Fresh Del Monte Produce down after banana segment sales decline

Del Monte

24/02/2025 13:09

** Shares of fresh fruit and vegetables marketer Fresh Del
Monte Produce  FDP.N  down ~4% at $29.72 premarket
    ** Q4 net sales rose 0.5% to $1.01 billion on higher prices
and sales in its fresh and value-added products segment, its
largest, but was offset by banana segment weakness
    ** Banana segment sales in the quarter fell 6%, driven by
lower sales volume in North America, and marks the sixth
consecutive quarter of sales decline for segment
    ** Says annual net sales decline of ~1% was also driven by
lower sales volume and selling prices in its banana segment,
along with negative impact of exchange rates
    ** However, Q4 adjusted gross profit rose 22.6% on fresh and
value-added products segment strength
    ** Separately, company announces a $150 million share
repurchase program
    ** FDP rose 26.5% in 2024

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))