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 June 30, 2023 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 Cayman Islands N/A (State or Other Jurisdiction of Incorporation or Organization) (I.R.S Employer Identification No.) c/o ...

Fresh Del Monte Produce Inc. (NYSE:FDP) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Claudia Pou - Vice President, Corporate Communications Mohammad Abu-Ghazaleh - Chairman and Chief Executive Officer Monica Vicente - Senior Vice President and Chief Financial Officer Conference Call Participants Mitchell Pinheiro - Sturdivant & Co. Jonathan Feeney - Consumer Edge Operator Good day, everyone, and welcome to Fresh Del Monte Produce's First Quarter 2023 Earnings Conference Call ...

PART I: FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Fresh Del Monte Produce Inc.'s unaudited consolidated financial statements for Q1 2023, detailing key financial results [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets were $3.44 billion, with liabilities at $1.42 billion and equity at $1.97 billion Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2023 | December 30, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,245.9 | $1,241.4 | | **Total Assets** | $3,443.1 | $3,458.9 | | **Total Current Liabilities** | $603.0 | $607.0 | | **Long-term debt and finance leases** | $479.6 | $547.1 | | **Total Liabilities** | $1,423.9 | $1,483.9 | | **Total Shareholders' Equity** | $1,969.8 | $1,925.6 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2023 net sales were $1.128 billion, gross profit increased to $97.0 million, and operating income surged to $74.5 million from asset disposal gains Q1 Statement of Operations (in millions, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net sales | $1,128.5 | $1,136.9 | | Gross profit | $97.0 | $89.8 | | Gain (loss) on disposal of property, plant and equipment, net | $27.5 | $(3.8) | | Operating income | $74.5 | $39.8 | | Net income attributable to Fresh Del Monte | $39.0 | $25.8 | | Diluted EPS | $0.81 | $0.54 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 net cash from operations was $15.5 million, investing activities provided $79.6 million from asset sales, and financing used $75.9 million Q1 Cash Flow Summary (in millions) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $15.5 | $(0.3) | | Net cash provided by (used in) investing activities | $79.6 | $(16.6) | | Net cash (used in) provided by financing activities | $(75.9) | $26.7 | | **Net increase in cash and cash equivalents** | **$18.5** | **$9.2** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's three segments, ongoing tax disputes, credit facility details, and a subsequent put option event - The company operates through three reportable segments: Fresh and value-added products, Banana, and Other products and services[24](index=24&type=chunk)[70](index=70&type=chunk) - The company is contesting income tax deficiencies from two foreign jurisdictions related to transfer pricing, aggregating approximately **$152.1 million** for tax years 2012-2016[29](index=29&type=chunk) - The company maintains a five-year, **$0.9 billion** syndicated senior unsecured revolving credit facility maturing in October 2024. As of March 31, 2023, borrowings were **$472.7 million**[53](index=53&type=chunk)[54](index=54&type=chunk) - Effective April 1, 2023, a noncontrolling shareholder exercised a put option, requiring the company to purchase the remaining 25% of a subsidiary for approximately **$5.2 million** in Q2 2023[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, highlighting inflation impacts, sales trends, and segment performance, with liquidity supported by operating cash flow [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q1 2023 consolidated net sales decreased 1% to $1.128 billion, gross profit rose to $97.0 million, and operating income surged to $74.5 million due to asset disposal gains - Net sales decreased **1% YoY** due to lower avocado prices, lower sales volumes in the fresh and value-added segment, and negative currency exchange rates[109](index=109&type=chunk) - Gross profit increased to **$97.0 million** from **$89.8 million YoY**, driven by higher selling prices and lower distribution costs, despite higher production and ocean freight costs[110](index=110&type=chunk) - Operating income increased by **$34.7 million**, primarily driven by a significant gain on the disposal of property, plant, and equipment, which included a **$20.5 million** gain on the sale of assets in Saudi Arabia and a **$6.8 million** gain on a facility in North America[112](index=112&type=chunk)[115](index=115&type=chunk) [Financial Results by Segment](index=31&type=section&id=Financial%20Results%20by%20Segment) Q1 2023 segment performance shows Fresh and value-added sales decline, Banana sales growth, and Other products sales increase Q1 2023 Segment Performance (in millions) | Segment | Net Sales | Gross Profit | Gross Margin | | :--- | :--- | :--- | :--- | | Fresh and value added products | $643.4 | $47.1 | 7.3% | | Banana | $425.1 | $43.2 | 10.2% | | Other products and services | $60.0 | $6.7 | 11.2% | - Fresh and value-added products sales decreased due to lower avocado prices and reduced volumes, but gross margin improved from **6.6%** to **7.3% YoY**[120](index=120&type=chunk)[121](index=121&type=chunk) - Banana segment sales and profit increased due to higher pricing and volume, with gross margin expanding to **10.2%** from **9.3% YoY**[122](index=122&type=chunk)[123](index=123&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by improved Q1 2023 operating cash flow of $15.5 million and $461.5 million borrowing availability under its credit facility Q1 Cash Flow Comparison (in millions) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash from Operating Activities | $15.5 | $(0.3) | | Net cash from Investing Activities | $79.6 | $(16.6) | | Net cash from Financing Activities | $(75.9) | $26.7 | - Investing activities were driven by **$90.7 million** in proceeds from the sale of property, plant, and equipment, including distribution centers in Saudi Arabia and a production facility in North America[132](index=132&type=chunk) - Financing activities primarily consisted of **$67.1 million** in net debt repayments and **$7.2 million** in dividend payments[134](index=134&type=chunk) - As of March 31, 2023, the company had **$461.5 million** of borrowing availability under its committed working capital facilities[143](index=143&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposures were reported compared to the 2022 Annual Report on Form 10-K - There were no material changes in market risk from the disclosures in the 2022 Form 10-K[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2023, disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2023[162](index=162&type=chunk) - No changes to internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[162](index=162&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is contesting ongoing **$152.1 million** income tax deficiencies related to transfer pricing in two foreign jurisdictions for tax years 2012-2016 - The company is contesting income tax deficiencies related to transfer pricing in two foreign jurisdictions, aggregating approximately **$152.1 million** for tax years 2012-2016[164](index=164&type=chunk) - The company strongly disagrees with the proposed adjustments and is pursuing all necessary administrative and judicial remedies to resolve the matters[166](index=166&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL financial statements - Exhibits filed with the report include CEO and CFO certifications pursuant to SEC rules 13a-14(a) and 13a-14(b), and financial data in Inline XBRL format[168](index=168&type=chunk) [Signatures](index=42&type=section&id=Signatures) - The report was duly signed on May 3, 2023, by Mohammed Abbas, Executive Vice President & Chief Operating Officer, and Monica Vicente, Senior Vice President & Chief Financial Officer[173](index=173&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 333-07708 FRESH DEL MONTE PRODUCE INC. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or Other Jurisdiction of I ...

Fresh Del Monte Produce Inc. (NYSE:FDP) Q3 2022 Results Conference Call November 2, 2022 10:00 AM ET Company Participants Ana Miranda - Vice President, Global FP&A and Investor Relations Mohammad Abu-Ghazaleh - Chairman and Chief Executive Officer Monica Vicente - Senior Vice President and Chief Financial Officer Conference Call Participants Mitch Pinheiro - Sturdivant and Company Operator Good day, everyone. And welcome to Fresh Del Monte Produce Third Quarter 2022 Earnings Conference Call. Today's call is ...

——————————— 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 September 30, 2022 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 ...

Fresh Del Monte Produce, Inc. (NYSE:FDP) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET Company Participants Ana Miranda - Vice President, Global FP&A and Investor Relations Mohammad Abu-Ghazaleh - Chairman and Chief Executive Officer Monica Vicente - Senior Vice President and Chief Financial Officer Conference Call Participants Jonathan Feeney - Consumer Edge Mitch Pinheiro - Sturdivant Operator Good day, everyone, and welcome to Fresh Del Monte Produce's Second Quarter 2022 Earnings Conferenc ...

——————————— 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 July 01, 2022 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 It ...

Earnings Call Presentation Q12022 MAY 4, 2022 Mohammad Abu-Ghazaleh Chairman & CEO Monica Vicente SVP, CFO 2 FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements regarding the intent, beliefs or current expectations of the Company or its officers with respect to the Company's plans and future performance, including our focus on driving operational leverage through product innovation, cost management, pricing actions and operational efficiencies. These statements also incl ...

Financial Data and Key Metrics Changes - Net sales increased by $49 million, or approximately 5%, compared to the prior-year period, primarily due to inflation-justified pricing actions [4][8] - Adjusted gross profit for Q1 2022 was $90 million, down from $107 million in the prior-year period, impacted by inflationary pressures [8][9] - Adjusted operating income decreased to $40 million from $58 million in the prior-year period [9] - Adjusted EBITDA for Q1 was $63 million, compared to $82 million in the prior-year period, with an adjusted EBITDA margin of 5.5% compared to 7.6% [10][11] Business Line Data and Key Metrics Changes - Fresh and Value-Added Products segment net sales increased by $42 million, or approximately 7%, driven by higher pricing [11] - Banana segment net sales decreased by $12 million due to lower sales volume in North America, with gross profit dropping to $38 million from $50 million [12] - Other Products and Services segment saw a net sales increase of $19 million, or 49%, mainly due to higher net sales of third-party freight services [12] Market Data and Key Metrics Changes - Sales were negatively impacted by fluctuations in exchange rates, particularly against the Euro and Japanese Yen [8] - The war in Ukraine has exacerbated macroeconomic challenges, including increased costs for fertilizers, fuel, and shipping disruptions [6][7] Company Strategy and Development Direction - The company is focused on long-term operational investments in data-driven technology and smart farming, alongside strategic investments and higher dividends [5] - Vertical integration is viewed as a key differentiator, providing relative protection from elevated shipping rates [7] - The company aims to drive organic growth and new product expansion while implementing pricing actions to minimize margin erosion [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to drive growth despite ongoing supply chain constraints and inflationary pressures [7] - The company does not foresee a normalization of gross margins in the near future, but remains optimistic about future performance [7] - The food service segment is still lagging behind pre-COVID levels, indicating potential for future growth [34] Other Important Information - The company declared a quarterly cash dividend of $0.50 per share, up from $0.10 in the prior-year period [15] - Capital expenditures in Q1 2022 were $11 million, significantly lower than $34 million in the prior-year period, with expectations to return to normal levels under $100 million for the year [15] Q&A Session Summary Question: How much control does the company have over pricing? - Management explained that pricing adjustments are based on market conditions and include fuel surcharges that are reviewed quarterly [17] Question: What is the outlook for banana supply and demand? - Management noted that Ecuador's supply has been severely impacted by the war in Ukraine, affecting pricing and availability [21][22] Question: Can the company quantify the revenue or profit impact from sales lost due to supply shortages? - Management acknowledged significant volume losses due to shipping constraints but did not provide specific figures during the call [25][27] Question: How is the company progressing with joint ventures and value-added products? - Management indicated that they are in the initial stages of developing value-added products and optimizing assets for future growth [36]