Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or
the "Company") today reported financial results for the first
quarter ended April 2, 2021.
Financial highlights for the first quarter of 2021:
- Gross profit was $105.0 million for the first quarter of 2021,
which represents an increase of 53%, compared with the prior year
period, and gross profit margin increased to 10% in the first
quarter of 2021, compared with 6% in the prior year period;
- FDP net income(1) for the first quarter of 2021 was $42.7
million, compared with $13.0 million in the prior year period, and
Diluted EPS(2) was $0.90 for the first quarter of 2021, compared
with $0.27 in the prior year period;
- Adjusted Diluted EPS(3) was $0.88 for the first quarter of
2021, compared with $0.34 in the prior year period; and
- Adjusted EBITDA(3) was $82.3 million for the first quarter of
2021, compared with $51.0 million in the prior year period.
“Despite slightly lower net sales resulting from the continued
impact of COVID-19 restrictions on our foodservice customers, and
the reduced supply of fruit due to the two hurricanes in Guatemala
in the fourth quarter of 2020, we generated strong results,” said
Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “We
remained focused on creating greater efficiencies and controlling
costs throughout our operations.”
Net sales for the first quarter of 2021 decreased $29.7 million,
compared with the prior year period which was primarily due to
lower net sales in the Company's fresh and value-added and banana
business segments, partially offset by higher sales in the
Company's other products and services business segment. The overall
decrease in net sales was driven by:
- The continued negative effect of the COVID-19 pandemic on the
Company's foodservice distribution channel which the Company
estimates reduced net sales by $19.4 million in the first quarter
of 2021.
- The negative impact on fruit supply due to hurricanes Eta and
Iota which drastically impacted the Company's production areas in
Guatemala in the fourth quarter of 2020.
Gross profit for the first quarter of 2021 increased $36.5
million, or 53% and Adjusted Gross profit(3), which primarily
excludes the impact of inclement weather in South America,
increased $30.1 million or 39%, compared with the prior year
period. The increase was driven by higher gross profit in all of
the Company's business segments.
Operating income for the first quarter of 2021 increased $41.9
million and Adjusted Operating income(3) increased $33.7 million,
compared with the prior year period. The increase in operating
income was primarily due to higher gross profit and lower selling,
general and administrative expenses.
FDP net income for the first quarter of 2021 increased 228% and
Adjusted FDP Net income(3) increased 154%, compared with the prior
year period. The increase was primarily the result of higher
operating income.
Adjusted EBITDA(3) for the first quarter of 2021 increased 61%,
and the Adjusted EBITDA margin(3) increased 300 basis points,
compared with the prior year period.
(1)
FDP net income as referenced throughout
this release is defined as Net income attributable to Fresh Del
Monte Produce Inc.
(2)
Diluted EPS represents diluted earnings
per share and is calculated as FDP net income divided by diluted
weighted average shares.
(3)
Non-GAAP financial measure.
Reconciliations and other information required by Regulation G can
be found below under "Non-GAAP Measures."
First Quarter 2021 Business Segment
Performance and Selected Financial Data
(As reported in business segment data)
Fresh Del Monte Produce Inc.
and Subsidiaries
Business Segment Data
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
April 2, 2021
March 27, 2020
Segment Data:
Net Sales
Gross Profit
Net Sales
Gross Profit
Fresh and value-added products
$
631.0
58
%
$
51.6
49
%
$
660.9
59
%
$
42.5
62
%
Banana
418.2
38
%
49.2
47
%
427.0
38
%
24.5
36
%
Other products and services
39.1
4
%
4.2
4
%
30.1
3
%
1.5
2
%
$
1,088.3
100
%
$
105.0
100
%
$
1,118.0
100
%
$
68.5
100
%
Fresh and Value-Added Products
Net sales for the first quarter of 2021 decreased 5%, compared
with the prior year period. The Company has estimated the COVID-19
pandemic impacted net sales in the fresh and value-added products
segment by $19.4 million in the first quarter of 2021. The primary
drivers of the variance in net sales were:
- Lower net sales in the Company's melon product line, primarily
the result of lower volumes from production areas in Guatemala due
to the hurricanes in the fourth quarter of 2020.
- Lower net sales in its fresh-cut vegetable and vegetable
product lines, mainly as a result of lower demand in the Company's
foodservice distribution channel driven by the COVID-19
pandemic.
- Lower net sales in the Company's avocado product line,
primarily due to lower per unit sales prices, as a result of
normalized industry supplies in the market, offset by a 12%
increase in sales volume.
- Higher net sales in its pineapple product line, primarily due
to a 22% increase in sales volume. Sales volumes in the first
quarter of 2020 were negatively impacted by adverse weather
conditions and the COVID-19 pandemic.
- Higher net sales in its prepared food products line, primarily
due to higher per unit sales prices.
Gross profit for the first quarter of 2021 increased 21%,
compared with the prior year period. The primary drivers of the
variance in gross profit were:
- Increased gross profit in the Company's melon product line,
primarily in North America due to higher per unit sales prices and
lower ocean freight costs, partially offset by higher per unit
product costs as a result of lower volumes due to the two
hurricanes in the fourth quarter of 2020.
- Increased gross profit in its prepared food products line,
primarily due to higher net sales.
- Increased gross profit in the Company's avocado product line,
primarily from lower per unit procurement and production costs from
its Mexico packing plant.
- Increased gross profit in its pineapple product line, primarily
due to higher sales volumes.
- Decreased gross profit in the Company's fresh-cut vegetable and
vegetable product lines, primarily in its Mann Packing business
driven by higher per unit product costs as a result of lower sales
volume.
- Decreased gross profit in the Company's non-tropical fruit
product line, primarily due to severe rainstorms in Chile,
resulting in $3.1 million in inventory write-offs.
Adjusted Gross profit(3) in the fresh and value-add products
segment for the first quarter of 2021 increased 9%, compared with
the prior year period.
Banana
Net sales for the first quarter of 2021 decreased 2%, compared
with the prior year period, principally due to lower net sales in
North America and the Middle East, partially offset by higher net
sales in Asia. Worldwide banana sales volume decreased 8% while
pricing increased 7%.
Gross profit for the first quarter of 2021 increased 101%,
compared with the prior year period, the primary drivers of the
variance were:
- Higher per unit sales prices in North America and Europe and
lower per unit ocean freight costs.
- Insurance recoveries of an additional $2.5 million associated
with the storms in Guatemala.
Adjusted Gross profit(3) in the banana business segment for the
first quarter of 2021 increased 93%, compared with the prior year
period.
Cash Flows
Net cash provided by operating activities for the first quarter
of 2021 was $46.8 million, compared with net cash provided by
operating activities of $2.2 million in the prior year period, an
increase of $44.6 million. The increase was primarily attributable
to higher net income and higher balances of accounts payable and
accrued expenses, principally due to the Company's optimization
efforts associated with working capital.
Total Debt
Total debt decreased from $542.0 million at the end of 2020 to
$534.3 million at the end of the first quarter of 2021.
Quarterly Cash Dividend
The Company's Board of Directors declared a quarterly cash
dividend of ten cents $(0.10) per share, payable on June 11, 2021
to shareholders of record on May 19, 2021.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Operations
(U.S. dollars in millions,
except share and per share data) - (Unaudited)
Quarter ended
Statement of Operations:
April 2, 2021
March 27, 2020
Net sales
$
1,088.3
$
1,118.0
Cost of products sold
981.7
1,041.5
Other product-related charges
1.6
8.0
Gross profit
105.0
68.5
Selling, general and administrative
expenses
48.9
52.7
Gain on disposal of property, plant and
equipment, net
2.7
0.2
Asset impairment and other (credits)
charges, net
(0.9
)
(1.8
)
Operating income
59.7
17.8
Interest expense, net
5.2
5.3
Other expense (income), net
2.1
(0.8
)
Income before income taxes
52.4
13.3
Provision for income taxes
11.0
0.3
Net income
$
41.4
$
13.0
Less: Net loss attributable to redeemable
and noncontrolling interests
(1.3
)
—
Net income attributable to Fresh Del Monte
Produce Inc.
$
42.7
$
13.0
Earnings per share(1):
Basic
$
0.90
$
0.27
Diluted
$
0.90
$
0.27
Dividends declared per ordinary share
$
0.10
$
0.10
Weighted average number of ordinary
shares:
Basic
47,427,962
48,011,398
Diluted
47,539,871
48,152,965
(1)
Earnings per share ("EPS") is calculated
based on Net income attributable to Fresh Del Monte Produce
Inc.
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated Balance
Sheets
(U.S. dollars in millions) -
(Unaudited)
April 2, 2021
January 1, 2021
Assets
Current assets:
Cash and cash equivalents
$
26.4
$
16.5
Trade and other accounts receivable,
net
502.6
435.2
Inventories, net
513.4
507.7
Other current assets
57.0
52.9
Total current assets
1,099.4
1,012.3
Investment in and advances to
unconsolidated companies
1.9
1.9
Property, plant and equipment, net
1,419.1
1,420.3
Operating lease right-of-use assets
168.6
170.5
Goodwill
424.0
424.0
Intangible assets, net
148.4
150.4
Other noncurrent assets
162.0
163.9
Total assets
$
3,423.4
$
3,343.3
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued expenses
$
554.1
$
511.8
Current maturities of debt and finance
leases
0.2
0.2
Current maturities of operating leases
26.7
28.8
Other current liabilities
17.7
14.0
Total current liabilities
598.7
554.8
Long-term debt and finance leases
534.1
541.8
Operating leases, less current
maturities
115.1
114.4
Other noncurrent liabilities
317.1
332.4
Total liabilities
1,565.0
1,543.4
Redeemable noncontrolling interest
49.5
50.2
Total Fresh Del Monte Produce Inc.
shareholders' equity
1,787.8
1,728.0
Noncontrolling interests
21.1
21.7
Total shareholders' equity
1,808.9
1,749.7
Total liabilities, redeemable
noncontrolling interest and shareholders' equity
$
3,423.4
$
3,343.3
Fresh Del Monte Produce Inc.
and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
April 2, 2021
March 27, 2020
Operating activities:
Net income
$
41.4
$
13.0
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
23.8
23.6
Amortization of debt issuance costs
0.1
0.1
Asset impairments
—
0.9
Share-based compensation expense
1.6
2.6
Deferred income taxes
(0.5
)
(0.2
)
Gain on disposal of property, plant and
equipment, net
(2.7
)
(0.2
)
Foreign currency translation
adjustment
0.7
(0.8
)
Other
0.8
0.1
Changes in operating assets and
liabilities:
Receivables
(69.6
)
(46.8
)
Inventories
(6.7
)
(12.3
)
Prepaid expenses and other current
assets
4.2
(2.0
)
Accounts payable and accrued expenses
57.5
25.9
Other noncurrent assets and
liabilities
(3.8
)
(1.7
)
Net cash provided by operating
activities
46.8
2.2
Investing activities:
Capital expenditures
(33.6
)
(16.6
)
Proceeds from sales of property, plant and
equipment
2.9
0.4
Cash received from derivatives not
designated as hedges
4.6
—
Other investing activities
0.2
0.1
Net cash used in investing
activities
(25.9
)
(16.1
)
Financing activities:
Net (repayments) borrowings on debt
(7.7
)
11.7
Distributions to noncontrolling interests,
net
(0.9
)
(0.8
)
Net payments related to share-based
awards
(0.3
)
(0.4
)
Dividends paid
(4.7
)
(4.8
)
Repurchase and retirement of ordinary
shares
—
(7.8
)
Other financing activities
0.9
2.3
Net cash (used in) provided by
financing activities
(12.7
)
0.2
Effect of exchange rate changes on
cash
1.7
1.1
Net increase (decrease) in cash and cash
equivalents
9.9
(12.6
)
Cash and cash equivalents, beginning
16.5
33.3
Cash and cash equivalents, ending
$
26.4
$
20.7
Non-GAAP Measures
The Company's results are determined in accordance with U.S.
generally accepted accounting principles (GAAP). Certain
information presented in this press release reflects adjustments to
GAAP measures such as amounts related to restructuring, asset
impairment and other (credits) charges, net, gain on disposal of
property, plant and equipment, net, other product-related charges
and certain other non-recurring items, if any. These adjustments
result in non-GAAP financial measures and are referred to in this
press release as Adjusted Gross profit, Adjusted Operating income,
Adjusted FDP Net income, and Adjusted Diluted EPS. Management
believes these adjustments provide a more comparable analysis of
the underlying operating performance of the business.
This press release also includes non-GAAP measures such as
EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin.
EBITDA is defined as net income attributable to Fresh Del Monte
Produce Inc. excluding interest expense, net, provision for income
taxes, depreciation and amortization, and share-based compensation
expense. Adjusted EBITDA represents EBITDA with additional
adjustments for non-recurring items. EBITDA margin represents
EBITDA as a percentage of net sales, and adjusted EBITDA margin
represents adjusted EBITDA as a percentage of net sales.
Adjusted Gross profit, Adjusted Operating income, Adjusted FDP
Net income, and Adjusted EBITDA provide the Company with an
understanding of the results from the primary operations of its
business. The Company uses these metrics because management
believes they provide more comparable measures to evaluate
period-over-period operating performance since they exclude special
items that are not indicative of the Company's core business or
operations. These measures may be useful to an investor in
evaluating the underlying operating performance of the Company's
business because these measures:
- Are used by investors to measure a company's comparable
operating performance;
- Are financial measurements that are used by lenders and other
parties to evaluate creditworthiness; and
- Are used by the Company's management for various purposes,
including as measures of performance of its operating entities, as
a basis of strategic planning and forecasting, and in certain cases
as a basis for incentive compensation.
Because all companies do not use identical calculations, the
Company's presentation of these non-GAAP financial measures may not
be comparable to similarly titled measures used by other companies.
Reconciliations of non-GAAP financial measures to the most directly
comparable GAAP financial measures are provided in the financial
tables that accompany this release.
Fresh Del Monte Produce Inc.
and Subsidiaries
Non-GAAP
Reconciliation
(U.S. dollars in millions,
except per-share amounts) - (Unaudited)
Quarter ended
April 2, 2021
March 27, 2020
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
Gross profit
Operating income
Net income attributable to Fresh
Del Monte Produce Inc.
Diluted EPS
As reported
$
105.0
$
59.7
$
42.7
$
0.90
$
68.5
$
17.8
$
13.0
$
0.27
Adjustments:
Other product-related charges (1)
1.6
1.6
1.6
0.03
8.0
8.0
8.0
0.17
Asset impairment and other (credits)
charges, net (2)
—
(0.9
)
(0.9
)
(0.02
)
—
(1.8
)
(1.8
)
(0.04
)
(Gain) on disposal of property, plant and
equipment, net (3)
—
(2.7
)
(2.7
)
(0.05
)
—
(0.2
)
(0.2
)
—
Other adjustments (4)
—
—
—
—
—
0.2
0.2
—
Tax effects of all adjustments and other
tax-related items (5)
—
—
0.9
0.02
—
—
(2.8
)
(0.06
)
As adjusted
$
106.6
$
57.7
$
41.6
$
0.88
$
76.5
$
24.0
$
16.4
$
0.34
Fresh Del Monte Produce Inc.
and Subsidiaries
Segment Gross Profit Non-GAAP
Reconciliation
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
April 2, 2021
March 27, 2020
Fresh and value-added
products
Banana
Other products and services
Fresh and value-added
products
Banana
Other products and services
Gross profit (as reported)
$
51.6
49.2
4.2
$
42.5
$
24.5
$
1.5
Adjustments:
Other product-related charges (1)
3.1
(1.5
)
—
7.6
0.2
0.2
Adjusted Gross profit
$
54.7
$
47.7
$
4.2
$
50.1
$
24.7
$
1.7
Fresh Del Monte Produce Inc.
and Subsidiaries
Reconciliation of EBITDA and
Adjusted EBITDA
(U.S. dollars in millions) -
(Unaudited)
Quarter ended
April 2, 2021
March 27, 2020
Net income attributable to Fresh Del Monte
Produce Inc.
$
42.7
$
13.0
Interest expense, net
5.2
5.3
Provision for income taxes
11.0
0.3
Depreciation & amortization
23.8
23.6
Share-based compensation expense
1.6
2.6
EBITDA
$
84.3
$
44.8
Adjustments:
Other product-related charges (1)
1.6
8.0
Asset impairment and other (credits)
charges, net (2)
(0.9
)
(1.8
)
(Gain) on disposal of property, plant and
equipment, net (3)
(2.7
)
(0.2
)
Other adjustments (4)
—
0.2
Adjusted EBITDA
$
82.3
$
51.0
Net sales
$
1,088.3
$
1,118.0
EBITDA margin(a)
7.7
%
4.0
%
(a) Calculated as EBITDA as a percentage
of net sales.
Adjusted EBITDA margin(b)
7.6
%
4.6
%
(b) Calculated as Adjusted EBITDA as a
percentage of net sales.
(1)
Other product-related charges for the
quarter ended April 2, 2021 primarily related to $3.1 million in
inventory write-offs of non-tropical fruit resulting from inclement
weather in Chile. Partially offsetting the inventory write-offs is
a $2.5 million insurance recovery associated with damages to the
Company's Guatemala banana operations caused by two hurricanes in
the fourth quarter of 2020. Other product-related charges for the
quarter ended March 27, 2020 included $8.0 million of inventory
write-offs associated with the COVID-19 pandemic, primarily related
to the fresh and value-added products segment. The COVID-19
pandemic led to volatile supply and demand conditions across the
Company's key global markets in the first quarter of 2020 which
negatively affected the pricing and demand for its products,
including within its foodservice distribution channel.
(2)
Asset impairment and other (credits)
charges, net for the quarter ended April 2, 2021 primarily related
to an insurance recovery associated with damages to fixed assets in
Guatemala caused by two hurricanes in the fourth quarter of 2020.
Asset impairment and other (credits) charges, net for the quarter
ended March 27, 2020 included (1) a $4.0 million insurance recovery
related to a voluntary recall of vegetable products in 2019, (2) a
$1.3 million charge relating to a settlement with the California
Air Resource Board (refer to the Form 10-K for the year ended
January 1, 2021 for further information on this matter), and (3) a
$0.9 million impairment of property, plant, and equipment incurred
in connection with the relocation of a facility in California.
(3)
Gain on disposal of property, plant and
equipment, net for the quarter ended April 2, 2021 primarily
related to a $2.4 million gain on the sale of a refrigerated
vessel. Gain on disposal of property, plant and equipment, net for
the quarter ended March 27, 2020 primarily related to a gain on the
sale of marine equipment.
(4)
Other adjustments for the quarter ended
March 27, 2020 related to estimated trade receivable credit losses,
reflected in selling, general, and administrative expenses,
primarily associated with the Company's foodservice customer base
as a direct result of the COVID-19 pandemic.
(5)
Tax effects are calculated in accordance
with ASC 740, Income Taxes, using the same methodology as the GAAP
provision of income taxes. Income tax effects of non-GAAP
adjustments are calculated based on the applicable statutory tax
rate for each jurisdiction in which such charges were incurred,
except for those items which are non-taxable for which the tax
provision (benefit) was calculated at 0%. Certain non-GAAP
adjustments were subject to valuation allowances and therefore were
calculated at 0%. The quarter ended March 27, 2020 also includes a
$1.7 million tax benefit associated with the Coronavirus Aid,
Relief, and Economic Security ("CARES") Act.
Conference Call and Webcast Data
Fresh Del Monte will host a conference call and simultaneous
webcast at 10:00 a.m. Eastern Time today to discuss the first
quarter 2021 financial results and to review the Company’s progress
and outlook. The webcast can be accessed on the Company’s Investor
Relations home page at www.freshdelmonte.com. The call will be
available for re-broadcast on the Company’s website approximately
two hours after the conclusion of the call for a period of one
year.
About Fresh Del Monte Produce Inc.
Fresh Del Monte is one of the world’s leading vertically
integrated producers, marketers and distributors of high-quality
fresh and fresh-cut fruit and vegetables, as well as a leading
producer and distributor of prepared food in Europe, Africa and the
Middle East. Fresh Del Monte markets its products worldwide under
the DEL MONTE® brand (under license from Del Monte Foods, Inc.), a
symbol of product innovation, quality, freshness and reliability
for over 125 years. The Company also markets its products under the
MANNTM brand and other related trademarks. Fresh Del Monte Produce
Inc. is not affiliated with certain other Del Monte companies
around the world, including Del Monte Foods, Inc., the U.S.
subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del
Monte Asia Pte. Ltd.
Forward-looking Information
This press release contains certain forward-looking statements
regarding the intent, beliefs or current expectations of the
Company or its officers with respect to the Company’s plans and
future performance, including (i) the impact of the COVID-19
pandemic and related restrictions on the Company operations and
results, (ii) the Company’s ability to improve operational
efficiency and control costs and (iii) the Company’s anticipated
dividend payment. In this press release, these statements are
preceded by, followed by or include the words “believes”,
“expects”, “anticipates” or similar expressions with respect to
various matters. It is important to note that these forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties. Fresh Del Monte’s actual plans and
performance may differ materially from those in the forward-looking
statements as a result of various factors, including (i) the impact
of the COVID-19 outbreak on our business, suppliers, customers,
consumers, employees, and communities, (ii) disruptions or
inefficiencies in our operations or supply chain, including any
impact of the COVID-19 outbreak, (iii) the duration and spread of
the pandemic and related government restrictions and our ability to
maintain the safety of our workforce, (iv) our ability to
successfully execute our plan to stabilize our core business,
diversify our business and transform our business to a value-added
business, particularly in light of COVID-19, (v) the impact of
governmental trade restrictions, including adverse governmental
regulation that may impact our ability to access certain markets
such as uncertainty surrounding the withdrawal of the United
Kingdom from the European Union (often referred as Brexit),
including spillover effects to other Eurozone countries, (vi) our
anticipated cash needs in light of our liquidity and the impact of
COVID-19 on our liquidity, (vii) the continued ability of our
distributors and suppliers to have access to sufficient liquidity
to fund their operations, (viii) trends and other factors affecting
our financial condition or results of operations from period to
period, including changes in product mix, consumer preferences or
consumer demand for branded products such as ours; anticipated
price and expense levels; the impact of crop disease, such as
vascular diseases, one of which is known as Tropical Race 4, or TR4
(also known as Panama Disease), which can destroy banana crops and
was recently discovered in Latin America banana plantations, severe
weather conditions, such as flooding, or natural disasters, such as
earthquakes, on crop quality and yields and on our ability to grow,
procure or export our products; our ability to improve our existing
quarantine policies and other prevention strategies, as well as
find contingency plans, to protect our and our suppliers’ banana
crops from vascular diseases; disruptions or issues that impact our
production facilities or complex logistics network; the impact of
prices for petroleum-based products and packaging materials; and
the availability of sufficient labor during peak growing and
harvesting seasons, (ix) the impact of pricing and other actions by
our competitors, particularly during periods of low consumer
confidence and spending levels, (x) the impact of foreign currency
fluctuations, (xi) our plans for expansion of our business
(including through acquisitions) and cost savings, (xii) our
ability to successfully integrate acquisitions into our operations,
(xiii) the impact of impairment or other charges associated with
exit activities, crop or facility damage or otherwise, (xiv) the
timing and cost of resolution of pending and future legal and
environmental proceedings or investigations, (xv) the impact of
changes in tax accounting or tax laws (or interpretations thereof),
the impact of claims or adjustments proposed by the Internal
Revenue Service or other taxing authorities in connection with our
tax audits and our ability to successfully contest such tax claims
and pursue necessary remedies, (xvi) the cost and other
implications of changes in regulations applicable to our business,
including potential legislative or regulatory initiatives in the
United States or elsewhere directed at mitigating the effects of
climate change, (xvii) damage to our reputation or brand names or
negative publicity about our products, (xviii) exposure to product
liability claims and associated regulatory and legal actions,
product recalls, including the continuing impact of the 2019 Mann
packing recall, or other legal proceedings relating to our
business, (xix) our ability to successful implement our
optimization program and to realize its expected benefits within
the anticipated timeframe, and (xx) our ability to successfully
manage the risks associated with international operations. All
forward-looking statements in this press release are based on
information available to us on the date hereof, and we assume no
obligation to update any such forward-looking statements. The
Company’s plans and performance may also be affected by the factors
described in in Fresh Del Monte Produce Inc.’s Quarterly Report on
Form 10-Q for the quarter ended April 2, 2021 and its Annual Report
on Form 10-K for the year ended January 1, 2021, along with other
reports that the Company has on file with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20210505005362/en/
Christine Cannella Vice President, Investor Relations
305-520-8433
Fresh Del Monte Produce (NYSE:FDP)
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