Fresh Del Monte reports Q1 EPS 55c, two estimates 60c

Reports Q1 revenue $1.11B, two estimates $1.15B. “We are pleased with the ongoing momentum in our higher-margin fresh and value-added segment. During the first quarter of 2024, this prioritized area of our business delivered 5% revenue growth driven by our strategic initiatives around distribution, pricing, and premiumization. While service level issues and competitive market pressures in North America and Europe reduced our banana revenue, we continued to generate very strong cash flow, which fuels our growth strategy tied to innovation around fresh-cut and pineapples,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO. “We further enhanced our pineapple program with the release of two new products this quarter. Furthermore, our leadership team remains focused on operational excellence, cost discipline, and strategic capital allocation to further improve profitability across all areas of our business. With our diverse product portfolio, strong brand recognition, and unwavering commitment to innovation, we believe we are well-positioned to generate sustainable value for our shareholders.”