Fresh Del Monte Produce (FDP) Misses Q1 EPS by 19c, Revenues Miss

Fresh Del Monte Produce (NYSE: FDP) reported Q1 EPS of $0.34, $0.19 worse than the analyst estimate of $0.53. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.17 billion.

“We were challenged across our global operations during the first quarter of 2020 as we navigated through the headwinds created by the COVID-19 pandemic,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Beginning in January in Asia and ramping up in March, our sales were impacted across all of our markets. However, the Company's global presence in the retail fresh produce industry, the diversity of our product portfolio and the efficiency and flexibility of our operations enabled us to quickly adapt to the COVID-19 pandemic. Near-term demand in our foodservice distribution channel, net sales of higher price point products such as pineapples, avocados and fresh-cut fruit and vegetables remain challenging, but we remain committed to serving our customers without interruption. In terms of liquidity, we believe our cash on hand, availability under our credit facility and cash flows from operations will be sufficient to manage our operations.”

For earnings history and earnings-related data on Fresh Del Monte Produce (FDP) click here.

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