Fresh Del Monte Produce (FDP) Tops Q1 EPS by 52c, Revenues Miss

Fresh Del Monte Produce (NYSE: FDP) reported Q1 EPS of $0.88, $0.52 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.09 billion versus the consensus estimate of $1.11 billion.

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.”

For earnings history and earnings-related data on Fresh Del Monte Produce (FDP) click here.

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