Fresh Del Monte Produce Reports Strong Third Quarter 2022 Results; Mohammad Abu-Ghazaleh Details
CORAL GABLES, FL - In spite of the increased economic headwinds of the past year, Fresh Del Monte Produce had good news to share in its recently released third quarter 2022 report. For the period ending September 30, 2022, the supplier revealed a $48.7 million increase in net sales, equivalent to a 5 percent rise from the prior-year period.
"We delivered solid performance across our business, generating strong net sales and profitability despite continued macroeconomic headwinds," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "We continue to make investments to grow our business focused on technology, product innovation, and diversification, including new higher-margin product offerings in the ready-to-eat and convenience category and an investment in blockchain-driven traceability technology."
In addition to net sales increasing from $1.04 billion in third quarter 2021 to $1.53 billion in third quarter 2022, other highlights from the report include:
- Gross profit rose from $48.9 million in third quarter 2021 to $88 million in third quarter 2022
- Adjusted EBITDA increased $31.6 million over the same period last year, from $26.2 million to $57.8 million
- Banana net sales increased from $365.3 million to $388.4 million, a $23.1 million increase from the prior-year period
Moving forward, the supplier will continue to drive growth while staying committed to its long-standing commitments and strategies, a release stated.
"Our team's efforts enabled us to thrive this quarter in the face of wide-range challenges, including persistent inflation, geopolitical risks, and volatility in the fuel market," Abu-Ghazaleh added. "I remain confident in our growth path grounded on profitable sales, disciplined expense management, digital transformation, and sustainability—all while remaining true to our core mission of high-quality fresh and fresh-cut fruit and vegetables."
To read the report in full, click here.
What will the next quarter hold for Fresh Del Monte? Keep reading AndNowUKnow for updates.