1 Q4 & FY 2024 February 24, 2025 Earnings Call Presentation Mohammad Abu -Ghazaleh Chairman & CEO Monica Vicente SVP, CFO FORWARD-LOOKING STATEMENTS This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "may" or similar expressions with respect to various matters. Specificall ...

Financial Performance - For the fourth quarter of 2024, net sales were $1,013.2 million, a slight increase of 0.3% compared to $1,008.6 million in the prior-year period[4] - Gross profit for the fourth quarter of 2024 was $68.7 million, up from $62.5 million in the prior-year period, reflecting a gross margin increase to 6.8% from 6.2%[5] - Full fiscal year 2024 net sales totaled $4,280.2 million, a decrease of 0.9% from $4,320.7 million in the prior-year period, primarily due to lower sales volume in the banana segment[10] - Full fiscal year 2024 gross profit was $357.9 million, an increase from $350.7 million in the prior-year period, with a gross margin improvement to 8.4% from 8.1%[11] - Adjusted operating income for the fourth quarter of 2024 was $17.1 million, compared to $12.0 million in the prior-year period[7] - For the full fiscal year 2024, adjusted net income was $116.2 million, up from $101.7 million in the prior-year period[15] - Net income for the full fiscal year 2024 was $141.6 million, compared to a net loss of $1.6 million in the prior-year period[39] - The company reported a basic earnings per share of $2.97 for the full fiscal year 2024, compared to a loss of $0.24 in the prior-year period[35] - The company reported a net income of $20.4 million for the quarter ended December 27, 2024, compared to a net loss of $113.4 million for the same quarter in the previous year[45] - Net income for the quarter ended December 27, 2024, was $20.4 million, a significant improvement from a net loss of $106.4 million in the same quarter of 2023[53] Segment Performance - The fresh and value-added products segment saw net sales increase by 5% to $612.3 million in the fourth quarter of 2024, driven by higher selling prices and sales volume[19] - The banana segment reported a decrease in net sales to $356.8 million in the fourth quarter of 2024, down from $379.6 million in the prior-year period[20] - Gross margin for the fresh and value-added products segment improved to 7.5% in the fourth quarter of 2024, compared to 3.8% in the prior-year period[19] - Gross profit in the poultry and meats business increased to $27.8 million from $20.1 million, with a gross margin rise to 14.1% from 9.8%[29] - The gross margin for Fresh and Other value-added products was reported at 9.3% for the year ended December 27, 2024, compared to 9.8% for the year ended December 29, 2023[48] - Adjusted gross profit for the Fresh and Other value-added products segment was $46.3 million for the quarter ended December 27, 2024, compared to $37.6 million for the same quarter in the previous year, marking a 23.1% increase[48] - The company reported a gross profit of $243.9 million for the year ended December 27, 2024, compared to $163.4 million for the year ended December 29, 2023, reflecting a significant increase[48] Debt and Cash Flow - Long-term debt was reduced by $156 million, or 39%, to $244 million at the end of fiscal year 2024[2] - Long-term debt decreased to $244.1 million from $400.0 million as of the prior-year end[31] - Net cash provided by operating activities for the full fiscal year 2024 was $182.5 million, an increase from $177.9 million in the prior-year period[30] Dividends and Shareholder Returns - The quarterly cash dividend was increased to $0.30 per share, payable on March 28, 2025[32] Assets and Liabilities - Total assets decreased to $3,096.2 million from $3,184.1 million year-over-year[37] - Total liabilities decreased to $1,089.4 million from $1,271.4 million year-over-year[37] Other Financial Metrics - Adjusted EBITDA for the year ended December 27, 2024, was $116.2 million, compared to $101.7 million for the year ended December 29, 2023, indicating a growth of 14.4%[45] - Adjusted EBITDA for the year ended December 27, 2024, was $236.2 million, compared to $238.5 million in the previous year, showing stability despite challenges[53] - EBITDA for the quarter was $48.4 million, compared to a negative EBITDA of $87.6 million in the prior year, indicating a strong recovery[53] - The net income margin for the quarter was 2.0%, a recovery from a negative margin of 10.5% in the same quarter of 2023[53] Impairments and Charges - Asset impairment charges for the quarter included $1.5 million related to damaged housing at farms in Costa Rica and $1.4 million related to goodwill impairment[58] - Other product-related charges for the quarter included $0.2 million of inventory write-offs due to flooding damage at melon farms in Costa Rica[54] Strategic Initiatives - The company aims to solidify its position as a global leader in pineapples and expand its fresh-cut program as a key profit center[60] - Fresh Del Monte Produce Inc. is committed to maximizing the utilization of its biomass and enhancing sustainability efforts through biofertilizers[60]

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Financial Data and Key Metrics Changes - Net sales for Q3 2024 were $1,020 million, up from $1,003 million in the prior year, primarily driven by higher sales volume and increased per unit selling prices in fresh and value-added products [31] - Gross profit increased to $94 million from $74 million in the prior year, with gross margin rising by 180 basis points to 9.2% [32] - Net income attributable to Fresh Del Monte was $42 million for Q3 2024, compared to $8 million in the same period last year, reflecting a more than 400% increase [12][35] - Adjusted EBITDA for Q3 was $68 million, or 7% of net sales, compared to $50 million, or 5% of net sales in the same quarter last year [36] Business Line Data and Key Metrics Changes - Fresh and value-added product segment net sales increased to $624 million from $574 million, with gross profit rising to $63 million from $36 million [37] - Banana segment net sales decreased to $345 million from $385 million, with gross profit dropping to $21 million from $32 million [39] - Other products and services segment net sales increased to $51 million from $44 million, with gross profit rising to $9 million from $6 million [41] Market Data and Key Metrics Changes - Demand for pineapples continues to outpace supply, leading to exploration of production expansion opportunities [12] - The company reported strong performance in the U.S. and Asia, with a focus on expanding reach and product lines in the fresh-cut division [15][17] Company Strategy and Development Direction - The company is implementing a three-pronged approach to streamline Mann Packing, including consolidating facilities, refining product offerings, and divesting excess assets [10] - A commitment to sustainability was highlighted, with the company achieving emissions reduction targets seven years ahead of schedule [20] - The company aims to improve gross margins in the fresh and value-added segment to the low teens over time through operational optimizations and new product innovations [48][50] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite broader market challenges, emphasizing a focus on delivering shareholder value [9] - The outlook for the fresh and value-added segment anticipates net sales to be 3% to 4% higher for the full year compared to the prior year [47] - Management acknowledged the competitive pressures in the banana segment but emphasized the importance of maintaining a solid market position [50][74] Other Important Information - The company declared a quarterly cash dividend of $0.25 per share, payable on December 6, 2024 [46] - Long-term debt decreased by 33% to $270 million, marking the lowest levels since 2017 [45] Q&A Session Summary Question: Expected savings from Mann Packing consolidation - Management confirmed an expected annual savings of $15 million to $20 million from the consolidation and reduction of product lines [52] Question: Volume and pricing impact on Fresh and Value-Added segment - Management indicated that the increase in sales was significantly volume-driven, particularly in pineapples and fresh-cut products [59] Question: Future gross margin expectations - Management stated that double-digit gross profit margins are expected to be the new bottom end, with aspirations for low teens margins over time [62][64] Question: Banana business outlook - Management reiterated expectations of a 5% to 7% decrease in sales volume and a 4% to 5% reduction in per unit pricing for the banana segment [69] Question: Update on new ventures - Management provided an update on the Kenya operation, indicating promising developments in fertilizer production [78]

Q32024 October 31, 2024 Earnings Call Presentation 1 Mohammad Abu-Ghazaleh Chairman & CEO Monica Vicente SVP, CFO FORWARD-LOOKING STATEMENTS This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "may" or similar expressions with respect to various matters. Specifically, this ...

Financial Performance - Net sales for Q3 2024 were $1,019.5 million, a 1.4% increase from $1,003.1 million in Q3 2023, driven by higher sales volume and prices of avocado and pineapple [119]. - Net sales for the first nine months of 2024 were $3,267.0 million, a decrease of 1.4% from $3,312.1 million in the same period of 2023, primarily due to lower banana sales [120]. - Gross profit for Q3 2024 was $93.8 million, up from $74.4 million in Q3 2023, attributed to higher sales volume and prices in the fresh and value-added product segment [121]. - Gross profit for the first nine months of 2024 was $289.2 million, slightly up from $288.2 million in the same period of 2023, despite challenges from increased production costs and adverse weather conditions [122]. - Operating income increased by $28.5 million in Q3 2024 compared to the prior-year period, driven by higher gross profit and gains on disposal of property, plant, and equipment [130]. Sales Breakdown - Net sales for fresh and value-added products in Q3 2024 were $623.7 million, up from $574.0 million in Q3 2023, primarily due to higher sales volume and prices of avocado, pineapple, and fresh-cut fruit [135]. - Net sales for bananas in Q3 2024 were $345.3 million, down from $384.7 million in Q3 2023, primarily due to lower sales volume in North America and Asia [140]. - Net sales for the first nine months of 2024 for fresh and value-added products were $1,994.6 million, up from $1,895.0 million in the prior-year period [144]. - Net sales for bananas in the first nine months of 2024 were $1,119.1 million, down from $1,258.6 million in the prior-year period [148]. Expenses and Cash Flow - Selling, general and administrative expenses for Q3 2024 were $47.9 million, a slight decrease from $48.1 million in Q3 2023, while for the first nine months, expenses increased by $6.0 million compared to the same period last year [125]. - Net cash provided by operating activities increased to $187.2 million for the first nine months of 2024, up from $180.1 million in the same period of 2023, representing an increase of 3.9% [156]. - Net cash provided by investing activities significantly decreased to $1.0 million in the first nine months of 2024, down from $69.9 million in the same period of 2023 [158]. - Net cash used in financing activities was $172.1 million for the first nine months of 2024, a decrease from $191.2 million in the same period of 2023 [162]. Liquidity and Capital Resources - The company reported a liquidity position with $806 million in credit facilities and $50.8 million in cash and cash equivalents as of September 27, 2024 [153]. - The principal uses of liquidity include operational costs, dividends, and capital expenditures to enhance productivity and expand product offerings [154]. - Working capital as of September 27, 2024, was $609.4 million, a slight increase of $5.7 million compared to $603.7 million at December 29, 2023 [157]. - As of September 27, 2024, the company had $511.7 million in unused borrowing capacity under the 2024 Amended Credit Facility [170]. - The company expects cash on hand, available borrowing capacity, and cash flows from operations to be sufficient to meet cash requirements over the next twelve months [171]. Strategic Initiatives - A strategic review of the Mann Packing operation was conducted, leading to the consolidation of operations into a single facility expected to enhance efficiency by Q4 2024 [112]. - The company generated cash proceeds of approximately $156.4 million from the sale of non-strategic and underutilized assets as part of the 2020 Optimization Program [111]. - The gain on disposal of property, plant, and equipment for Q3 2024 was $8.2 million, primarily from the sale of a warehouse in Chile [126]. Risks and Challenges - The company anticipates continued inflationary pressures and plans to mitigate these through pricing strategies [183]. - Risks include increased costs for products like bananas and avocados, and potential impacts from geopolitical conflicts such as the Red Sea conflict [184]. - There are concerns regarding the impact of severe weather conditions on crop quality and yields, which could affect production capabilities [185]. - The company faces risks related to international operations, including currency fluctuations and political conditions [185]. - No material changes in market risk have been reported since the last Annual Report [188].

Financial Performance - Net sales for Q3 2024 were $1,019.5 million, a 1.4% increase from $1,003.1 million in Q3 2023, driven by higher sales in fresh and value-added products[2] - Gross profit for Q3 2024 was $93.8 million, up from $74.4 million in the prior-year period, resulting in a gross margin increase to 9.2% from 7.4%[3] - Operating income for Q3 2024 rose to $53.9 million compared to $25.4 million in Q3 2023, primarily due to higher gross profit and gains from asset sales[4] - Net income for Q3 2024 was $42.1 million, significantly higher than $8.4 million in the prior-year period, with adjusted net income at $37.0 million compared to $17.2 million[7] - Basic earnings per share (EPS) for the quarter was $0.88, compared to $0.17 in the prior year[1] - EBITDA for the quarter ended September 27, 2024, was $75.7 million, up from $41.5 million in the same quarter of 2023, reflecting a margin increase from 4.1% to 7.4%[42] - Diluted EPS for the quarter ended September 27, 2024, was $0.88, compared to $0.17 for the same quarter in 2023, marking a substantial increase of 418%[33] Segment Performance - Fresh and value-added products segment net sales reached $623.7 million in Q3 2024, a 8.6% increase from $574.0 million in Q3 2023, with a gross margin of 10.1%[11] - Banana segment net sales decreased to $345.3 million in Q3 2024 from $384.7 million in Q3 2023, with a gross margin decline to 6.2% from 8.3%[14] - Other products and services segment net sales increased to $50.5 million in Q3 2024 from $44.4 million in Q3 2023, with a gross margin improvement to 18.2% from 14.2%[17] Cash Flow and Debt - Net cash provided by operating activities for the first nine months of 2024 was $187.2 million, up from $180.1 million in the prior-year period[19] - Long-term debt decreased to $269.6 million at the end of Q3 2024, down approximately 33% from $401.0 million at the end of Q3 2023[20] - Cash and cash equivalents increased to $50.8 million from $33.8 million at the end of December 2023[2] Dividends and Shareholder Returns - A quarterly cash dividend of $0.25 per share was declared, payable on December 6, 2024, to shareholders of record on November 14, 2024[21] - The company declared dividends of $0.25 per ordinary share, up from $0.20 in the same quarter last year[1] Future Outlook - Future outlook includes continued focus on market expansion and new product development to drive growth in the upcoming quarters[34] - Fresh Del Monte Produce Inc. anticipates focusing on high-margin, value-added products and streamlining operations to enhance profitability and growth[49] - The company expects to expand production and meet ongoing demand for its pineapple varieties and related innovations[49] - Fresh Del Monte Produce Inc. is committed to maintaining a prudent capital structure and creating long-term value for shareholders, with expected capital expenditures in 2024[49]

Financial Performance - Net sales for Q2 2024 were $1,139.7 million, a decrease of 3.5% from $1,180.5 million in Q2 2023, primarily due to lower banana sales volume and prices [106]. - Gross profit for Q2 2024 was $113.2 million, down from $116.8 million in Q2 2023, impacted by higher production costs and adverse weather conditions [107]. - Selling, general and administrative expenses increased by 7% to $49.9 million in Q2 2024 compared to $46.8 million in Q2 2023, driven by higher employee benefits and professional fees [110]. - Operating income decreased by $3.9 million in Q2 2024 to $68.2 million, attributed to lower gross profit and a higher gain on asset sales in the prior year [115]. - Net sales for the second quarter of 2024 were $694.1 million, an increase from $677.6 million in the prior-year period, primarily driven by higher selling prices of avocados and increased sales volume of non-tropical fruit [121]. - Gross profit for the second quarter of 2024 was $77.9 million, up from $62.1 million in the prior-year period, reflecting higher selling prices despite increased production costs [121]. - Banana segment net sales decreased to $394.3 million in the second quarter of 2024 from $448.8 million in the prior-year period, attributed to lower sales volume in North America and Asia [123]. - Gross profit for the banana segment in the second quarter of 2024 was $29.8 million, down from $50.5 million in the prior-year period, with gross margin decreasing to 7.6% from 11.3% [124]. - For the first six months of 2024, net sales for fresh and value-added products were $1,370.8 million, compared to $1,321.0 million in the prior-year period, driven by higher sales volume of pineapples and melons [126]. - Gross profit for the first six months of 2024 was $133.9 million, an increase from $109.1 million in the prior-year period, with gross margin rising to 9.8% from 8.3% [126]. Cash Flow and Financing - Net cash provided by operating activities for the first six months of 2024 was $143.7 million, an increase of $11.0 million compared to $132.7 million in the prior-year period [131]. - Net cash used in financing activities for the first six months of 2024 was $144.3 million, down from $180.2 million in the prior-year period, mainly due to debt repayments and dividends paid [137]. - The company reported net cash provided by investing activities of $1.6 million for the first six months of 2024, a significant decrease from $73.7 million in the prior-year period, primarily due to lower proceeds from asset sales [133]. - The company has a five-year, $0.9 billion syndicated senior unsecured revolving credit facility maturing on October 1, 2024, which was amended to replace the Eurocurrency Rate with the Term SOFR [139]. - The 2024 Amended Credit Facility provides for a five-year, $0.75 billion revolving credit facility maturing on February 21, 2029, with interest rates ranging from 1.0% to 1.625% based on the Consolidated Leverage Ratio [140]. - As of June 28, 2024, the company had $499.3 million unused borrowing capacity under the 2024 Amended Credit Facility [144]. - The company anticipates that cash on hand, borrowing capacity, and cash flows from operations will be sufficient to meet cash requirements and service outstanding debt over the next twelve months [145]. Tax and Legal Considerations - Income tax provision for Q2 2024 increased to $12.3 million from $11.3 million in Q2 2023, primarily due to increased earnings in higher tax jurisdictions [117]. - The company is facing potential impacts from pending legal and environmental proceedings, which may affect costs and resolution timing [158]. - Changes in tax accounting or laws could influence the company's financial performance and tax audits [158]. Risk Management - The company is actively monitoring macroeconomic factors to mitigate potential cost increases in the future [98]. - The company is managing risks associated with international operations, including inflation and currency fluctuations [158]. - There have been no material changes in market risk compared to the previous Annual Report on Form 10-K [161]. - The company is exposed to product liability claims and associated legal actions, which could impact operations [158]. - The company has not recorded impairment charges associated with goodwill or trade names during the quarter ended June 28, 2024, but continues to monitor performance [152]. Strategic Initiatives - The company generated approximately $156.4 million in cash proceeds from the sale of non-strategic and underutilized assets as part of the 2020 Optimization Program [99]. - The company is exploring strategic alternatives for its Mann Packing operation, with a decision expected by Q3 2024 [100]. - The company recorded $0.5 million in charges related to shipment disruptions in the Red Sea during Q2 2024 [97]. - The company does not anticipate further inflation-justified price increases in 2024, based on stabilization in key markets [98].

Financial Data and Key Metrics Changes - Net sales for Q2 2024 were $1.140 billion, down from $1.181 billion in the prior year, primarily due to lower banana sales volume and prices, partially offset by increases in fresh and value-added products [9] - Gross profit for Q2 2024 was $113 million, compared to $117 million in the prior year, with a gross margin of 9.9%, consistent with last year [10] - Net income attributable to Fresh Del Monte was $54 million for Q2 2024, up from $48 million in the prior year, with adjusted net income at $51 million compared to $46 million last year [12] - Adjusted EBITDA for Q2 2024 was $89 million, or 8% of net sales, compared to $85 million, or 7% of net sales in the same quarter last year [12] Business Line Data and Key Metrics Changes - Fresh and Value-Added Products segment net sales increased to $694 million from $678 million in the prior year, driven by higher avocado prices and sales volume [13] - Gross profit for the Fresh and Value-Added Products segment was $78 million, up from $62 million, with a gross margin of 11.2% compared to 9.2% last year [14] - Banana segment net sales decreased to $394 million from $449 million, with a 10% reduction in sales volume and a gross profit drop to $30 million from $51 million [15] - Other Products and Services segment net sales were $51 million, down from $54 million, but gross profit increased to $6 million from $4 million [15] Market Data and Key Metrics Changes - The company noted a significant increase in banana prices in Ecuador, which are currently averaging $6 to $9, a notable rise compared to historical prices [27] - The produce industry is facing challenges with high shelf prices, impacting consumer demand and leading to less competition in certain markets [27] Company Strategy and Development Direction - The company is focusing on high-margin products, particularly in the fresh and value-added segments, which are seen as the foundation of its growth strategy [4] - Plans to optimize operations in Japan and expand the Fresh Cut facility in the UK are aimed at reducing costs and improving margins [5] - The company is also working on maximizing the utilization of fruit residues through a new biofertilizers plant in Kenya, which will initially serve internal operations but aims to enter the market eventually [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of margin improvements in the fresh and value-added segment, despite expected seasonal pressures in the third quarter [21][23] - The company anticipates a 5% to 7% decrease in banana sales volume for the full year due to competitive pressures and shipping challenges [18] - Management highlighted the importance of vertical integration in maintaining product quality and supply consistency, which is crucial for customer trust [32] Other Important Information - Long-term debt decreased by 29% to $285 million, marking the lowest level since 2017, reflecting a commitment to a prudent capital structure [17] - The company declared a quarterly cash dividend of $0.25 per share, payable on September 6, 2024 [17] Q&A Session Summary Question: Is the margin improvement in the fresh and value-added segment sustainable? - Management indicated that while there will be seasonal pressures, they are making progress in improving margins and expect a good year overall [23] Question: What is the purpose of the biofertilizers plant in Kenya? - The plant will reduce costs through organic fertilizers and aims to market products to third parties in the future [25] Question: How is the produce category performing in North America amid inflation? - Management noted challenges in pricing and demand, with higher banana prices and less competition in the market [27] Question: How is the fresh-cut fruit segment performing? - The fresh-cut fruit segment has been well received, with strong sales and margins, particularly for the new guacamole product [29][30] Question: What drives the 3% CAGR in pineapple volume growth? - Growth is limited by land availability and the time required to cultivate new fields, with internal growth being the primary source [31]

Financial Performance - Net sales for Q2 2024 were $1,139.7 million, a decrease from $1,180.5 million in the prior-year period, primarily due to lower banana sales volume and prices[1] - Gross profit for Q2 2024 was $113.2 million, down from $116.8 million in the prior-year period, with a gross margin of 9.9%[2] - Operating income for Q2 2024 was $68.2 million, compared to $72.1 million in the prior-year period, reflecting lower gross profit[2] - Net income for Q2 2024 was $53.6 million, an increase from $47.7 million in the prior-year period, with adjusted net income at $50.9 million[3] - Net sales for the quarter ended June 30, 2024, were $1,139.7 million, a decrease of 3.5% compared to $1,180.5 million in the same quarter of 2023[13] - Gross profit for the quarter was $113.2 million, down 3.1% from $116.8 million year-over-year[13] - Operating income decreased to $68.2 million, a decline of 5.4% from $72.1 million in the prior year[13] - Net income attributable to Fresh Del Monte Produce Inc. was $53.6 million, an increase of 12.4% compared to $47.7 million in the same quarter of 2023[13] - Basic earnings per share (EPS) for the quarter was $1.12, up from $0.99 in the same quarter of the previous year[13] - For the six months ended June 28, 2024, net sales reached $2,247.5 million, compared to $2,309.0 million for the same period in 2023, showing a decline of 2.7%[24] - The adjusted gross profit for the quarter was $114.4 million, slightly lower than the $116.8 million reported in the same quarter of the previous year[23] - The gross margin for the quarter was 11.2%, compared to 9.9% in the same quarter last year, reflecting an improvement of 1.3 percentage points[24] - Fresh Del Monte Produce Inc. reported a gross profit of $195.4 million for the six months ended June 28, 2024, down from $213.8 million in the same period of 2023[24] - The company recorded an adjusted gross margin of 9.8% for the six months ended June 28, 2024, consistent with the previous year's margin of 9.3%[24] - EBITDA for the quarter was $92.7 million, up from $89.6 million year-over-year, reflecting a margin of 8.1% compared to 7.6% in the prior year[25] - Adjusted EBITDA for the six months ended June 28, 2024, was $132.5 million, down from $150.5 million for the same period in 2023, indicating a margin decrease from 6.5% to 5.9%[25] Segment Performance - Fresh and value-added products segment net sales increased to $694.1 million in Q2 2024 from $677.6 million in the prior-year period, driven by higher avocado prices[7] - Banana segment net sales decreased to $394.3 million in Q2 2024 from $448.8 million in the prior-year period, impacted by competitive pressures and lower prices in Asia[9] - Other products and services segment net sales were $51.3 million in Q2 2024, down from $54.1 million, primarily due to the sale of the plastic products business[10] Debt and Cash Flow - Long-term debt decreased to $285.0 million at the end of Q2 2024, down approximately 29% from $400.5 million a year earlier[12] - Net cash provided by operating activities for the first six months of 2024 was $143.7 million, an increase from $132.7 million in the prior-year period[11] - The company reported a net increase in cash and cash equivalents of $4.0 million, down from $26.6 million in the prior year[16] Assets and Liabilities - Total assets as of June 28, 2024, were $3,109.1 million, a decrease from $3,184.1 million at the end of 2023[15] - Total liabilities decreased to $1,138.9 million from $1,271.4 million at the end of 2023, reflecting a reduction in long-term debt[15] Future Outlook and Strategy - Future outlook includes continued focus on market expansion and new product development to drive growth[23] - The company anticipates continued focus on operational excellence and cost discipline to improve profitability and shareholder value[31] - Fresh Del Monte aims to enhance its product offerings, particularly in pineapple and avocado segments, to drive demand and volume growth[31] - The company is committed to maximizing the utilization of fruit residues and developing biofertilizers as part of its sustainability efforts[31] - Fresh Del Monte expects to face challenges related to elevated commodity costs and supply chain disruptions impacting its operations[32] Other Notable Items - The company declared a quarterly cash dividend of $0.25 per share, an increase from $0.20 per share in the prior year[13] - The company reported a gain of $3.4 million from the sale of a warehouse in Europe for the quarter ended June 28, 2024[27] - Asset impairment and other charges for the quarter included $2.0 million in insurance recoveries related to fire damage, partially offset by impairment charges in the Philippines[26] - The company incurred other product-related charges of $1.2 million in the quarter, impacting the gross profit[23]