Fresh Del Monte Produce, Inc. · NYSE:FDP
Fresh Del Monte Produce — Del Monte — Q4 2023 Earnings Presentation
23 slides from Fresh Del Monte Produce's earnings presentation, Feb 26, 2024
Slide 1: Q4 2023 Earnings Call Presentation
Q42023 Earnings Call Presentation February 26, 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 • Q4 & Full Year Financial Results • Q&A 4
Slide 5: Business Update
BUSINESS UPDATE • Full year Adjusted EPS* growth to $2.12 • Reduced long term debt by $140 million to $400 million at end of FY23 • Adjusted leverage ratio of 1.7 times Adjusted EBITDA* • Increased quarterly dividend by 25% for second consecutive year • Non-cash fourth quarter impairment related to
Slide 6: Q4 & FY2023 Financial Results
Q4 & FY2023 FINANCIAL RESULTS
Slide 7: Q4 & Full Year 2023 Financial Results
Q4 & FULL YEAR 2023 FINANCIAL RESULTS NET SALES ADJ. OPERATING INCOME* Q4: $12M vs. $34M PY Q4: $1,009M vs. $1,040M PY FY: $165M vs. $149M PY FY: $4,321M vs. $4,442M PY • Q4: lower sales of bananas and lower demand of third-party ocean freight offset by ADJ. FDP NET INCOME* higher net sales in the f
Slide 8: Fresh and Value-Added Products
FRESH AND VALUE-ADDED PRODUCTS NET SALES $2,582 FULL YEAR 2023 $2,478 • Net sales lower by 4% due to lower sales volume across most product categories, except for pineapples, and lower sales prices of avocados, prepared foods and vegetables offset higher per unit selling prices across most products
Slide 9: Banana
BANANA NET SALES $1,638 FULL YEAR 2023 $1,620 • Net sales increased 1% by higher per unit selling prices in Europe, partially offset by lower sales in North America due to lower volume and a slight decrease in sale prices • Gross profit increased 35% due to higher net sales, and lower distribution c
Slide 10: Other Products & Services
OTHER PRODUCTS & SERVICES NET SALES FULL YEAR 2023 $241 $205 • Lower net sales of third-party ocean freight services a result of softened global demand • Gross profit decreased due to lower net sales. Ocean freight rates were elevated in 2022 due to supply constraints FY 2023 FY 2022 GROSS PROFIT $3
Slide 11: Selected Financial Data
SELECTED FINANCIAL DATA
Slide 12: FY 2023 Selected Financial Results
FY 2023 SELECTED FINANCIAL RESULTS Income Tax provision Adj. Leverage Ratio* $18M vs. $20M PY 1.7x vs. 2.2x PY Capital Spending Net Cash Provided by Operating Activities $58M vs. $48M PY $178M vs. $62M PY Long-Term Debt Dividend $400M vs. $540M PY Declared $0.25/share vs. $0.20/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: Fourth Quarter 2023
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Fourth Quarter 2023 The Company's results are determined in accordance with U.S. generally accepted accounting principles (GAAP). Certain information presented reflects adjustments to GAAP measures such as a
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: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 20: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 21: Reconciliations of Non-GAAP Financial Measures: EBITDA
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Trailing Twelve Months December 29, Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023* Net (loss) income attributable to Fresh Del Monte Produce Inc. $ 39.0 $ 47.7 $ 8.4 $ (106.4) $ (11.4) Interest expense, net 7.9 6.1 5
Slide 22: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 23: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES