Fresh Del Monte Produce Q4 Earnings Top Estimates

Fresh Del Monte Produce Inc FDP reported fourth-quarter FY22 sales growth of 2% year-on-year to $1.04 billion, beating the consensus of $1.03 billion.
The company said inflation-justified per unit price increase drove its sales growth.
Gross profit jumped 105.3% Y/Y to $81.7 million, and the profit margin expanded 390 basis points to 7.8%.
The operating margin was 3%, and operating income for the quarter was $31.2 million versus an operating loss of $(9.2) million.
Adjusted EBITDA of $58.5 million nearly quadrupled with a margin of 5.6%.
Adjusted EPS of $0.45 beat the analyst consensus of $(0.04).
On Feb. 21, 2023, the company's Board of Directors declared a quarterly cash dividend of $0.15 per share, payable on Mar. 31, 2023, to shareholders of record on Mar. 8, 2023.
The company held $17.2 million in cash and equivalents as of Dec. 30, 2022. The long-term debt of the company was $539.8 million at 2022 end.
"The fourth quarter of 2022 has been our best-performing fourth quarter in recent history, led by strong net sales and strong margins," said Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and CEO.
Price Action: FDP shares are trading higher by 6.78% at $30.57 on the last check Wednesday.

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