolling interests
16.4
16.4
Total shareholders' equity
1,928.1
1,912.7
Total liabilities, redeemable
noncontrolling interest and shareholders' equity
$
3,200.0
$
3,184.1
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
March 29, 2024
March 31, 2023
Operating activities:
Net income
$
26.1
$
47.8
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
20.0
22.1
Amortization of debt issuance costs
0.2
0.1
Share-based compensation expense
0.6
2.3
Change in uncertain tax positions
(0.2
)
0.3
Deferred income taxes
1.5
(3.9
)
Gain loss on disposal of property, plant
and equipment
(14.8
)
(27.5
)
Other, net
2.3
1.6
Changes in operating assets and
liabilities:
Receivables
(52.9
)
(50.6
)
Inventories
23.3
17.4
Prepaid expenses and other current
assets
1.7
(2.3
)
Accounts payable and accrued expenses
13.9
1.0
Other assets and liabilities
(3.0
)
7.2
Net cash provided by operating
activities
18.7
15.5
Investing activities:
Capital expenditures
(12.7
)
(10.0
)
Proceeds from sales of property, plant and
equipment
20.1
90.7
Investments in and advances to
unconsolidated companies
(3.5
)
(1.1
)
Net cash provided by investing
activities
3.9
79.6
Financing activities:
Proceeds from debt
79.3
143.4
Payments on debt
(79.3
)
(210.5
)
Distributions to noncontrolling
interests
—
(0.3
)
Share-based awards settled in cash for
taxes
(0.8
)
(0.5
)
Dividends paid
(11.9
)
(7.2
)
Payment of deferred financing costs
(2.1
)
—
Other financing activities
(1.2
)
(0.8
)
Net cash used in financing
activities
(16.0
)
(75.9
)
Effect of exchange rate changes on
cash
1.8
(0.7
)
Net increase in cash and cash
equivalents
8.4
18.5
Cash and cash equivalents, beginning
33.8
17.2
Cash and cash equivalents, ending
$
42.2
$
35.7
Non-GAAP Measures
The Company's results are determined in accordance with U.S.
generally accepted accounting principles (GAAP). Certain
information presented in this press release reflects adjustments to
GAAP measures that are referred to in this press release as
“non-GAAP measures.” Management believes these non-GAAP measures
provide a more comparable analysis of the underlying operating
performance of the business.
These non-GAAP measures include the following: Adjusted gross
profit, Adjusted gross margin, Adjusted operating income, Adjusted
FDP net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA,
EBITDA margin, and Adjusted EBITDA margin. Adjusted gross profit,
Adjusted gross margin, Adjusted operating income, Adjusted FDP net
income and Adjusted diluted EPS each reflect adjustments relating
to asset impairment and other charges, net, gain on disposal of
property, plant and equipment, net, and other product-related
(credits) charges. EBITDA is defined as net income attributable to
Fresh Del Monte Produce Inc. excluding interest expense, net,
provision for income taxes, depreciation and amortization, and
share-based compensation expense. Adjusted EBITDA represents EBITDA
with additional adjustments for asset impairment and other charges,
net, gain on disposal of property, plant and equipment, net and
subsidiary, and other product-related charges. EBITDA margin
represents EBITDA as a percentage of net sales, and Adjusted EBITDA
margin represents Adjusted EBITDA as a percentage of net sales.
These non-GAAP measures provide the Company with an
understanding of the results from the primary operations of its
business. The Company uses these metrics because management
believes they provide more comparable measures to evaluate
period-over-period operating performance since they exclude special
items that are not indicative of the Company's core business or
operations. These measures may be useful to an investor in
evaluating the underlying operating performance of the Company's
business because these measures:
- Are used by investors to measure a company's comparable
operating performance;
- Are financial measurements that are used by lenders and other
parties to evaluate creditworthiness; and
- Are used by the Company's management for various purposes,
including as measures of performance of its operating entities, as
a basis of strategic planning and forecasting, and in certain cases
as a basis for incentive compensation.
Because all companies do not use identical calculations, the
Company's presentation of these non-GAAP financial measures may not
be comparable to similarly titled measures used by other companies.
Reconciliations of non-GAAP financial measures to the most directly
comparable GAAP financial measures are provided in the financial
tables that accompany this release.
Fresh Del Monte Produce Inc.
and Subsidiaries
Non-GAAP
Reconciliation
(U.S. dollars in millions,
except per-share amounts) - (Unaudited)
Quarter ended
March 29, 2024
March 31, 2023
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
As reported
$
82.3
$
44.1
$
26.1
$
0.55
$
97.0
$
74.5
$
39.0
$
0.81
Adjustments:
Other product-related (credits) charges
(1)
(1.0
)
(1.0
)
(1.0
)
(0.02
)
1.8
1.8
1.8
0.03
Asset impairment and other charges, net
(2)
—
2.3
2.3
0.05
—
2.4
2.4
0.05
Gain on disposal of property, plant and
equipment net (3)
—
(14.8
)
(14.8
)
(0.31
)
—
(27.5
)
(27.5
)
(0.57
)
Other adjustments (4)
—
—
—
—
—
—
7.6
0.16
Tax effects of all adjustments (5)
—
—
3.2
0.07
—
—
3.3
0.07
As adjusted
$
81.3
$
30.6
$
15.8
$
0.34
$
98.8
$
51.2
$
26.6
$
0.55
Fresh Del Monte Produce Inc.
and Subsidiaries
Segment Gross Profit Non-GAAP
Reconciliation
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
March 29, 2024
March 31, 2023
Fresh and value-added
products
Banana
Other products and services
Total
Fresh and value-added
products
Banana
Other products and services
Total
Gross profit (as reported)
$
55.9
$
21.8
$
4.6
$
82.3
$
47.1
$
43.2
$
6.7
$
97.0
Adjustments:
Other product-related (credits) charges
(1)
(1.0
)
—
—
(1.0
)
1.7
0.1
—
1.8
Adjusted gross profit
$
54.9
$
21.8
$
4.6
$
81.3
$
48.8
$
43.3
$
6.7
$
98.8
Net Sales
$
676.8
$
379.5
$
51.6
$
1,107.9
$
643.4
$
425.1
$
60.0
$
1,128.5
Gross margin (a)
8.3
%
5.7
%
8.9
%
7.4
%
7.3
%
10.2
%
11.2
%
8.6
%
Adjusted gross margin (b)
8.1
%
5.7
%
8.9
%
7.3
%
7.6
%
10.2
%
11.2
%
8.8
%
(a) Calculated as Gross profit as a
percentage of net sales.
(b) Calculated as Adjusted Gross profit as
a percentage of net sales.
Fresh Del Monte Produce Inc.
and Subsidiaries
Reconciliation of EBITDA and
Adjusted EBITDA
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
March 29, 2024
March 31, 2023
Net income attributable to Fresh Del Monte
Produce Inc.
$
26.1
$
39.0
Interest expense, net
5.0
7.9
Income tax provision
5.3
9.5
Depreciation & amortization
20.0
22.1
Share-based compensation expense
0.6
2.3
EBITDA
$
57.0
$
80.8
Adjustments:
Other product-related (credits) charges
(1)
(1.0
)
1.8
Asset impairment and other charges, net
(2)
2.3
2.4
Gain on disposal of property, plant and
equipment, net (3)
(14.8
)
(27.5
)
Other adjustments (4)
—
7.6
Adjusted EBITDA
$
43.5
$
65.1
Net sales
$
1,107.9
$
1,128.5
Net income margin (a)
2.4
%
3.5
%
(a) Calculated as Net income attributable
to Fresh Del Monte Produce Inc. as a percentage of net sales.
EBITDA margin (b)
5.1
%
7.2
%
(b) Calculated as EBITDA as a percentage
of net sales.
Adjusted EBITDA margin (c)
3.9
%
5.8
%
(c) Calculated as Adjusted EBITDA as a
percentage of net sales.
(1)
Other product-related (credits) charges
for the quarter ended March 29, 2024, primarily consisted of $2.2
million of insurance recoveries associated with damages tied to the
flooding of a seasonal production facility in Greece during the
third quarter of 2023, partially offset by $1.2 million of
severance charges from the outsourcing of certain functions within
our fresh and value-added operations. Other product-related
(credits) charges for the quarter ended March 31, 2023, consisted
of inventory write-offs which were primarily related to the sale of
two distribution centers in the Middle East.
(2)
Asset impairment and other charges, net
for the quarter ended March 29, 2024, primarily consisted of $1.8
million of legal settlement charges (refer to the Form 10-Q for the
quarter ended March 29, 2024, for further information on this
matter). For the quarter ended March 31, 2023, asset impairment and
other charges, net primarily consisted of expenses incurred in
connection with a cybersecurity incident which occurred during
early 2023. The incident temporarily impacted certain of the
Company's operational and information technology systems and
resulted in incremental costs primarily related to the engagement
of specialized legal counsel and other incident response
advisors.
(3)
Gain on disposal of property, plant and
equipment, net for the quarter ended March 29, 2024, primarily
consisted of a $14.8 million gain from the sale of two idle
facilities in South America. Gain on disposal of property, plant
and equipment, net for the quarter ended March 31, 2023, related to
a $20.5 million gain on the sale of two distribution centers and
related assets in the Middle East and a $6.8 million gain on the
sale of an idle facility in North America.
(4)
Other adjustments for the quarter ended
March 31, 2023, primarily related to the portions of the gain on
disposal of property, plant and equipment, net and other
product-related charges which were attributable to a minority
interest partner, reflected in net income attributable to
redeemable and noncontrolling interests.
(5)
Tax effects are calculated in accordance
with ASC 740, Income Taxes, using the same methodology as the GAAP
provision of income taxes.
Conference Call and Webcast Data
Fresh Del Monte will host a conference call and simultaneous
webcast at 4:45 p.m. Eastern Time today to discuss the first
quarter 2024 financial results and to review the Company’s progress
and outlook. The webcast can be accessed on the Company’s Investor
Relations home page at https://investorrelations.freshdelmonte.com.
The call will be available for re-broadcast on the Company’s
website approximately two hours after the conclusion of the call
for a period of one year.
About Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. is one of the world’s leading
vertically integrated producers, marketers, and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well as a
leading producer and distributor of prepared food in Europe,
Africa, and the Middle East. Fresh Del Monte Produce Inc. markets
its products worldwide under the DEL MONTE® brand (under license
from Del Monte Foods, Inc.), a symbol of product innovation,
quality, freshness, and reliability for over 135 years. The company
also markets its products under the MANN™ brand and other related
trademarks. Fresh Del Monte Produce Inc. is not affiliated with
certain other Del Monte companies around the world, including Del
Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific
Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del
Monte Produce Inc. is the first global marketer of fruits and
vegetables to commit to the “Science Based Targets” initiative. In
2022, 2023, and 2024 Fresh Del Monte Produce was ranked as one of
"American's Most Trusted Companies" by Newsweek based on an
independent survey rating companies on three different touchpoints,
including customer trust, investor trust, and employee trust. The
company was also named a Humankind 100 Company for two consecutive
years by Humankind Investments, which recognizes companies that
substantially impact areas such as access to food and clean water,
healthcare, and digital services. Fresh Del Monte Produce Inc. is
traded on the NYSE under the symbol FDP.
Forward-looking Information
This press release and the related earnings call contain certain
forward-looking statements regarding the intent, beliefs or current
expectations of the Company. These statements include statements
that are preceded by, followed by or include the words “believes”,
“expects”, “anticipates”, “may” or similar expressions with respect
to various matters. Specifically, this press release and the
earnings call contain forward-looking statements regarding the
Company’s plans and expectations for future performance, including:
the Company’s focus on operational excellence, cost discipline and
strategic capital allocation to improve profitability; its ability
to generate value for its shareholders, including through focusing
on its strengths in pineapple, fresh-cut and sustainability-related
projects and growing market share; expected segment results in
2024; expected capital expenditures in 2024; and expected progress
on its strategic alternatives with respect to Mann Packing. It is
important to note that these forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties. The Company’s actual plans and performance may
differ materially from those in the forward-looking statements as a
result of various factors, including (i) ongoing elevated commodity
and supply chain costs, including costs of raw materials, packaging
materials, labor, energy, fuel and transportation, (ii) the
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, (iii) the outcome of strategic
alternatives with respect to the Mann Packing operation, (iv) the
impact of foreign currency fluctuations, including the
effectiveness of our hedging activities, (v) the impact of asset
impairment or other charges, including those associated with exit
activities, crop or facility damage or otherwise, (vi) the impact
of ongoing conflict in the Middle East on supply chain logistics
and other disruptions in the Company's supply chain, (vii) trends
and other factors affecting consumer preferences or consumer,
(viii) factors outside the Company’s control that impact its and
other growers’ crop quality and yields, such as crop disease,
severe weather conditions, disruptions or issues that impact its
production facilities or complex logistics network, and the
availability of sufficient labor during peak growing and harvesting
seasons, (ix) competitive pressures and the Company’s ability to
realize the full benefits of the inflation driven price increases
implemented, (x) the impact of claims and adjustments proposed by
the IRS or other foreign taxing authorities in connection with our
current or future tax audits and our ability to successfully
contest such tax claims and pursue necessary remedies, (xi) the
cost and other implications of changes in regulations applicable to
our business, including potential legislative or regulatory
initiatives in the United States or elsewhere directed at
mitigating the effects of climate change, (xii) damage to our
reputation or brand names or negative publicity about our products,
and (xiii) the Company’s ability to successfully manage the risks
associated with international operations. In addition, these
forward-looking statements and the information in this press
release and the earnings call are qualified in their entirety by
cautionary statements and risk factor disclosures contained in the
Company’s Securities and Exchange Commission filings, including the
Company’s most recently filed Annual Report on Form 10-K. All
forward-looking statements in this press release are based on
information available to us on the date hereof, and we assume no
obligation to update such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240502736405/en/
Monica Vicente Senior Vice President, Chief Financial
Officer 305-520-8433
Fresh Del Monte Produce (NYSE:FDP)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Fresh Del Monte Produce (NYSE:FDP)
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부터 6월(6) 2023 으로 6월(6) 2024