Fresh Del Monte Produce Inc. (NYSE: FDP) has reported its financial results for the fourth quarter and full fiscal year 2024. The company's net sales for the fourth quarter of 2024 were $1,013.2 million, a slight increase from the $1,008.6 million reported in the prior-year period. However, the gross profit for the fourth quarter of 2024 saw a significant increase to $68.7 million, up from $62.5 million in the previous year. The operating income for the fourth quarter of 2024 was $30.3 million, a notable improvement from the operating loss of $113.4 million in the prior-year period.
For the full fiscal year 2024, Fresh Del Monte reported net sales of $4,280.2 million, a decrease from the prior-year period's $4,320.7 million. However, the gross profit for the full fiscal year 2024 rose to $357.9 million, up from $350.7 million in the previous year. The operating income for the full fiscal year 2024 was $196.3 million, a substantial increase from the $58.5 million reported in the prior-year period.
In terms of business segments, the fresh and value-added products segment saw a notable increase in net sales, reaching $2,606.9 million for the full fiscal year 2024, up from $2,477.8 million in the prior-year period. The segment's gross profit also increased to $243.3 million, compared to $167.3 million in the previous year. The banana segment, however, reported a decrease in net sales, which amounted to $1,475.9 million for the full fiscal year 2024, down from $1,638.2 million in the prior-year period. The gross profit for the banana segment also decreased to $86.8 million, compared to $163.3 million in the previous year.
Fresh Del Monte's efforts to reduce long-term debt were also evident, with the company successfully reducing its long-term debt by $156 million or 39% to $244 million at the end of fiscal year 2024.
The market has reacted to these announcements by moving the company's shares -5.8% to a price of $29.1. If you want to know more, read the company's complete 8-K report here.
