FDP - Improved cash flow and double dividend for Fresh Del Monte Produce

Fresh Del Monte Produce (FDP) reports net sales declined 7.5% in Q3, attributable to lower net sales in all of the business segments and COVID-19 pandemic impacted net sales by an estimated $73M.Fresh and value-added products sales dropped 8% to $600.6M and Banana segment sales down 6.2% to $361.8M.North America sales slipped 14.1% to $619.4M and Europe sales increased 6.8% to $150M.Adjusted gross margin rate -10 bps to 7%; Adjusted operating margin rate +30 bps to 2.6%.The company generated improved cash flow and reduced long-term debt by $76M since the end of 2019Mr. Abu-Ghazaleh added, "During the quarter, as part of our recently announced optimization program, we underwent a comprehensive review of all aspects of our business. We made the decision to sell non-strategic and under-utilized assets for a total anticipated cash amount of approximately $100 million, which we expect to achieve over the next 12 to 18 months. These assets consist primarily of

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Improved cash flow and double dividend for Fresh Del Monte Produce