Fresh Del Monte Produce (US:FDP)2024-02-26 17:15Financial 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]