Net sales and net income increase against the same period of 2023, according to the group’s third-quarter results statement
Fresh Del Monte Produce enjoyed growth in net sales and net income during the third quarter (Q3) of the year, with CEO Mohammad Abu-Ghazaleh praising the group’s strong performance.
Net sales stood at US$1.019bn compared with US$1.003bn in the prior-year period, the group reported.
Growth was primarily driven by higher net sales in the company’s fresh and value-added product segment due to higher sales volume, as well as increased per unit selling prices principally of avocado and pineapple as a result of strong market demand, Del Monte noted.
The increase was partially offset by a decrease in net sales in the company’s banana segment, the result of competitive market pressures.
Gross profit for the third quarter of 2024 was US$93.8mn, up from US$74.4mn last year, with operating income rising to US$53.9mn from US$25.4mn in Q3 2023.
Del Monte’s net income for the three-month period was US$42.1mn, compared with US$8.4mn in the prior-year period, with adjusted net income climbing from US$17.2mn to US$37m year-on-year.
“We are pleased to report strong performance in the third quarter,” said Fresh Del Monte chairman and CEO Mohammad Abu-Ghazaleh.
”Our strategic focus on high-margin, value-added products continues to deliver positive results, demonstrating the strength of our product innovations and our commitment to driving long-term profitability and value for our shareholders.
“As committed, we have announced our decision on Mann Packing following our strategic review – a defining step that we believe will boost profitability, reinforce resilience, and deliver sustained growth,” he added.
Click here for a full breakdown of Del Monte’s third-quarter results
