CORAL GABLES, FL - With a portfolio spanning pineapples to avocados and many value-added categories in between, Fresh Del Monte continues to flex its prowess as a powerful produce player. The company recently shared its financial results for the second quarter that ended June 28, 2024, reporting the success of its growth strategies despite various industry challenges.

“We are pleased to see our growth strategy and company focus yielding positive results, in the fresh and value-added products segment, where we achieved strong margin improvement during the second quarter of 2024,” said Fresh Del Monte Chairman and Chief Executive Officer Mohammad Abu-Ghazaleh. “We see pineapple, fresh-cut fruit, avocados, and value-added products as core strengths—with consumers appreciating the innovation, convenience, and taste.”

Among its financial results, Fresh Del Monte Produce reported net sales of $1.13 billion for the second quarter of 2023, a decrease from $1.18 billion in 2023. As a release explained, this decrease in net sales was primarily due to lower banana net sales, driven by lower sales volume and lower per-unit selling prices for bananas, and was partially offset by an increase in net sales in the fresh and value-added products segment driven by higher per-unit selling prices.

The company also noted a gross profit of $113.2 million compared to $116.8 million in the prior-year period. Fresh Del Monte shared that the decrease in gross profit was primarily due to lower net sales and higher per-unit production and procurement costs, which were partly driven by the negative impact of increased weather-related events in production areas in Central America and the Philippines. This decrease was also related to fluctuations in exchange rates partially offset by lower ocean freight costs and higher per-unit selling prices in the fresh and value-added products segment.

More details regarding the company’s second quarter can be found here.

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