Fresh Del Monte Produce (FDP)

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Fresh Del Monte Produce (FDP) - 2021 Q1 - Quarterly Report
2021-05-04 16:00
——————————— Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, $0.01 Par Value Per Share FDP New York Stock Exchange 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 April 02, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...
Fresh Del Monte Produce (FDP) - 2020 Q4 - Earnings Call Transcript
2021-02-24 20:18
Fresh Del Monte Produce Inc. (NYSE:FDP) Q4 2020 Earnings Conference Call February 24, 2021 10:00 AM ET Company Participants Christine Cannella - Vice President, Investor Relations Mohammad Abu-Ghazaleh - Chairman and Chief Executive Officer Eduardo Bezerra - 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 Fourth Quarter and Full Year 2020 Conference ...
Fresh Del Monte Produce (FDP) - 2020 Q3 - Quarterly Report
2020-10-28 20:37
PART I: FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements for the quarterly period ended September 25, 2020 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities decreased slightly as of September 25, 2020 compared to year-end 2019 Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | Sep 25, 2020 | Dec 27, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14.0 | $33.3 | | Inventories, net | $500.5 | $551.8 | | Total current assets | $990.0 | $1,051.5 | | Property, plant and equipment, net | $1,398.6 | $1,403.2 | | **Total assets** | **$3,281.4** | **$3,349.9** | | **Liabilities & Equity** | | | | Accounts payable and accrued expenses | $504.7 | $522.2 | | Long-term debt and finance leases | $510.8 | $586.8 | | **Total liabilities** | **$1,489.5** | **$1,550.9** | | **Total shareholders' equity** | **$1,741.4** | **$1,743.7** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Net sales and net income declined for the nine-month period ending September 25, 2020 Q3 and Nine-Month Performance (in millions, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $989.7 | $1,070.2 | $3,200.0 | $3,463.8 | | Gross profit | $67.3 | $76.2 | $214.5 | $268.9 | | Operating income | $26.6 | $27.1 | $77.4 | $125.6 | | Net income attributable to FDP | $17.4 | $18.1 | $48.3 | $92.3 | | Diluted EPS | $0.37 | $0.38 | $1.01 | $1.90 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased while investing and financing outflows led to a net decrease in cash Nine-Month Cash Flow Summary (in millions) | Cash Flow Activity | Nine Months Ended Sep 25, 2020 | Nine Months Ended Sep 27, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $173.9 | $130.1 | | Net cash used in investing activities | ($82.5) | ($44.8) | | Net cash used in financing activities | ($111.4) | ($96.3) | | **Net decrease in cash and cash equivalents** | **($19.3)** | **($5.0)** | | Cash and cash equivalents, ending | $14.0 | $16.3 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes cover new accounting standards, tax disputes, insurance recoveries, and segment performance - The company adopted the new credit loss standard (ASC 326) in 2020, resulting in a **$1.2 million cumulative-effect adjustment** to retained earnings[39](index=39&type=chunk) - The company is contesting income tax deficiencies of approximately **$145.8 million** (including interest and penalties) from two foreign jurisdictions[49](index=49&type=chunk) - For the nine months ended September 25, 2020, the company recognized a **$10.4 million insurance recovery** related to a 2019 voluntary product recall[48](index=48&type=chunk)[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the financial results, focusing on the COVID-19 impact and liquidity management [COVID-19 Pandemic Impact](index=38&type=section&id=COVID-19%20Pandemic%20Impact) The COVID-19 pandemic materially impacted net sales due to volatile demand and increased costs - The COVID-19 pandemic negatively impacted net sales by an estimated **$73.0 million in Q3 2020** and **$232.0 million in the first nine months of 2020**[178](index=178&type=chunk)[199](index=199&type=chunk) - Impacts included volatile supply/demand, reduced foodservice demand, and increased costs for safety protocols[164](index=164&type=chunk) - To conserve liquidity, the company **reduced its quarterly cash dividend from $0.10 to $0.05 per share** and delayed certain capital expenditures[165](index=165&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Net sales and gross profit declined in Q3 and the first nine months due to lower volumes and pricing Q3 2020 vs Q3 2019 Performance (in millions) | Metric | Q3 2020 | Q3 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $989.7 | $1,070.2 | ($80.5) | -7.5% | | Gross Profit | $67.3 | $76.2 | ($8.9) | -11.7% | | Operating Income | $26.6 | $27.1 | ($0.5) | -1.8% | Nine Months 2020 vs 2019 Performance (in millions) | Metric | Nine Months 2020 | Nine Months 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $3,200.0 | $3,463.8 | ($263.8) | -7.6% | | Gross Profit | $214.5 | $268.9 | ($54.4) | -20.2% | | Operating Income | $77.4 | $125.6 | ($48.2) | -38.4% | - The decrease in Q3 net sales was driven by lower sales of fresh-cut vegetables, avocados, and fresh-cut fruit[180](index=180&type=chunk) - Banana segment gross profit **decreased by $7.8 million in Q3 2020** due to lower per unit sales prices[186](index=186&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by strong operating cash flow and a $1.1 billion revolving credit facility - Net cash from operating activities **increased to $173.9 million** for the first nine months of 2020, up from $130.1 million in the prior year[222](index=222&type=chunk) - Capital expenditures were **$92.9 million** for the first nine months of 2020, including payments for six new refrigerated container ships[223](index=223&type=chunk) - The company has a five-year, **$1.1 billion senior unsecured revolving credit facility** with $510.7 million outstanding as of September 25, 2020[230](index=230&type=chunk)[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages fuel price risk using bunker fuel swap agreements - The company uses **bunker fuel swap agreements** to hedge against rising fuel prices for its shipping operations[254](index=254&type=chunk) - As of September 25, 2020, the fair value of bunker fuel swap cash flow hedges was a **net liability of $1.6 million**[255](index=255&type=chunk) - A hypothetical **10% change in market fuel prices** would alter the fair value of the swap contracts by **$4.1 million**[256](index=256&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective with no material changes to internal controls - Management, including the CEO and CFO, concluded that as of September 25, 2020, the company's **disclosure controls and procedures were effective**[259](index=259&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company settled a CARB matter and is contesting significant foreign income tax deficiencies - On August 2, 2020, the company settled with the California Air Resource Board (CARB) for a total of **$2.0 million** without admitting liability[262](index=262&type=chunk) - The company is contesting approximately **$145.8 million in proposed income tax deficiencies** from two foreign jurisdictions for tax years 2012-2016[263](index=263&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the ongoing adverse effects of the COVID-19 pandemic and potential asset impairment - The COVID-19 pandemic is adversely affecting business operations, with an estimated **$232.0 million in lost sales** for the first nine months of 2020[265](index=265&type=chunk)[267](index=267&type=chunk) - The pandemic poses a risk to long-term liquidity, though current cash flows and credit facilities are believed to be sufficient[271](index=271&type=chunk) - A prolonged adverse impact from COVID-19 could lead to the **impairment of goodwill and other intangible assets**[273](index=273&type=chunk)[276](index=276&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) Lists filed exhibits, including Sarbanes-Oxley certifications and Inline XBRL financial data - The exhibits include **CEO and CFO certifications** as required by sections 302 and 906 of the Sarbanes-Oxley Act[278](index=278&type=chunk) - Financial statements and notes are provided in **Inline XBRL format**[279](index=279&type=chunk)
Fresh Del Monte Produce (FDP) - 2020 Q2 - Earnings Call Transcript
2020-07-30 03:59
Financial Data and Key Metrics Changes - The company reported a net income per diluted share of $0.38 for Q2 2020, down from $0.78 in Q2 2019 [10] - Adjusted net income per diluted share was $0.54 compared to $0.72 in the prior year [11] - Net sales decreased to $1.092 billion from $1.239 billion in the same quarter last year, impacted by unfavorable exchange rates [13] - Adjusted gross profit was $89 million, down from $98 million in 2019 [13] - Cash flow from operating activities was $111 million, with long-term debt reduced by $52 million since the end of 2019 [12][24] Business Segment Performance Changes - Fresh and value-added products saw net sales decrease by $128 million to $636 million, primarily due to lower sales in fresh-cut food and vegetables, avocado, pineapple, and prepared food lines [14] - Pineapple product line net sales were $114 million, down from $126 million, affected by lower selling prices and sales volume [15] - Fresh-cut food product line net sales decreased to $110 million from $146 million, with a 26% drop in volume [16] - Fresh-cut vegetable product line net sales fell to $86 million from $119 million, with a 32% decrease in volume [17] - Avocado product line net sales decreased to $94 million from $125 million, with a 7% drop in volume [18] - Banana segment net sales decreased to $413 million from $440 million, with a 1% drop in volume [21] Market Data and Key Metrics Changes - The company experienced reduced demand in North America, particularly in the restaurant and foodservice sectors, which were down by 50% to 60% [6][33] - The COVID-19 pandemic impacted various markets differently, with some regions experiencing gradual re-openings [6] - The company noted a significant recovery in pineapple prices, although the sustainability of this trend remains uncertain [34] Company Strategy and Development Direction - The company is focused on a business transformation plan to enhance efficiency and asset utilization, including consolidating operations in California and Arizona [7][8] - A new avocado processing facility in Mexico was ramped up four months ahead of schedule, contributing to improved margins [7][31] - The company is expanding its e-commerce strategy, launching a pilot in Dallas, Texas, to enhance direct consumer marketing [9] Management Comments on Operating Environment and Future Outlook - Management emphasized resilience in navigating challenges posed by the COVID-19 pandemic, with a focus on maintaining business continuity [5] - The company expects to see improvements in the fresh-cut area as foodservice begins to recover, although challenges remain [32] - Management remains confident in the company's ability to emerge stronger from the pandemic, focusing on cost management and operational efficiencies [12][34] Other Important Information - The company repurchased approximately 549,836 shares for about $13 million during the quarter [26] - An interim cash dividend of $0.05 per share was declared, payable on September 4, 2020 [26] Q&A Session Summary Question: Were there any unusual costs in the quarter? - Management indicated that the main unusual cost was related to the write-off of $10 million in unsalable fruit due to COVID-19 disruptions [28][29] Question: What caused the decline in the avocado business? - The decline was attributed to lower prices and not primarily due to foodservice sales, with prices dropping significantly compared to the previous year [30] Question: What is the outlook for the third quarter? - Management noted that foodservice remains heavily impacted, with only slight improvements expected in retail [32][33] Question: How much stock remains on the repurchase authorization? - There is still over $200 million available for stock repurchases [37] Question: Can you comment on the disconnect between tangible book value and stock price? - Management acknowledged the disconnect and expressed aspirations for the stock price to rise significantly in the future [39]
Fresh Del Monte Produce (FDP) - 2020 Q2 - Quarterly Report
2020-07-29 20:30
——————————— Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, $0.01 Par Value Per Share FDP New York Stock Exchange 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 26, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For th ...
Fresh Del Monte Produce (FDP) - 2020 Q1 - Quarterly Report
2020-04-29 00:45
——————————— Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, $0.01 Par Value Per Share FDP New York Stock Exchange 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 27, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...
Fresh Del Monte Produce (FDP) - 2019 Q4 - Annual Report
2020-02-20 22:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2019 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 Jurisd ...
Fresh Del Monte Produce (FDP) - 2019 Q3 - Quarterly Report
2019-10-30 00:10
PART I: FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q3 and the nine months ended September 27, 2019, show improved net income and asset growth, despite a decrease in operating cash flow [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in millions) | Account | Sep 27, 2019 | Dec 28, 2018 | | :--- | :--- | :--- | | **Total current assets** | $1,048.8 | $1,138.8 | | Operating lease right-of-use assets | $168.2 | — | | **Total assets** | **$3,345.1** | **$3,255.2** | | **Total current liabilities** | $538.8 | $586.0 | | Long-term debt and finance leases | $589.3 | $661.9 | | **Total liabilities** | **$1,525.1** | **$1,485.6** | | **Total shareholders' equity** | **$1,764.8** | **$1,717.8** | - The balance sheet as of September 27, 2019 reflects the adoption of the new lease accounting standard (Topic 842), resulting in the recognition of **$168.2 million** in Operating lease right-of-use assets and corresponding lease liabilities[11](index=11&type=chunk)[40](index=40&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Quarterly Performance (in millions, except per share data) | Metric | Q3 2019 | Q3 2018 | | :--- | :--- | :--- | | Net sales | $1,070.2 | $1,069.5 | | Gross profit | $74.7 | $52.6 | | Operating income (loss) | $27.1 | $(11.3) | | Net income (loss) attributable to Fresh Del Monte | $18.1 | $(21.5) | | Diluted EPS | $0.38 | $(0.44) | Nine-Month Performance (in millions, except per share data) | Metric | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | | Net sales | $3,463.8 | $3,448.0 | | Gross profit | $264.3 | $237.4 | | Operating income | $125.6 | $59.0 | | Net income attributable to Fresh Del Monte | $92.3 | $12.1 | | Diluted EPS | $1.90 | $0.25 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Nine Months Ended (in millions) | Activity | Sep 27, 2019 | Sep 28, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $130.1 | $270.6 | | Net cash used in investing activities | $(44.8) | $(486.0) | | Net cash (used in) provided by financing activities | $(96.3) | $215.4 | | **Net decrease in cash and cash equivalents** | **$(5.0)** | **$(2.6)** | - Investing activities in 2018 were significantly higher due to the **$371.8 million** purchase of a business (Mann Packing), whereas 2019 investing activities were primarily driven by capital expenditures of **$93.5 million**, partially offset by **$48.0 million** in proceeds from asset sales[19](index=19&type=chunk) - Financing activities in 2019 showed a net use of cash, driven by net debt payments of **$72.5 million** and share repurchases of **$17.9 million**. This contrasts with 2018, which saw net debt proceeds of **$269.6 million**, largely to fund the Mann Packing acquisition[19](index=19&type=chunk)[236](index=236&type=chunk)[238](index=238&type=chunk) [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including the adoption of Topic 842, ongoing income tax disputes, segment reporting changes, and the subsequent refinancing of the company's credit facility - The company adopted the new lease accounting standard, Topic 842, on the first day of its 2019 fiscal year, resulting in a **$3.0 million** adjustment to retained earnings due to deferred taxes[40](index=40&type=chunk) - The company is contesting income tax deficiencies from two foreign jurisdictions related to transfer pricing, aggregating approximately **$153.8 million** for tax years 2012-2016. No additional amounts have been accrued as management believes the proposed adjustments are without technical merit[64](index=64&type=chunk) - In March 2019, the company changed its reportable segments to two primary businesses: '**fresh and value-added products**' and '**bananas**', along with an 'other products and services' segment[129](index=129&type=chunk) - Subsequent to the quarter end, on October 1, 2019, the company entered into a new five-year, **$1.1 billion** syndicated senior unsecured revolving credit facility, replacing the prior facility that was set to expire in April 2020[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved Q3 and nine-month performance to value-added products, with gross profit increases across segments, while liquidity remains solid following a credit facility refinancing [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q3 2019 net sales remained flat at **$1.07 billion**, but gross profit significantly increased to **$74.7 million**, driven by improved performance across all segments, a trend continuing for the nine-month period Q3 2019 vs Q3 2018 Performance (in millions) | Metric | Q3 2019 | Q3 2018 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,070.2 | $1,069.5 | +$0.7 | | Gross Profit | $74.7 | $52.6 | +$22.1 | | Operating Income (Loss) | $27.1 | $(11.3) | +$38.4 | - The increase in Q3 gross profit was driven by higher margins in **fresh-cut fruit**, **pineapples**, and **vegetables**, along with improved performance in the **banana** and **Jordanian poultry** businesses[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) Nine Months 2019 vs 2018 Performance (in millions) | Metric | Nine Months 2019 | Nine Months 2018 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $3,463.8 | $3,448.0 | +$15.8 | | Gross Profit | $264.3 | $237.4 | +$26.9 | | Operating Income | $125.6 | $59.0 | +$66.6 | - The nine-month gross profit improvement was primarily due to the **fresh and value-added products** segment, which saw a **$28.6 million** increase, driven by **non-tropical fruit**, **melons**, and **fresh-cut fruit**[215](index=215&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash from operations decreased for the first nine months of 2019, while investing and financing activities saw significant shifts, and the company successfully refinanced its **$1.1 billion** credit facility - Net cash provided by operating activities decreased to **$130.1 million** in the first nine months of 2019 from **$270.6 million** in the prior year, primarily due to lower balances of accounts payable and accrued expenses[231](index=231&type=chunk) - The company entered into a new five-year, **$1.1 billion** credit facility on October 1, 2019, replacing the previous facility and extending the maturity to October 1, 2024[240](index=240&type=chunk) - Significant capital commitments exist for the construction of six new refrigerated container ships, with expected payments of approximately **$12.2 million** in 2019, **$85.2 million** in 2020, and **$41.4 million** in 2021[251](index=251&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposures compared to its prior fiscal year's Annual Report on Form 10-K - There were no material changes in market risk compared to the disclosures in the **2018 Form 10-K**[265](index=265&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 27, 2019, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that as of September 27, 2019, the company's disclosure controls and procedures were **effective**[267](index=267&type=chunk) - No changes to internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls were identified during the quarter[267](index=267&type=chunk) PART II: OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the Consolidated Financial Statements for details on legal proceedings, including an ongoing environmental liability and a recently settled business litigation - For details on legal proceedings, the report refers to **Note 11**, which covers commitments and contingencies[270](index=270&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) The company updated its risk factors to highlight the threat of Tropical Race 4 (TR4), a banana crop disease discovered in Colombia, which poses a significant risk to Latin American operations - A key risk factor update relates to **Tropical Race 4 (TR4)**, a serious banana crop disease, which was discovered in Colombia in the third quarter of 2019[274](index=274&type=chunk) - The spread of TR4 to the company's farms or suppliers in Latin America could destroy banana crops, adversely affect fruit costs, and harm profitability[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2019, the company repurchased 357,493 ordinary shares as part of its $300 million stock repurchase program, with $262.5 million remaining available Share Repurchases for Q3 2019 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jul 1 - Jul 31, 2019 | 356,549 | $24.33 | | Aug 1 - Aug 31, 2019 | 944 | $25.00 | | Sep 1 - Sep 30, 2019 | — | — | | **Total** | **357,493** | **$24.33** | - As of the end of the quarter, **$262.5 million** remained available under the company's **$300 million** share repurchase program authorized in February 2018[276](index=276&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and the new **$1.1 billion** credit agreement - Key exhibits filed include **CEO/CFO certifications** and the new **Second Amended and Restated Credit Agreement** from October 1, 2019[279](index=279&type=chunk)
Fresh Del Monte Produce (FDP) - 2019 Q2 - Quarterly Report
2019-07-30 20:49
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 28, 2019 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ——————————— Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, $0.01 Par Value Per Share FD ...
Fresh Del Monte Produce (FDP) - 2019 Q2 - Earnings Call Transcript
2019-07-30 19:12
Fresh Del Monte Produce, Inc. (NYSE:FDP) Q2 2019 Earnings Conference Call July 30, 2019 11:00 AM ET Company Participants Christine Cannella - VP Global Corporate Communications and IR Mohammad Abu-Ghazaleh - Chairman and CEO Eduardo Bezerra - SVP and CFO Conference Call Participants Jonathan Feeney - Consumer Edge Mitch Pinheiro - Sturdivant Operator Good day everyone and welcome to Fresh Del Monte Produce’s Second Quarter 2019 Conference Call. Today’s conference call is being broadcast live over the Intern ...