CORAL GABLES, FL - Fresh Del Monte Produce reported financial results for the fourth quarter and the full fiscal year ended December 27, 2024.

"Our full-year 2024 results reflect the effectiveness of our strategic focus and operational improvements. This success, achieved despite facing several challenges in 2024, was primarily driven by the exceptional performance of our fresh and value-added products segment, particularly pineapples, avocados, and fresh-cut fruit, which continue to fuel our growth and deliver strong gross margins for the company,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer.

"Other notable 2024 performance highlights include a reduction in long-term debt, driven by strong cash flow, and a quarterly dividend increase for the third consecutive year. Building on this momentum and focusing on our core strengths, we remain committed to expanding key segments and delivering sustainable value for our shareholders."

According to a press release, these are a few of the financial highlights for the fourth quarter 2024:

• Net sales for the fourth quarter of 2024 were $1,013.2 million compared with $1,008.6 million in the prior-year period. The increase in net sales was driven by higher net sales in the company's fresh and value-added products segment, primarily due to higher per unit selling prices. The increase was partially offset by a decrease in net sales in the banana segment due to lower per unit selling prices and reduced sales volume, as well as lower net sales in the Company's other products and services segment.
• Gross profit for the fourth quarter of 2024 was $68.7 million compared with $62.5 million in the prior-year period. The increase in gross profit was principally driven by higher net sales in the Company's fresh and value-added products segment, partially offset by lower per unit selling prices and reduced sales volume in the banana segment, along with higher per unit production and procurement costs.
• Adjusted gross profit for the fourth quarter of 2024 was $68.9 million compared with $56.2 million in the prior-year period. Adjusted gross profit for the fourth quarter excludes $0.2 million of other product-related charges, primarily related to inventory write-offs incurred due to flood damage at the Company's melon farms in Costa Rica. In the prior-year period, Adjusted gross profit excluded other product-related charges (credits), which primarily consisted of $6.9 million of insurance recoveries related to severe flooding in the Company's Greece production facility in 2023, partially offset by inventory write-offs of $0.6 million due to rerouting of shipments as a result of the conflict in the Red Sea.
• Operating income for the fourth quarter of 2024 was $30.3 million compared with an operating loss of $113.4 million in the prior-year period. The notable change in operating income is primarily attributable to a $133.8 million non-cash asset impairment charge in the prior-year period, primarily pertaining to long-lived assets in the Company's Mann Packing operations and goodwill in its prepared foods reporting unit. The one-time accounting adjustment significantly impacted the prior year’s results.

To read the financial report in its entirety, click here.