Fresh Del Monte Produce(FDP) 2023 Earnings Summary
Bullish Points:
- Net sales for the six months ended June 30, 2023 were $2,309.0 million, compared to $2,348.9 million for the same period in 2022.
- Gross profit for the six months ended June 30, 2023 was $213.8 million, compared to $170.5 million for the same period in 2022.
- Operating income for the six months ended June 30, 2023 was $146.5 million, compared to $74.1 million for the same period in 2022.
- Net income attributable to Fresh Del Monte Produce Inc. for the six months ended June 30, 2023 was $86.7 million, compared to $46.9 million for the same period in 2022.
- Diluted net income per ordinary share attributable to Fresh Del Monte Produce Inc. for the six months ended June 30, 2023 was $1.80, compared to $0.98 for the same period in 2022.
- Dividends declared per ordinary share for the six months ended June 30, 2023 were $0.35, compared to $0.30 for the same period in 2022.
- Net cash provided by operating activities increased to $132.7 million for the first six months of 2023 compared with $95.1 million for the first six months of 2022.
Bearish Points:
- Net sales for the quarter ended June 30, 2023, were $1,180.5 million, compared to $1,211.9 million for the quarter ended July 1, 2022.
- Gross margin decreased to 9.6% from 14.4% in the prior-year period.
- The company is contesting income tax deficiencies related to transfer pricing in two foreign jurisdictions, totaling approximately $156.3 million (including interest and penalties) for tax years 2012 through 2016.
In summary, Fresh Del Monte Produce (FDP) has shown improvements in gross profit, operating income, net income, and dividends declared per ordinary share for the six months ended June 30, 2023, compared to the same period in 2022. However, there are concerns regarding a decrease in net sales for the quarter ended June 30, 2023, a decrease in gross margin, and ongoing income tax deficiencies related to transfer pricing. For more information, you can read the original text of Fresh Del Monte Produce's financial report: https://www.sec.gov/Archives/edgar/data/1047340/000104734023000186/fdp-20230630.htm
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