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Fresh Del Monte Produce Q4

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Christian Fernsby ▼ | February 19, 2020
Net sales for the full year 2019 were $4,489.0 million, compared with $4,493.9 million in 2018.
Fresh Del Monte Produce
Fresh Del Monte   The decrease in Fresh Del Monte Produce net sales for the full year 2019
The decrease in Fresh Del Monte Produce net sales for the full year 2019 were primarily the result of lower net sales in Fresh Del Monte Produce's banana business segment, offset by an increase in net sales in Fresh Del Monte Produce's fresh and value added business segment.

Topics: Fresh Del Monte Produce

Fresh Del Monte Produce net sales for the fourth quarter of 2019 were $1,025.2 million, compared with $1,045.9 million in the fourth quarter of 2018.

The decrease in Fresh Del Monte Produce net sales in the fourth quarter of 2019 was primarily due to lower net sales in Fresh Del Monte Produce's fresh and value added business segment as a result of its subsidiary, Mann Packing's voluntary product recall in November 2019, and unfavorable exchange rates.

Fresh Del Monte Produce gross profit for the full year 2019 was $300.6 million, compared with gross profit of $279.8 million in 2018.

Fresh Del Monte Produce adjusted gross profit was $311.8 million for the full year 2019, compared with adjusted gross profit of $280.0 million for the full year 2018.

The increase in Fresh Del Monte Produce gross profit was driven by higher gross profit in all of the Company's business segments, primarily the result of higher selling prices in Fresh Del Monte Produce's banana and fresh and value added business segments, partially offset by lower sales volume and higher production and procurement costs.

Fresh Del Monte Produce gross profit in the fourth quarter of 2019 was $36.3 million, compared with gross profit of $42.4 million in the fourth quarter of 2018.

Fresh Del Monte Produce adjusted gross profit was $46.7 million in the fourth quarter of 2019, compared with adjusted gross profit of $42.4 million in the fourth quarter of 2018.

The change in Fresh Del Monte Produce gross profit in the fourth quarter of 2019 was the result of lower gross profit in Fresh Del Monte Produce's fresh and value added business segment, primarily due to its subsidiary, Mann Packing's voluntary product recall in November 2019.

Operating income for the full year 2019 was $114.1 million, compared with an operating income of $38.6 million in 2018.

Adjusted operating income for the full year 2019 was $113.2 million in 2019, compared with $82.1 million in 2018.

The change in operating income for the full year 2019 was primarily attributable to higher gross profit and lower asset impairment and other charges, net.

Operating loss for the fourth quarter of 2019 was $11.5 million, compared with operating loss of $20.4 million in the fourth quarter of 2018.

Adjusted operating loss for the fourth quarter of 2019 was $5.6 million, compared with an adjusted operating loss of $7.5 million in the fourth quarter of 2018.

Net income attributable to Fresh Del Monte Produce Inc.

for the full year 2019 was $66.5 million, compared with a net loss of $21.9 million in 2018.

Adjusted net income was $54.6 million for the full year 2019, compared with adjusted net income of $19.8 million in 2018.

Net loss attributable to Fresh Del Monte Produce Inc.

for the fourth quarter of 2019 was $25.8 million, compared with net loss of $34.0 million in the fourth quarter of 2018.

Adjusted net loss was $21.2 million for the fourth quarter of 2019, compared with adjusted net loss of $22.2 million in the fourth quarter of 2018.

The change for the full year 2019 and fourth quarter of 2019 reflects higher operating income.


 

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