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]

Group 1: Budget-Friendly Stocks Overview - Budget-friendly stocks are becoming scarce as top-performing mega-cap stocks approach overvaluation, with moderate underperformance having significant market implications [1] - A few budget-friendly stocks remain, defined as either undervalued or priced low enough to be considered penny stocks without the associated risks [2] Group 2: Nintendo (NTDOY) - Nintendo is highlighted as a budget-friendly stock due to its long-term business strategy, maintaining a strong balance sheet with significant cash reserves and zero debt [4] - The company's focus on long-term growth rather than short-term profit maximization has contributed to its enduring success since 1889 [4] Group 3: PSQ Holdings (PSQH) - PSQ Holdings operates a digital marketplace aimed at aligning consumer purchases with their values, representing a shift in eCommerce trends [6][7] - The company trades around $3.75 per share with a market cap of $110 million, indicating potential for growth as a newcomer in the stock market [11] Group 4: Rumble (RUM) - Rumble has seen increased viewership, particularly during significant events like the Presidential Debate, distinguishing itself from competitors like YouTube [9] - The platform reported a loss of $0.14 per share, outperforming analyst expectations, and has filed an antitrust lawsuit against Google, positioning itself as a notable underdog in the market [18] Group 5: Stem (STEM) - Stem trades at approximately $1.10 per share with a market cap of $171 million, focusing on AI and sustainable energy, which supports its long-term growth potential [20] - The company's Athena software optimizes energy distribution, making it valuable for large-scale clients managing renewable energy resources [21] Group 6: Fresh Del Monte Produce (FDP) - Fresh Del Monte Produce is characterized as a defensive budget-friendly stock, with a recent 15% reduction in total debt and a 5% revenue increase in its fresh and value-added sales segment [25][26] - The company offers a 5.25% dividend yield, making it an attractive option for investors looking to build a budget-friendly portfolio [26] Group 7: Great Lakes Dredge & Dock (GLDD) - Great Lakes Dredge & Dock operates in the niche sector of waterway management, which is essential for the global supply chain and is relatively recession-proof [28] - The company reported an EBITDA of $43 million, the highest since late 2021, and is positioned to benefit from a record $8.7 billion budget from the U.S. Army Corps of Engineers [29][30]

Core Viewpoint - Fresh Del Monte Produce Inc (FDP) is currently undervalued, with its enterprise value of $1.41 billion being lower than its tangible book value of $1.48 billion, presenting a strong buying opportunity for investors [3][12][35] Valuation Metrics - The market capitalization of Fresh Del Monte Produce is approximately $1.03 billion, while its tangible book value stands at $1.477 billion, indicating a significant discount [4][15] - The price-to-trailing cash flow multiple is at 5.7x, which is cheaper than 90% of the time since the Great Recession [5][27] - The enterprise value to revenue ratio is 0.328, and the forward ratio is 0.323, both of which are historically low [7][27] Dividend and Cash Flow - The company has raised its annual dividend to $1.00, yielding 4.7% on a forward basis, which is significantly higher than the S&P 500's yield of 1.23% [20][29] - The free cash flow yield is currently at 11.7%, indicating strong cash generation capabilities [19][28] Earnings and Growth Potential - Earnings per share (EPS) for 2024 is estimated at $1.94, with a projected increase to $2.49 in 2025, reflecting a growth rate of 28.09% [22][31] - The company has potential for profit margin improvement, as current gross and operating margins are below historical levels [22][32] Market Position and Strategy - Fresh Del Monte Produce is positioned as a food inflation hedge, with the ability to pass on rising costs to consumers, potentially increasing EPS by 20% to 30% with a 10% price increase in fresh produce [22][31] - The company operates with low debt levels, with trailing free cash flow of $120 million against net interest expenses of $20 million, providing financial stability [22][31] Investment Outlook - The stock is currently trading at a 50% discount to its estimated asset liquidation value of $40 per share, suggesting significant upside potential [12][35] - Analyst estimates indicate a potential price target of $30 to $40 per share within 12-18 months, representing a total return of 100% for current investors [34][35]

Group 1: Market Overview - The current market volatility has led to a shift towards small-cap, tech, and growth stocks, which may not provide long-term stability [2][3] - High inflation continues to exceed the Federal Reserve's target of 2%, creating uncertainty in the economic environment [3] Group 2: Fresh Del Monte Produce (FDP) - Fresh Del Monte Produce is considered a defensive blue-chip stock with strong growth prospects despite a slight sales slump in the last quarterly report [5][6] - The company has reduced total debt by 15%, adapting to economic pressures, and has seen a 5% revenue increase in its fresh and value-added sales segment, with avocado sales spiking by 23% [6] - Fresh Del Monte's current dividend yield is 4%, providing an opportunity for investors to build a position through dollar-cost averaging [7] Group 3: Great Lakes Dredge & Dock (GLDD) - Great Lakes Dredge & Dock provides essential services for deepening and expanding waterways, making it relatively recession-proof and a unique investment at the intersection of commerce and climate change [9][10] - The company has a dredging backlog of $879 million and is positioned to benefit from a record-setting U.S. Army Corps of Engineers budget of $8.7 billion, ensuring steady contract cash flow [12] Group 4: Jazz Pharmaceuticals (JAZZ) - Jazz Pharmaceuticals, through its acquisition of GW Pharmaceuticals, is well-positioned in the medical cannabis industry, allowing it to capitalize on the high end of the value chain [13][15] - The company's medication for daytime sleepiness, Xywav, contributes up to 10% of total sales, providing a stable revenue stream as the medical cannabis market evolves [15]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————————— FORM 10-Q ——————————— (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-07708 (Commission file number) ——————————— FRESH DEL MONTE PRODUCE INC. (Exact Name of Registrant as Specified in Its Charter) ...

• Released new pineapple offerings, Rubyglow® pineapple and Precious Honeyglow® pineapple NET SALES Q1: $82M vs. $97M PY ADJ. OPERATING INCOME* 7 *Non-GAAP financial measure. Reconciliations and other information required by Regulation G can be found in the Appendix section of the presentation. 7 Q1 2024 • Avocado revenue increased 23% compared with prior-year period due to pricing improvements GROSS PROFIT 9 Q1 2024 $43 Q1 2023 • Gross margin decreased to 5.7% compared with 10.2% in the prior-year period $ ...

Fresh Del Monte Produce Inc. Fresh Del Monte Produce Inc. Reports First Quarter Earnings for Fiscal 2024 Fresh and Value-Added Segment Revenue Increased 5% Compared to Prior-Year Avocado Revenue Increased 23% Driven by Year-Over-Year Pricing Improvement Financial highlights for the first quarter 2024: Net sales for the first quarter of 2024 were $1,107.9 million compared with $1,128.5 million in the prior-year period. The decrease in net sales was a result of lower banana net sales, driven by lower volume a ...

PHILADELPHIA, March 13, 2024 (GLOBE NEWSWIRE) -- SEMCAP Food & Nutrition (SEMCAP) is pleased to announce the addition of Fresh Del Monte (NYSE:FDP) as a key partner and investor in the first closing of the firm's inaugural Food & Nutrition investment strategy. Having launched the Food & Nutrition platform in 2021, the SEMCAP Food team executed three transactions prior to the launch of the Fund in Q4 2023. SEMCAP was pleased to partner with Fresh Del Monte on two of those three investments in Purely Elizabet ...

Financial Performance - Q4 2023 net sales were $1,009 million, compared to $1,040 million in the prior year[6] - Full year 2023 net sales were $4,321 million, compared to $4,442 million in the prior year[6] - Full year Adjusted EPS grew to $2.12[7] - The company reduced long-term debt by $140 million to $400 million at the end of FY23[5] - The company sold underutilized assets for $120 million in FY23[7] Segment Results - Fresh and value-added products net sales decreased by 4% due to lower sales volume, reaching $2,478 million in FY2023 compared to $2,582 million in FY2022[15, 14] - Banana net sales increased by 1% due to higher per unit selling prices, reaching $1,638 million in FY2023 compared to $1,620 million in FY2022[18, 17] - Other products & services net sales decreased due to lower sales of third-party ocean freight services, with net sales of $205 million in FY2022 compared to $241 million in FY2023[19] - Banana gross profit increased 35% due to higher net sales and lower distribution costs, reaching $163 million in FY2023 compared to $121 million in FY2022[18, 17] Strategic Initiatives - The company increased the quarterly dividend by 25% for the second consecutive year[5] - The company is exploring strategic alternatives for the Mann Packing operation due to a non-cash fourth quarter impairment[7] - The company experienced 25% year-over-year volume growth in higher margin specialty pineapples[15]

CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or the "Company") today reported financial results for the fourth quarter and the full fiscal year ended December 29, 2023. "We are pleased with many aspects of our full year 2023 results including our strong gross margins and cash flow which enabled us to have strong full year adjusted earnings per share growth, reduce our long-term debt by $140 million to end the year with an adjusted leverage ratio of 1.7x ...