Gross profit was also impacted by incremental costs, mainly related to other product-related charges of $10.6 million, primarily as a result of reduced demand in the Company's foodservice business and shifting demand at retail, as a result of government imposed mandatory restrictions and social distancing initiatives associated with the COVID-19 pandemic, and volatile supply and demand conditions, along with higher ocean freight costs, partially offset by lower production and procurement costs. Fresh-cut vegetables - Net sales were $86.3 million, compared with $119.4 million in the prior year period. Net income attributable to Fresh Del Monte Produce Inc. Net income per ordinary share attributable to. The decrease was due to lower interest rates and lower average loan balances. The PSUs vest in three equal annual installments on each of 2/20/2020, 2/20/2021 and 2/20/2022. Volume was 26% lower. Fresh Del Monte Produce Inc Form 4. These reclassification adjustments also increased selling, general and administrative expenses by $1.3 million for the quarter ended June 28, 2019. Tax effects are calculated in accordance with ASC 740, Income Taxes, using the same methodology as the GAAP provision of income taxes. Should you have any questions or seek information on genuine sources for Del Monte Fresh Produce products, please contact contact-US-executive-office@freshdelmonte.com. The decrease in net sales of $147.1 million was attributable to lower net sales in all of the Company's business segments. Adjusted gross profit, adjusted operating income and adjusted net income provide the Company with an understanding of the results from the primary operations of its business. Interest expense, net for the second quarter of 2020 was $5.6 million, compared with $6.8 million in the second quarter of 2019. Click the button below to request a report when hardcopies become available. Despite COVID-19 Company reported net income per diluted share of $0.38 and adjusted net income per diluted share of $0.54. Unit cost was 9% higher. The tax effects of all adjustments were not included in the prior presentation for the quarter and six months ended June 28, 2019. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. After submitting your information, you will receive an email. ... Risk Factors” in Fresh Del Monte Produce Inc.’s Annual Report … ... Report on a separate line for each class of securities beneficially owned directly or indirectly. Fresh Del Monte Produce Inc. and Subsidiaries, Condensed Consolidated Statements of Operations, Selling, general and administrative expenses, Gain on disposal of property, plant and equipment, net, Asset impairment and other charges (credits), net, Less: Net income attributable to redeemable and noncontrolling interests. Asset impairment and other charges (credits), net for the six months ended June 28, 2019 related to impairments of an equity investment and underutilized assets in South America, and contract termination charges in the Philippines related to a previously announced restructuring. Notes Due 2025, you can access earnings announcements and our virtual financial data room at IntraLinks. Fresh Del Monte Produce Inc Form 4. Fresh Del Monte is one of the world’s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa and the Middle East. Fresh Del Monte Produce Inc. (NYSE: FDP), today announced that it will issue a press release on its second quarter 2020 results prior to the market opening on Wednesday, July 29, 2020 and will host its quarterly conference call that day at 10:00 a.m. Eastern Time to discuss the Company’s financial results. Fresh Del Monte Produce to Report Fourth Quarter and Full Year 2018 Financial Results. The call will be available for re-broadcast on the Company’s website approximately two hours after the conclusion of the call for a period of one year. disruptions or inefficiencies in our operations or supply chain, including any impact of the COVID-19 outbreak, (iii) the duration and spread of the pandemic and related government restrictions and our ability to maintain the safety of our workforce, (iv) our ability to successfully execute our plan to stabilize our core business, diversify our business and transform our business to a value-added business, Gain on disposal of property, plant and equipment, net for the quarter and six months ended June 26, 2020 primarily related to gains on the sale of surplus land in Chile and marine equipment. Other product-related charges represented $9.0 million for the segment, primarily related to inventory write-offs of pineapples, fresh-cut vegetables and melons. (1) The Company's segment data disclosures for the year 2019 have been revised to reflect certain reclassification adjustments affecting cost of products sold. Net income attributable ... Report on a separate line for each class of securities beneficially owned directly or indirectly. Request Information. Adjusted net income per diluted share was $0.54 in the second quarter of 2020, compared with adjusted net income per diluted share of $0.72 in the second quarter of 2019. The PSUs vest in three equal annual installments on each of 2/22/2018, 2/22/2019 and 2/20/2020. Fresh Del Monte Produce Inc. and its subsidiaries (Del Monte Fresh Produce or “Company”) are not affiliated with Del Monte Foods, the owner of the Del Monte® trademark. The decrease was primarily the result of lower operating income and the decrease in other (expense) income net, partially offset by lower provision for income taxes. The Company’s plans and performance may also be affected by the factors described in Item 1A. Annual Reports: Unsubscribe : Enter the code shown above. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. Should you have any questions or seek information on genuine sources for Del Monte Fresh Produce products, please contact contact-US-executive-office@freshdelmonte.com. Pricing was 2% higher. The Company's results are determined in accordance with U.S. generally accepted accounting principles (GAAP). Our Culture; Who We Look For; Our People; People Programmes; Locations; Apply; DMPL Worldwide. ... Fresh Del Monte Produce Announces 2019 Annual General Meeting of Shareholders. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. 11.01.2018 | ... Fresh Del Monte Produce to Report Third Quarter 2020 Financial Results. * About Us. The Company's Board of Directors declared an interim cash dividend of five cents ($0.05) per share, payable on September 4, 2020 to shareholders of record on August 12, 2020. Our liquidity and ability to generate positive cash-flows remained strong during the quarter. In addition, the impact of the Company's voluntary product recall in the fourth quarter of 2019 continued to negatively impact its fresh-cut vegetable net sales during the quarter as volumes have not returned to pre-recall levels. Net sales for the second quarter of 2020 were $1,092.3 million, compared with $1,239.4 million in the second quarter of 2019. CORAL GABLES, Fla.--(BUSINESS WIRE)-- Fresh Del Monte Produce Inc. Reports Second Quarter 2020 Financial Results, CECAB Operations and Sales (Colombia, Ecuador, Central America and Brazil), Europe/Sub Saharan Africa Operations and Sales, Middle East /North Africa Operations and Sales, https://www.businesswire.com/news/home/20200729005191/en/, contact-US-executive-office@freshdelmonte.com. Gold pineapple - Net sales were $113.9 million, compared with $126.1 million in the prior year period. Prepared food products - Includes the Company's prepared traditional products, and meals and snacks product lines. Avocados - Net sales were $93.5 million, compared with $124.9 million in the prior year period. Whether you are an investor, one of our valued customers or just interested in learning more about Fresh Del Monte, by visiting, you will learn about our exciting and rapidly expanding global enterprise. Ltd. Financial information for our parent company, Del Monte Pacific Limited, is available on their Results and Reports webpage. Unit cost was 10% higher. Gross profit for the second quarter of 2020 increased to $39.0 million, compared with $36.9 million in the second quarter of 2019. Pricing was 6% higher. Unit cost was 23% lower. Unit cost was 2% lower than the prior year period. The decrease in net sales was primarily due to lower net sales in the Company's fresh-cut fruit and vegetable, avocado, pineapple and prepared food product lines. Fresh Del Monte Produce Inc Form 4. Shipping Information. Fresh Del Monte markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness and reliability for over 125 years. 10.21.2020 Comments off. https://www.businesswire.com/news/home/20200729005191/en/, Christine Cannella Fresh Del Monte’s actual plans and performance may differ materially from those in the forward-looking statements as a result of various factors, including (i) the impact of the COVID-19 outbreak on our business, suppliers, customers, consumers, employees, and communities, (ii) Fresh Del Monte Produce to Report Second Quarter 2017 Financial Results. Fresh Del Monte Produce Inc. is one of the world's largest suppliers of fresh and prepared produce. Fresh Del Monte Produce Inc Form 4. Our fiscal year runs from May 1 through April 30. THE LATEST FROM TWITTER. ... Report on a separate line for each class of securities beneficially owned directly or indirectly. After submitting your information, you will receive an email. Gain on settlement of litigation for the six months ended June 28, 2019 was $16.7 million consisting of proceeds of $17.0 million, net of expenses of $0.3 million. “We are proud of the role we are playing to keep […] If you need access to the data room or data room assistance, please send us an … Fresh Del Monte Produce Inc. (1) Refer to Non-GAAP measures section for further reconciliation of Non-GAAP measures. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. Pricing was 5% lower. “As a result of significant global disruptions, including lockdowns, closures and quarantines due to the COVID-19 pandemic, Fresh Del Monte Produce went through an unprecedented, turbulent period during the quarter,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. In this press release, these statements are preceded by, followed by or include the words “believes”, “expects”, “anticipates” or similar expressions with respect to various matters. Fresh Del Monte Produce Inc. Reports Second Quarter 2020 Financial Results. 305-520-8433. The Company reported net income per diluted share of $0.38 for the second quarter of 2020, compared with net income per diluted share of $0.78 in the second quarter of 2019. Fresh Del Monte is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as leading producer and distributor of prepared food across the globe. ... Report on a separate line for each class of securities beneficially owned directly or indirectly. Pricing was 4% lower. Fresh Del Monte Produce Announces 2018 Annual General Meeting of Shareholders. Vice President, Investor Relations - “Risk Factors” in Fresh Del Monte Produce Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 26, 2020 and its Annual Report on Form 10-K for the year ended December 27, 2019, along with other reports that the Company has on file with the Securities and Exchange Commission. Fresh Del Monte Produce to Report First Quarter 2019 Financial Results Contacts Christine Cannella Vice President, Global Corporate Communications and Investor Relations 305-520-8433 The Company also markets its products under the MANNTM brand and other related trademarks. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. You can sign up for additional subscriptions at any time. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. Annual Reports: Unsubscribe : Enter the code shown above. The Company uses adjusted operating income and adjusted net income to evaluate its period-over-period operating performance because management believes they provide more comparable measures of the Company's underlying operating performance as they adjust for special items to provide greater clarity to management and investors. PDF. Announces Moving to a Virtual Meeting for 2020 Annual General Meeting of Shareholders April 08, 2020 06:00 AM Eastern Daylight Time attributable to The PSUs vest in three equal annual installments on each of 11/2/2012, 11/2/2013 and 11/2/2014. 24, 2020) – Fresh Del Monte Produce Inc. announced today that during the COVID-19 pandemic it would continue to deliver an uninterrupted supply of fresh fruits and vegetables – safe, ready and available from farms to stores. Coral Gables, FL – Del Monte Fresh Produce N.A., Inc., one of North America’s leading marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, is excited to today share news of its 2020 Holiday Campaign, which encompasses everything from updated fruit sticker and tag designs to a new message on sustainability as the country enters the holiday 2020 season. For holders of Del Monte $500 million Sr. Sec. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. 2019 Annual Report and Form 10K. ... which was met at 100%. “Even with these challenges and the nature of our perishable business, we remained focused on protecting the health and safety of our global team members, and we maintained our business continuity. ... Report on a separate line for each class of securities beneficially owned directly or indirectly. The PSUs vested in three equal annual installments on each of 2/20/2014, 2/20/2015 and 2/20/2016. Unit cost was 7% lower. Fresh Del Monte Produce Inc. (NYSE: FDP), today announced that it will issue a press release on its second quarter 2020 results prior to the market opening on Wednesday, July 29, 2020 and will host its quarterly conference call that day at 10:00 a.m. Eastern Time to discuss the Company’s financial results. ... Report on a separate line for each class of securities beneficially owned directly or indirectly. Fresh Del Monte will host a conference call and simultaneous webcast at 10:00 a.m. Eastern Time today to discuss the second quarter 2020 financial results and to review the Company’s progress and outlook. Fresh Del Monte Produce to Report Third Quarter 2020 Financial Results. Adjusted net income was $25.7 million in the second quarter of 2020, compared with adjusted net income of $35.0 million in the second quarter of 2019. More disclosures related to the COVID-19 pandemic are available in the Company's Securities and Exchange Commission filings. Total debt decreased from $587.1 million at the end of 2019 to $535.3 million at the end of the second quarter of 2020. All forward-looking statements in this press release are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. CECAB Operations and Sales (Colombia, Ecuador, Central America and Brazil), Europe/Sub Saharan Africa Operations and Sales, Middle East /North Africa Operations and Sales, contact-US-executive-office@freshdelmonte.com. * About Us. Volume was 1% lower and worldwide pricing was 1% lower than the prior year. DEFA14A - FDP / Fresh Del Monte Produce, Inc. DEFA14A - - DEFA14A 04-13 sec.gov UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a … 10.21.2020 Comments off. ... which was met at 100%. Net income Volume decreased 21%. Non-tropical fruit - Includes the Company's grape, apple, citrus, berry, pear, peach, plum, nectarine, cherry and kiwi product lines. Company reduced long-term debt by $51.8 million since the end of 2019, driven by strong operating cash flow. ... Once earned, the PSUs vest in three equal annual installments on each of 7/31/2020, 7/31/2021 and 7/31/2022. Volume was 32% lower. Gross profit for the second quarter of 2020 decreased to $37.1 million, compared with gross profit of $57.5 million in the second quarter of 2019. Annual CG Reports; Board Committees; Enterprise Risk Management; Policies; Suppliers; Careers. 24, 2020) – Fresh Del Monte Produce Inc. announced today that during the COVID-19 pandemic it would continue to deliver an uninterrupted supply of fresh fruits and vegetables – safe, ready and available from farms to stores. Income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for each jurisdiction in which such charges were incurred, except for those items which are non-taxable for which the tax provision (benefit) was calculated at 0%. Net cash provided by operating activities for the first six months of 2020 was $110.5 million, compared with net cash provided by operating activities of $65.0 million in the same period of 2019. Produce Inc. Net income Produce Inc. Fresh Del Monte is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as leading producer and distributor of prepared food across the globe. Net sales decreased primarily due to lower sales in the Company's meals and snacks product line, due to the impact of the COVID-19 pandemic, the continuing impact of the 2019 product recall and product rationalization efforts in the Company's Mann Packing operations in North America. Net sales for the second quarter of 2020 decreased to $636.2 million, compared with $764.3 million in the second quarter of 2019. Fresh Del Monte Produce Inc. (NYSE: FDP), ("Fresh Del Monte" or the "Company") today reported financial results for the third quarter ended September 25, 2020. Pricing was 19% lower. Fresh Del Monte Produce Inc Form 4. Fresh Del Monte is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as leading producer and distributor of prepared food across the globe. The webcast can be accessed on the Company’s Investor Relations home page at www.freshdelmonte.com. Monte Fresh Del Monte Produce Inc. (FDP) latest earnings report: revenue, EPS, surprise, history, news and analysis. You can sign up for additional subscriptions at any time. ... which was met at 100%. Gain on disposal of property, plant and equipment, net for the quarter and six months ended June 28, 2019 primarily related to gains on the sale of underutilized tomato assets in North America and vessels. Asset impairment and other charges (credits), net for the six months ended June 26, 2020 primarily related to (1) a $6.0 million insurance recovery related to a voluntary recall of vegetable products which was announced in the fourth quarter of 2019, (2) a $2.0 million reserve relating to a potential liability arising from the Company's third-party shipping logistics operation, (3) $2.1 million in impairments of property, plant, and equipment associated with production facilities in North America and Europe, (4) $0.7 million in severance expense related to the reorganization of the North America sales and marketing function, and (5) $0.7 million in asset impairment charges associated with low-yielding banana plants in the Philippines. Other product-related charges for the quarter and six months ended June 26, 2020 primarily related to inventory write-offs resulting from lower demand for certain of the Company's products due to the COVID-19 pandemic. To receive notifications via email, enter your email address and select at least one subscription below. particularly in light of COVID-19, (v) the impact of governmental trade restrictions, including adverse governmental regulation that may impact our ability to access certain markets such as uncertainty surrounding the withdrawal of the United Kingdom from the European Union (often referred as Brexit), including spillover effects to other Eurozone countries, (vi) our anticipated cash needs in light of our liquidity and the impact of COVID-19 on our liquidity, (vii) the continued ability of our distributors and suppliers to have access to sufficient liquidity to fund their operations, (viii) trends and other factors affecting our financial condition or results of operations from period to period, including changes in product mix, consumer preferences or consumer demand for branded products such as ours; anticipated price and expense levels; the impact of crop disease, such as vascular diseases, one of which is known as Tropical Race 4, or TR4 (also known as Panama Disease), which can destroy banana crops and was recently discovered in Latin America banana plantations, severe weather conditions, such as flooding, or natural disasters, such as earthquakes, on crop quality and yields and on our ability to grow, procure or export our products; our ability to improve our existing quarantine policies and other prevention strategies, as well as find contingency plans, to protect our and our suppliers’ banana crops from vascular diseases; disruptions or issues that impact our production facilities or complex logistics network; the impact of prices for petroleum-based products and packaging materials; and the availability of sufficient labor during peak growing and harvesting seasons, (ix) the impact of pricing and other actions by our competitors, particularly during periods of low consumer confidence and spending levels, (x) the impact of foreign currency fluctuations, (xi) our plans for expansion of our business (including through acquisitions) and cost savings, (xii) our ability to successfully integrate acquisitions into our operations, (xiii) the impact of impairment or other charges associated with exit activities, crop or facility damage or otherwise, (xiv) the timing and cost of resolution of pending and future legal and environmental proceedings or investigations, (xv) the impact of changes in tax accounting or tax laws (or interpretations thereof), and the impact of settlements of adjustments proposed by the Internal Revenue Service or other taxing authorities in connection with our tax audits, (xvi) the cost and other implications of changes in regulations applicable to our business, including potential legislative or regulatory initiatives in the United States or elsewhere directed at mitigating the effects of climate change, (xvii) damage to our reputation or brand names or negative publicity about our products, (xviii) exposure to product liability claims and associated regulatory and legal actions, product recalls, including the continuing impact of the 2019 Mann packing recall, or other legal proceedings relating to our business and (xix) our ability to successfully manage the risks associated with international operations. attributable Fresh Del Monte is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as leading producer and distributor of prepared food across the globe. Form 4 filed by Fresh Del Monte Produce Inc with the security and exchange commission. Fresh Del Monte Produce Inc Form 4. 11.02.2017 | ... Fresh Del Monte Produce to Report Third Quarter 2020 Financial Results. Gross profit for the second quarter of 2020 was $78.7 million, compared with $97.6 million in the second quarter of 2019. The PSUs earned vest in three equal annual installments on each of 2/20/2020, 2/20/2021 and 2/20/2022. Weighted average number of ordinary shares: Investment in and advances to unconsolidated companies, Current maturities of debt and finance leases, Operating leases, less current maturities, Total Fresh Del Monte Produce Inc. shareholders' equity, Total liabilities, redeemable noncontrolling interest and shareholders' equity, Condensed Consolidated Statements of Cash Flows. Volume increased 14%. Fresh Del Monte Produce to Report Third Quarter 2018 Financial Results. Unit cost was 11% higher. - “Risk Factors” in Fresh Del Monte Produce Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 25, 2020 and its Annual Report on Form 10-K for the year ended December 27, 2019, along with other reports that the Company has on file with the Securities and Exchange Commission. “We are proud of the role we are playing to keep […] Net income attributable to Fresh Del Monte Produce Inc. for the second quarter of 2020 was $17.9 million, compared with net income attributable to Fresh Del Monte Produce Inc. of $38.1 million in the second quarter of 2019. Net sales were $75.2 million, compared with $69.5 million in the prior year period. Everyone deserves great tasting food to help them thrive. Fresh Del Monte Produce Inc Form 4. You must click the link in the email to activate your subscription. ... Fresh Del Monte Produce Inc. and its subsidiaries (Del Monte Fresh Produce or "Company") are not affiliated with Del Monte Foods, the owner of the Del Monte® trademark. The six months ended June 26, 2020 also included a $1.7 million tax benefit associated with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Despite COVID-19 Company reported net income per diluted share of $0.38 and adjusted net income per diluted share of $0.54, Company reduced long-term debt by $51.8 million since the end of 2019, driven by strong operating cash flow, Company continues transformation of the fresh and value-added products segment. The decrease in gross profit was principally due to lower gross profit in the Company's fresh and value-added products segment, partially offset by higher gross profit in the Company's banana segment. You must click the link in the email to activate your subscription. To receive notifications via email, enter your email address and select at least one subscription below. ... which was met at 100%. Welcome to the Fresh Del Monte Produce Inc. website, Freshdelmonte.com. Produce Inc. Tax effects of all adjustments and other tax-related items (5). 2020 Annual General Meeting. Trademarks used on the website are protected by U.S. and international law. We reevaluated the presentation of non-GAAP adjusted net income and adjusted net income per share and made these changes to facilitate the evaluation of the Company's current operating performance and the comparability of the Company's current operating performance to past performance. The COVID-19 pandemic led to volatile supply and demand conditions across the Company's key global markets in the six months ended June 26, 2020 which negatively affected the pricing and demand for its products, including higher price point products such as pineapples, avocados and fresh-cut fruit and vegetables. 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Decrease in net sales were $ 86.3 million, compared with $ 42.8 million in the second of.
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