CORAL GABLES, FL - Fresh Del Monte Produce Inc. reported financial results for the third quarter ended September 26, 2025.
“We delivered another quarter of strategic progress, with overall net sales slightly higher and gross margin expanding in our fresh and value-added products segment. These results reflect the strength of our execution and our disciplined focus on higher-margin, value-added categories that continue to drive profitable growth,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO, in the recent release. “At the same time, we took decisive actions to optimize our portfolio and drive long-term profitability by exiting underperforming banana operations in the Philippines and divesting Mann Packing. These strategic moves simplify our operations, sharpen our focus on higher-margin, higher-growth categories, and position us to deliver stronger earnings and sustained value for our shareholders."
Financial highlights for the third quarter 2025
The Company entered into an agreement to divest its Mann Packing Inc. business operations, with the transaction expected to close in the fourth quarter of 2025, subject to customary closing conditions.
Net sales for the third quarter of 2025 were $1,021.9 million. The increase reflects higher net sales in the Company’s banana and other products and services business segments, primarily driven by higher per-unit selling prices in the Company’s banana segment. Contributing factors included the impact of tariff-related price adjustments in North America and the favorable impact of fluctuations in exchange rates related to the Euro. The increase was partially offset by lower sales volume in the fresh-cut vegetable product line due to strategic operational reductions taken during the fourth quarter of 2024, including the sale of certain assets of Fresh Leaf Farms.
On an Adjusted basis, net sales excluding the impact of the planned divestiture of Mann Packing were $959.5 million.
Gross profit for the third quarter of 2025 was $80.8 million. The decrease was primarily driven by higher per-unit production and procurement costs in the banana segment, along with increased distribution costs. Gross margin decreased to 7.9%.
Adjusted gross profit for the third quarter of 2025 was $88.1 million. Adjusted gross profit primarily excludes the operating results of Mann Packing, which the Company plans to divest in the fourth quarter of 2025. Adjusted gross margin decreased to 9.2%.
Operating loss for the third quarter of 2025 was $21.8 million. The decrease was primarily driven by higher asset impairment and other charges, net, related to underperforming banana farms in the Philippines and the impairment charges associated with the planned divestiture of Mann Packing, and lower gross profit in the current period.
Adjusted operating income for the third quarter of 2025 was $39.7 million. Adjusted operating income primarily excludes the operating losses associated with the Company’s Mann Packing business, as well as the above-mentioned impairments and gains on the disposal of property, plant, and equipment.
FDP net loss for the third quarter of 2025 was $29.1 million. Adjusted FDP net income was $33.1 million. Adjusted FDP net income excludes the above-mentioned adjustments, and the tax effects of non-GAAP adjustments.
See the full report here.
Companies in this Story
Fresh Del Monte
Fresh Del Monte is one of the world's leading vertically integrated producers, marketers and distributors of high-…
