Shares of Fresh Del Monte Produce Inc. (FDP) plummeted 5.12% in pre-market trading on Monday, as the company reported disappointing fourth-quarter 2024 earnings results that missed analysts' expectations.
The company reported adjusted earnings per share of $0.26 for the quarter, falling short of the consensus estimate of $0.37. Additionally, revenue of $1.01 billion slightly missed the forecasted $1.03 billion.
The weaker-than-expected performance was primarily driven by challenges in the company's banana segment. FDP cited lower sales volumes and higher production and procurement costs in the banana business, leading to a significant decline in gross profit and margins for the segment.
However, the fresh and value-added products segment demonstrated strong growth, with higher sales volumes and improved margins for products such as pineapples, avocados, and fresh-cut fruit. This segment helped partially offset the impact of the banana segment's underperformance.
Looking ahead, Fresh Del Monte Produce acknowledged the ongoing challenges in the banana market but remained optimistic about the growth prospects of its higher-margin fresh and value-added product lines.
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