Fresh Del Monte Produce net sales rise 5% in second quarter

Coral Gables, FL-based Fresh Del Monte Produce Inc. (NYSE: FDP) said that its net sales for the second quarter of 2021 increased $49.3 million, or 5%, compared with the prior-year period. The company released its financial results for the quarter, ended July 2, this week.

Improved sales were primarily driven by higher net sales in the company's fresh and value-added products and other products and services business segments.

“Our strong performance during the second quarter of 2021 reflects relaxed restrictions on social gatherings in some of our key markets, compared to the prior-year period,” said chairman and chief executive Mohammad Abu-Ghazaleh. “Our pineapple, fresh-cut fruit and prepared food products led sales and profitability growth, despite inflationary and cost pressures, which are expected to continue.”

KEY POINTS

• Net sales increased 5% to $1,141.6 million for the second quarter of 2021, compared with $1,092.3 million in the prior-year period;
• Gross profit was $110 million for the second quarter of 2021, which represents an increase of 40%, compared with the prior-year period, and gross profit margin increased from 7.2% in the prior-year period to 9.6% in the second quarter of 2021;
• FDP net income for the second quarter of 2021 was $47.2 million, compared with $17.9 million in the prior-year period, and Diluted EPS was $0.99 for the second quarter of 2021, compared with $0.38 in the prior-year period;
• Adjusted Diluted EPS was $0.98 for the second quarter of 2021, compared with $0.54 in the prior-year period; and
• Adjusted EBITDA was $83.6 million for the second quarter of 2021, compared with $63.5 million in the prior-year period.