Fresh Del Monte Produce, Inc. · NYSE:FDP
Fresh Del Monte Produce — Del Monte — Q1 2024 Earnings Presentation
20 slides from Fresh Del Monte Produce's earnings presentation, May 2, 2024
Slide 1: Q1 2024 Earnings Call Presentation
Q12024 Earnings Call Presentation May 2, 2024 1
Slide 2: Presenters: Chairman & CEO and SVP, CFO
Mohammad Abu-Ghazaleh Monica Vicente Chairman & CEO SVP, CFO
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words “believes”, “expects”
Slide 4: Agenda
AGENDA • Business Update • Q1 Financial Results • Q&A 4
Slide 5: Business Update
BUSINESS UPDATE • Net sales impacted by decrease in bananas, driven by lower volume and pricing from service level issues and competitive market pressures in North America and Europe, and lower rates in the third-party ocean freight business • Fresh and Value-Added Segment ✓ Revenue up 5% driven by
Slide 6: Q1 2024 Financial Results
Q12024 FINANCIAL RESULTS
Slide 7: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS NET SALES ADJ. OPERATING INCOME* Q1: $31M vs. $51M PY Q1: $1,108M vs. $1,129M PY • Lower net sales of bananas, driven by lower volume and pricing, and lower rates in the third-party ocean freight business in our other products and services segment ADJ. FDP NET INCOME* • Par
Slide 8: Fresh and Value-Added Products
FRESH AND VALUE-ADDED PRODUCTS NET SALES Q1 2024 • Net sales up 5% compared with prior-year period due to higher sales volume of pineapples, melons, and prepared food products and higher per unit selling prices of avocados • Gross profit increased due to overall higher net sales, partially offset by
Slide 9: Banana
BANANA NET SALES Q1 2024 • Net sales decrease driven by 5% lower volume partially due to service level issues and lower selling prices due to competitive market pressures in North America and Europe • Gross profit decreased due to lower net sales, higher per unit production and procurement costs, an
Slide 10: Other Products & Services
OTHER PRODUCTS & SERVICES NET SALES Q1 2024 • Lower net sales of third-party ocean freight services as a result of lower rates driven by the competitive market environment combined with the impact of the sale of our plastics subsidiary in South America in 2023 • Gross profit decreased due to lower n
Slide 11: Selected Financial Data
SELECTED FINANCIAL DATA
Slide 12: Q1 2024 Selected Financial Results
Q1 2024 SELECTED FINANCIAL RESULTS Income Tax provision Adj. Leverage Ratio* $5M vs. $10M PY 1.77x vs. 1.93x PY Net Cash Provided by Operating Activities Capital Spending $13M vs. $10M PY $19M vs. $16M PY Long-Term Debt Dividend $400M vs. $473M PY Declared $0.25/share vs. $0.15/share 12 12 *Non-GAAP
Slide 13: Q&A
Q&A
Slide 14: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS 14
Slide 15: Reconciliations of Non-GAAP Financial Measures, First Quarter 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES First Quarter 2024 The Company's results are determined in accordance with U.S. generally accepted accounting principles (GAAP). Certain information presented reflects adjustments to GAAP measures that are r
Slide 16: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 17: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 18: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 19: Trailing Twelve Months Leverage Ratio Q1 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Trailing Twelve Months Leverage Ratio Q1 2024 (U.S. dollars in millions) - Unaudited Trailing Twelve Months Q2 2023 Q3 2023 Q4 2023 Q1 2024 March 29, 2024 Net income attributable to Fresh Del Monte Produce I
Slide 20: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES