Fresh Del Monte reports Q4 EPS ($2.22) vs. 38c last year

Reports Q4 revenue $1.01B vs. $1.04B last year. “We are pleased with many aspects of our full year 2023 results including our strong gross margins and cash flow which enabled us to have strong full year adjusted earnings per share growth, reduce our long-term debt by $140 million to end the year with an adjusted leverage ratio of 1.7x and continue to return value to shareholders by increasing our dividend 25% for the second year in a row. Our ability to control costs and sell underutilized assets for $120 million in 2023 allowed us to achieve the Company’s highest full year gross profit and margin since 2016,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO. “During the fall of this year, we conducted a strategic review and assessed our operational priorities of our North America operations, including Mann Packing. Preliminary findings of this review were finalized in the fourth quarter. As a result of this strategic review and other factors, we recorded a non-cash impairment of $131.2 million in the quarter, primarily related to our Mann Packing operation. We are exploring strategic alternatives for this business while continuing to focus on improving profitability in all areas of our business, including innovations and strategic partnerships, in addition to controlling our costs this next fiscal year.”