Fresh Del Monte Produce Reports $190.3M Gain; Mohammad Abu-Ghazaleh Details
CORAL GABLES, FL - 2022 proved to be a good year for Fresh Del Monte Produce as was revealed by its recently released fourth quarter and full fiscal year financial results. Overall, the supplier saw a $190.3 million increase in net sales for the period ending December 30, 2022.
“The fourth quarter of 2022 has been our best-performing fourth quarter in recent history, led by strong net sales and strong margins,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer. “Overall, we closed out 2022 in a much stronger position than 2021, driven by our commitment to remaining flexible and agile, controlling our costs, leveraging our assets, and optimizing customer relationships. 2022 was a notable year for us as we made progress on several fronts, including innovation, sustainability, and strengthening our relationships with customers to work toward profitable incremental sales to expand our product line.”
For the fourth quarter of 2022, Fresh Del Monte recorded a $22.7 million, or 2 percent increase in net sales compared to the prior-year period, a release stated. For both the fourth quarter and full year, the increase in net sales was driven by inflation-justified per-unit price increases.
Other highlights from the report include:
- Gross profit of $81.7 million for the fourth quarter, compared to $39.8 million in the prior year period
- $340.2 million gross profit for the full fiscal year 2022, compared to $303.8 million the year before
- Adjusted EBITDA of $58.5 million for the fourth quarter, compared to $14.8 million the year prior
- $234.9 million adjusted EBITDA for the full year, compared to $206.8 in 2021
In terms of individual categories, Fresh Del Monte’s banana net sales for the fourth quarter of 2022 increased by $32.9 million, or 9 percent, compared with the prior-year period, primarily driven by Europe and North America. For the full year, its banana net sales rose $38.7 million, or 2 percent, when compared with 2021. Its net sales for the full fiscal year 2022 increased by $77 million, or 3 percent when compared with 2021.
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What impacts will inflation and other industry challenges have on Fresh Del Monte’s 2023 financial results? Stay tuned to AndNowUKnow for answers.