CORAL GABLES, FL - Showing its dedication to growth despite ongoing economic and industry challenges, Fresh Del Monte Produce recently released its financial results for the first quarter that ended March 31, 2023.
“Our first quarter results of 2023 are a testament to our focus on profitability as we continue to commit to efficiency and optimization of resources. Our gross profit and margin were strong, which reflects our ongoing strategic efforts to further increase our profitability,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer. “During the quarter, as part of our asset optimization plan, we finalized the sale of three underutilized properties. We are laser-focused on being flexible and agile and on identifying market opportunities that will increase shareholder value.”
Despite a decrease in net sales of $8.4 million compared to the year prior, Fresh Del Monte reported a rise in its gross profit from $89.8 million in the previous-year period to $97 million in 2023. According to a release, this was driven by higher per-unit selling prices across most categories combined with lower distribution costs.
Other highlights from the report include:
- Banana net sales rose from $406 million in the first quarter of 2022 to $425.1 million in first quarter 2023
- Net sales for its other products and services increased from $58.2 million to $60 million from the prior year period
- Adjusted EBITDA increased from $62.8 million to $65.1 million from the same period last year
Click here to read the report in its entirety.
What will the second quarter hold for Fresh Del Monte? Only time and AndNowUKnow will tell, so keep a tab open.
