Outlook for 2022
The Company maintained its estimate of adjusted net income per diluted share for the full year of 2022 in the range of $3.90 to $4.05, a 17 percent increase at the midpoint of the range over record adjusted net income per diluted share of $3.40 in 2021. The Company also confirmed its estimated full year free cash flow of approximately $350 million, which now includes payment of the previously disclosed $25.2 million settlement.
The Company is also providing an estimate of adjusted net income per diluted share for the third quarter of 2022 in the range of $1.15 to $1.30, a 20 percent increase at the midpoint of the range over a record $1.02 in the third quarter of 2021. The third quarter estimate anticipates that the Company continues to obtain required materials and labor supply. Given the uncertainties of the timing of the fruit and vegetable harvest in the U.S. and Europe, the results of the back half of the year could shift between the third and fourth quarters.
The third quarter and full year estimates of adjusted net income per diluted share for 2022 exclude the impact from rationalization charges, loss on early extinguishment of debt and the European Commission settlement.
