Fresh Del Monte reports Q3 EPS (61c) with items vs. 88c last year

Reports Q3 revenue $1.021B vs. $1.019B last year. Q3 EPS incudeshigher asset impairment and other charges, net, related to underperforming banana farms in the Philippines and the impairment charges associated with the planned divestiture of Mann Packing, and lower gross profit in the current period. Q3 adjusted operating income was $39.7M. “We delivered another quarter of strategic progress, with overall net sales slightly higher and gross margin expanding in our fresh and value-added products segment. These results reflect the strength of our execution and our disciplined focus on higher-margin, value-added categories that continue to drive profitable growth,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s (FDP) Chairman and CEO. “At the same time, we took decisive actions to optimize our portfolio and drive long-term profitability by exiting underperforming banana operations in the Philippines and divesting Mann Packing. These strategic moves simplify our operations, sharpen our focus on higher-margin, higher-growth categories, and position us to deliver stronger earnings and sustained value for our shareholders.”