Fresh Del Monte Produce Inc. Reports Third Quarter 2019 Financial Results
- by Anne Allen
CORAL GABLES, FL - Fresh Del Monte Produce today reported financial results for the third quarter, which ended September 27. The company has leveraged positive trends to focus on stabilizing business and honing in on value-added offerings.
“Positive trends continue for Fresh Del Monte with a strong financial performance in the third quarter of 2019,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Our strategic focus on stabilizing our core business, innovating diversification, and transforming Fresh Del Monte to a value-added company has been building throughout 2019."
He continued, noting that, "We are emphasizing value-added margin growth in all product lines, generating momentum with global partnerships, introducing trend-forward products, and opening new state-of-the-art facilities in Mexico and Japan. Our retail store concept in the U.S. will be coming soon. We extended our credit facility to 2024. We believe that these results, coupled with increasing demand for healthy, fresh, and convenient foods, have given Fresh Del Monte a strong competitive advantage in the marketplace and a solid position from which to pursue our vision of inspiring healthy lifestyles.”
Highlights from the company's financial report included:
- Net sales were $1,070.2 million, in line with $1,069.5 million in 2018
- Gross profit was $74.7 million compared with $52.6 million in 2018
- Operating income was $27.1 million compared with operating loss of $11.3 million in 2018
- Adjusted operating income was $25.1 million compared with adjusted operating income of $3.2 million in 2018
- Net income was $18.1 million compared with net loss of $21.5 million in 2018
- Adjusted net income was $16.6 million compared with adjusted net loss of $7.0 million in 2018
Congratulations to Fresh Del Monte Produce on another successful quarter! To see the company’s official press release, and full details of its quarterly, click here.