- Fresh Del Monte Produce Inc (NYSE: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.
The Evolution Of Social Drinking: Beverage Companies Dip Their Toes Into Cannabis
Cannabis stocks have struggled in the market in recent years as the industry push to gain ground on the regulatory front hasn't progressed as quickly as investors had hoped. Yet beverage companies outside the cannabis industry have been adding or exploring cannabis partnerships and products.
