Slide 1: Q3 2024 Earnings Call Presentation
Q32024 Earnings Call Presentation October 31, 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 • Q3 Financial Results • Q&A 4
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS Mann Packing Update • Three-pronged approach to streamline operations • Consolidating facilities, refining product offerings and divesting assets Third-Quarter 2024 Performance • Gross profit increased 26%, compared with the prior-year period • Net income of $42 million, a more t
Slide 6: Q3 2024 Financial Results
Q32024 FINANCIAL RESULTS
Slide 7: Q3 2024 Financial Results
Q3 2024 FINANCIAL RESULTS NET SALES ADJ. OPERATING INCOME* $1,020M vs. $1,003M PY $47M vs. $34M PY GROSS PROFIT ADJ. FDP NET INCOME* $94M vs. $74M PY $37M vs. $17M PY GROSS MARGIN ADJ. DILUTED EPS* 9.2% vs. 7.4% PY $0.77 vs. $0.35 PY ADJ. GROSS PROFIT * ADJ. EBITDA* $94M vs. $83M PY $68M vs. $50M PY
Slide 8: Fresh and Value-Added Products
FRESH AND VALUE-ADDED PRODUCTS NET SALES Q3 2024 • Net Sales: • Increased 9% compared with prior-year period, primarily due to higher sales volume and higher per unit selling prices of avocado, pineapple, prepared food and fresh-cut fruit • Partially offset by lower net sales of vegetables due to st
Slide 9: Banana
BANANA NET SALES Q3 2024 • Net Sales: • Decreased 10% primarily due to lower sales volume in North America, due to competitive market pressures, and lower sales volume in Asia, as a result of decreased supply from the Philippines • Partially offset by higher per unit selling prices in Asia due to lo
Slide 10: Other Products & Services
OTHER PRODUCTS & SERVICES NET SALES Q3 2024 • Net Sales: • Increased primarily due to higher per unit selling prices in the poultry and meats business, as well as higher net sales in the third-party ocean freight services business due to higher rates • Gross Profit: • Increased primarily due to high
Slide 11: Selected Financial Data
SELECTED FINANCIAL DATA
Slide 12: Q3 2024 Selected Financial Results
Q3 2024 SELECTED FINANCIAL RESULTS Income Tax Rate Adj. Leverage Ratio* 16% vs. 32% PY 1.01x vs. 1.34x PY Net Cash Provided by Operating Activities Capital Spending $34M vs. $41M PY $187M vs. $180M PY Long-Term Debt Dividend $270M vs. $401M PY Declared $0.25/share vs. $0.20/share PY 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, Third Quarter 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Third 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: 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: Trailing Twelve Months Leverage Ratio Q3 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Trailing Twelve Months Leverage Ratio Q3 2024 (U.S. dollars in millions) - Unaudited Trailing Twelve Months September 27, Q4 2023 Q1 2024 Q2 2024 Q3 2024 2024 Net income attributable to Fresh Del Monte Produ
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