Fresh Del Monte Produce (FDP) said before open Wednesday that it earned $0.35 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $1 billion, missing estimates by $67 million.
In the same quarter a year ago, the company earned $0.54 per share on revenue of $1.1 billion.
The stock is down 13.25% to $21.68 after the report.
Fresh Del Monte Produce's profit margins took a hit as earnings fell at a faster pace than revenues.
Trading in the five days leading up to the report earned Fresh Del Monte Produce a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 38.
Fresh Del Monte Produce Inc produces, markets, and distributes fresh fruit and vegetables internationally. Additionally, it prepares and distributes juices, beverages, and snacks. The products are shipped to retail stores, foodservice operators, wholesalers, and other distributors. The company owns a trucking company and uses asset-based carriers to deliver by land, and utilizes its fleet of ships mixed with chartered refrigerated vessels to deliver by sea. Fresh Del Monte Produce incorporates a worldwide salesforce to conduct selling and marketing, and has strategically constructed distribution centers around the world to deliver its products. It operates in three segments: Fresh and value-added products; Bananas: and Other products and services.
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Fresh Del Monte Produce Down 13.25% To $21.68 After Earnings Miss
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