Fresh Del Monte Produce Inc. today announced its financial results for the fourth quarter and full fiscal year ended December 31, 2021.
Financial highlights for the fourth quarter and full year 2021:
- Net sales for the fourth quarter of 2021 increased 2% to $1,017.3 million from $1,002.3 million in the same period a year earlier; net sales for the full fiscal year 2021 increased 1% to $4,252.0 million from $4,202.3 million in the prior year period. The Company’s full fiscal year cycles were affected by comparability. Fiscal 2021 included 52 weeks compared to 53 weeks in 2020.
- Gross profit for the fourth quarter of 2021 increased 9% to $39.8 million from $36.4 million in the same period a year earlier; gross profit for the full fiscal year 2021 increased 21% to $303.8 million from $250.9 million in the prior year period.
- FDP’s net loss for the fourth quarter of 2021 was ($11.2) million, compared to FDP’s net profit of $0.9 million for the prior year period; Corresponding diluted EPS was $(0.24) compared to $0.02 in the same prior year period. FDP’s net income(1) for the full year 2021 was $80.0 million, compared to $49.2 million for the prior year period; Corresponding diluted EPS was $1.68 versus $1.03 in the prior year period, a 63% year-over-year improvement.
- Adjusted EBITDA(3) for the fourth quarter was $14.8 million compared to $23.9 million in the same prior year period, and the corresponding Adjusted EBITDA margin decreased to 1.5% against 2.4% in the same period of the previous year. For the full year, Adjusted EBITDA was $206.8 million compared to $189.4 million for the prior year period, and the corresponding Adjusted EBITDA margin increased to 4, 9% compared to 4.5% for the period of the previous year.
- The Company’s Board of Directors has declared a quarterly cash dividend of $0.15 per share, payable April 1, 2022, to shareholders of record March 9, 2022.
“In 2021, we delivered solid double-digit growth in operating profit compared to 2020. We have demonstrated agility and industry leadership to navigate the current difficult macroeconomic environment, while at the same time focusing on mitigating industry-wide supply and labor headwinds. We implemented inflation-justified price increases towards the end of the year, made targeted investments in automation and relentlessly focused on productivity,” said Mohammad Abu-Ghazaleh, President -General manager.
“As we move forward, I am confident in our team’s ability to execute on our long-term strategy of growing our core business, increasing reach in higher-margin value-added categories, implementing and leveraging leveraging technology solutions as we evolve into an Agritech business, and expanding our partnerships with our customers and brands across our global operations.”
For more information:
Del Monte Fresh Produce Inc
Phone. : +1 305-520-8433