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Fresh Del Monte Produce (FDP)
NYSE:FDP
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.37Last Year’s EPS
$0.25Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: 15.40%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Positive
The earnings call conveyed strong financial performance with significant growth in net income and gross profit, driven by the Fresh and Value-Added Products segment. Strategic initiatives like the consolidation of Mann Packing and recognition in prestigious awards were also highlighted as positive achievements. However, challenges such as a decline in the Banana segment and weather-related disruptions were noted. Overall, the positive aspects outweighed the challenges.Company Guidance
In the third quarter of 2024, Fresh Del Monte Produce reported a significant improvement in financial performance, with a gross profit increase of 26% year-over-year, driven mainly by the Fresh and Value-Added Products segment. Net income attributable to the company rose dramatically to $42 million, a more than 400% increase from the $8 million reported in the same period last year. The firm also anticipates annual profitability improvements of $15 million to $20 million beginning in 2025 from consolidating Mann Packing operations. Net sales reached $1.020 billion, up from $1.003 billion in the previous year, with the Fresh and Value-Added Products segment contributing $624 million, largely due to strong demand for pineapple and avocado products. The company's strategic initiatives aim to deliver gross margins in the low teens over time, while maintaining a focus on innovation and operational efficiency.Significant Increase in Net Income
Net income attributable to Fresh Del Monte Produce was $42 million for the quarter compared with $8 million in the same period last year, reflecting more than a 400% increase.
Gross Profit and Margin Improvement
Gross profit increased by 26%, with gross margin rising 180 basis points to 9.2% compared with 7.4% in the prior year.
Strong Performance in Fresh and Value-Added Products
Net sales in the Fresh and Value-Added Products segment were $624 million, up from $574 million in the prior year, driven by higher sales volume and pricing of avocado, pineapple, and fresh-cut fruit.
Strategic Consolidation of Mann Packing
Consolidation of Mann Packing facilities is expected to improve profitability by $15 million to $20 million annually starting in 2025.
Recognition and Awards
Fresh Del Monte was recognized by Newsweek's World's Most Trustworthy Companies and the Humankind 100.
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FDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FDP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 31, 2024 | $28.87 | $31.87 | +10.39% |
| Aug 01, 2024 | $24.20 | $26.82 | +10.83% |
| May 02, 2024 | $25.34 | $23.87 | -5.80% |
| Feb 26, 2024 | $23.05 | $22.33 | -3.12% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Fresh Del Monte Produce (FDP) report earnings?
Fresh Del Monte Produce (FDP) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Fresh Del Monte Produce (FDP) earnings time?
Fresh Del Monte Produce (FDP) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FDP EPS forecast?
FDP EPS forecast for the fiscal quarter 2024 (Q4) is $0.37.
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