NYSE$FDP
Fresh Del Monte Produce Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported strong operating results with net income more than doubled, and gross profit and margin increased.
Fresh Del Monte Produce reported net sales of $1,180.5 million for Q2 2023, compared to $1,211.9 million in the prior-year period. Net income more than doubled, and gross profit and gross margin increased substantially. The company's strategic efforts, including asset optimization, strategic partnerships, and product innovation, are guiding its decision-making process.
- Net income more than doubled compared to the prior-year period.
- Gross profit and gross margin increased substantially year-over-year.
- Net sales variance was primarily driven by the fresh and value-added products segment.
- Higher net sales in the banana segment, driven by both per unit pricing and volume, partially offset net sales decrease.
Headline financials
Revenue & EPS history
Fresh Del Monte · Revenue · Quarterly
$1.18B
Revenue by segment
Fresh Del Monte · $1.18B total across 3 segments · Q2 2023
- Fresh & Value-Added$678M-7.5%57.4%
- Banana$449M+6.5%38.0%
- Other Products & Services$54.1M-6.6%4.6%
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.
Tailwinds
- commitment to asset optimization, strategic partnerships and product innovations and the impact on the Company’s results of operations
- expectations regarding the ability to identify, sell or leverage underutilized assets, including the related impacts to operational efficiency
- anticipated demand for the Company’s core products
- improvements in the Company’s avocado business and pricing and technology developments
- climate-related projects, including the Company’s Brighter World Tomorrow™ vision
Headwinds
- macroeconomic factors, including inflation, interest rates and foreign exchange rates
- the Company’s ability to leverage technologies
- trends and other factors affecting consumer preferences, including whether consumers are receptive to the ideas and innovations made by the Company
- its inability to accurately identify underperforming product lines and assets
- other factors outside the Company’s control that impact its and other growers’ crop quality and yields
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-1.5%
Avg return
Earnings day
-1.6%
Avg return
5 days after
-2.8%
Avg return
30 days after
34%
23 / 67 earnings
Positive
+19.8%
Q1 2021
Best reaction
-21.3%
Q4 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | -8.5% | -27.0% | |
| Q4 2025 | +4.5% | +3.4% | -1.2% | |
| Q3 2025 | -0.2% | +4.6% | +5.2% | |
| Q1 2025 | -0.9% | -1.8% | -2.7% | |
| Q4 2024 | -3.0% | -1.3% | -4.2% | |
| Q3 2024 | +8.8% | +14.5% | +16.0% | |
| Q2 2024 | +8.9% | +7.2% | +16.7% | |
| Q1 2024 | -5.4% | -6.1% | -9.9% | |
| Q4 2023 | -2.7% | +1.9% | +8.8% | |
| Q3 2023 | -9.0% | -6.0% | -7.1% | |
| Q2 2023 | +4.6% | +7.7% | +0.1% | |
| Q1 2023 | -7.2% | -3.8% | -6.1% | |
| Q4 2022 | +7.7% | +8.5% | +4.1% | |
| Q3 2022 | +2.5% | +7.1% | +4.7% | |
| Q2 2022 | -4.0% | -5.8% | -10.3% | |
| Q1 2022 | -5.5% | -3.6% | -2.2% | |
| Q4 2021 | -9.9% | -8.1% | -5.8% | |
| Q3 2021 | -14.6% | -13.7% | -27.5% | |
| Q2 2021 | -1.5% | +1.3% | +3.6% | |
| Q1 2021 | +19.8% | +17.7% | +21.4% | |
| Q4 2020 | -7.7% | -5.1% | +5.4% | |
| Q3 2020 | -8.8% | -9.9% | +4.0% | |
| Q2 2020 | -1.3% | -1.9% | +0.3% | |
| Q1 2020 | -18.8% | -28.0% | -29.1% | |
| Q4 2019 | -10.7% | -14.7% | +0.9% | |
| Q3 2019 | +10.8% | +12.6% | +14.6% | |
| Q2 2019 | +11.3% | +7.6% | -6.0% | |
| Q1 2019 | +3.5% | -0.1% | -11.5% | |
| Q4 2018 | -21.3% | -20.9% | -22.9% | |
| Q3 2018 | +3.0% | +2.5% | +3.4% | |
| Q2 2018 | -8.4% | -7.4% | -7.8% | |
| Q1 2018 | +0.5% | -1.2% | -8.6% | |
| Q4 2017 | -0.5% | +2.2% | -3.5% | |
| Q3 2017 | -9.8% | -4.7% | -0.2% | |
| Q2 2017 | -3.3% | -2.9% | -8.7% | |
| Q1 2017 | -14.0% | -11.5% | -16.1% | |
| Q4 2016 | -3.3% | -1.2% | -0.4% | |
| Q3 2016 | +7.0% | +0.7% | -3.9% | |
| Q2 2016 | +6.2% | +7.1% | +3.6% | |
| Q1 2016 | +8.5% | — | — | |
| Q4 2015 | -3.7% | — | — | |
| Q3 2015 | +6.6% | — | — | |
| Q2 2015 | +8.6% | — | — | |
| Q1 2015 | -7.6% | — | — | |
| Q4 2014 | -1.9% | — | — | |
| Q3 2014 | +5.4% | — | — | |
| Q2 2014 | +1.7% | — | — | |
| Q1 2014 | +8.8% | — | — | |
| Q4 2013 | -4.6% | — | — | |
| Q3 2013 | -3.1% | — | — | |
| Q2 2013 | +0.1% | — | — | |
| Q1 2013 | -9.7% | — | — | |
| Q4 2012 | -2.9% | — | — | |
| Q3 2012 | -1.6% | — | — | |
| Q2 2012 | -0.2% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q4 2011 | -10.1% | — | — | |
| Q4 2008 | -10.1% | — | — | |
| Q3 2011 | -3.1% | — | — | |
| Q2 2011 | -3.9% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q3 2009 | +0.0% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2010 | -0.1% | — | — | |
| Q2 2009 | -0.1% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro