CORAL GABLES, FL - Fresh Del Monte Produce Inc. today reported financial results for the first quarter ended March 28, 2025.

"We kicked off 2025 with continued momentum, building on the progress we made last year. In the first quarter, demand once again exceeded supply in our fresh and value-added products segment, highlighting the strength of our position in this key segment,” said Fresh Del Monte Chairman and CEO Mohammad Abu-Ghazaleh in a press release. “Our year-over-year improvement in gross profit—up 12%—and continued expansion in gross margin, up to 8.4% versus 7.4%—reflects the success of our fresh and value-added products strategy, supported by disciplined execution, optimized product mix, and ongoing operational efficiencies. As we look ahead, we remain committed to creating long-term value through innovation, sustainability, and operational excellence across our global business.”

Financial highlights for the first quarter 2025:

• Net sales for the first quarter of 2025 were $1,098.4 million compared with $1,107.9 million in the prior-year period. The decrease in net sales was primarily driven by lower net sales in the Company's banana segment primarily as a result of lower sales volume and the negative impact of fluctuations in exchange rates, partially offset by higher net sales in the Company's fresh and value-added products segment, driven by higher per unit selling prices.
• Gross profit for the first quarter of 2025 was $92.2 million compared with $82.3 million in the prior-year period. The increase in gross profit for the quarter was primarily driven by higher net sales in the Company's fresh and value-added products segment, partially offset by higher per unit production, procurement, and distribution costs. Gross margin for the first quarter of 2025 increased to 8.4% compared with 7.4% in the prior-year period.
• Adjusted gross profit(1) for the first quarter of 2025 was $92.2 million compared with $81.3 million in the prior-year period. Adjusted gross profit for the first quarter of 2024 included $1.0 million of other product-related (credits) charges, comprised primarily of an insurance recovery. No other product-related (credits) charges were recorded during the first quarter of 2025.
• Operating income for the first quarter of 2025 was $44.9 million compared with $44.1 million in the prior-year period. The increase in operating income was primarily driven by higher gross profit, partially offset by a lower gain on disposal of property, plant and equipment, net.
• Adjusted operating income(1) for the first quarter of 2025 was $44.1 million compared with $30.6 million in the prior-year period. Adjusted operating income for the first quarter of 2025 excludes a $0.8 million gain from the sale of idle land in Guatemala. In the prior-year period, Adjusted operating income excludes the above mentioned other product-related (credits) charges, $2.3 million in asset impairment and other charges, net, and a $14.8 million gain on disposal of property, plant and equipment.
• Other expense, net, for the first quarter of 2025 was $2.8 million compared with $7.7 million in the prior-year period. The decrease was primarily due to lower foreign currency losses as compared to the prior-year period.
• FDP net income(2) for the first quarter of 2025 was $31.1 million compared with $26.1 million in the prior-year period and Adjusted FDP net income(1) was $30.3 million compared with $15.8 million in the prior-year period. Adjusted FDP net income for both periods excludes the above-mentioned adjustments and their tax effects.

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