NYSE$FDP
Fresh Del Monte Produce Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported strong performance driven by strategic focus on high-margin, value-added products and commitment to long-term profitability.
Fresh Del Monte reported a net sales increase driven by higher net sales in the fresh and value-added product segment. Gross profit and operating income also increased, primarily driven by higher sales volume and per unit selling prices.
- Net sales increased due to higher sales in the fresh and value-added product segment.
- Gross profit increased driven by higher sales volume and per unit selling prices.
- Operating income increased primarily due to higher gross profit and gain on the sale of property, plant and equipment.
- Decision on Mann Packing finalized to enhance profitability and position for growth.
Headline financials
Revenue & EPS history
Fresh Del Monte · Revenue · Quarterly
$1.02B
Revenue by segment
Fresh Del Monte · $1B total across 3 segments · Q3 2023
- Fresh & Value-Added$574M-4.3%57.2%
- Banana$385M-1.0%38.4%
- Other Products & Services$44.4M-32.0%4.4%
Forward guidance
The press release and related earnings call contain forward-looking statements regarding the intent, beliefs or current expectations of the Company.
Tailwinds
- Company’s focus on high-margin, value-added products
- Ability to streamline operations and the impact that may have on our profitability and future growth
- Ability to generate value for shareholders, including through focusing on its strengths in pineapple, fresh-cut fruit, avocados and value-added products
- Expectations regarding our ability to implement strategic alternatives for streamlining our Mann Packing business, and any impact on our profitability and financial condition
- Ongoing commitment to future growth, operational excellence and meeting evolving customer and consumer demands
Headwinds
- Ongoing elevated commodity and supply chain costs, including costs of raw materials, packaging materials, labor, energy, fuel and transportation
- Company’s ability to successfully execute on its strategic growth plans, including the use of AI, biofertilizers and other technology to effectively manage costs and pricing
- Outcome and anticipated timing of strategic alternatives with respect to the Mann Packing operation, and any impact on our business and results of operations
- Impact of foreign currency fluctuations, including the effectiveness of our hedging activities
- Impact of asset impairment or other charges, including those associated with exit activities, crop or facility damage or otherwise
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 Q3 2024
-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% | — | — |
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