FDP - Fresh Del Monte Produce posts earnings beat supported by price hikes

Fresh Del Monte Produce ( NYSE: FDP ) reported a surprise profit and edged out sales estimates in an Q4 earnings report on Wednesday.

The Florida-based fruit distributor posted $0.45 in adjusted EPS, far surpassing the analyst consensus that had projected a $0.05 per share loss. Meanwhile, $1.04B in revenue narrowly edged out the $1.03B Street expectation. Gross profit for the fourth quarter rose to $81.7M compared to $39.8M in the prior-year quarter, driven by price increases.

“The fourth quarter of 2022 has been our best-performing fourth quarter in recent history, led by strong net sales and strong margins,” CEO Mohammad Abu-Ghazaleh said. “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.”

In particular, bananas and fresh and value-added products saw strong sales growth year over year.

Read more on the details of the results .

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