The board of Fresh Del Monte Produce Inc. ( NYSE:FDP ) has announced that it will pay a dividend on the 9th of...
Good morning, everyone, and thank you for joining our second quarter 2022 conference call. Joining me in today's discussion are Mohammad Abu-Ghazaleh, chairman and chief executive officer; and Monica Vicente, senior vice president and chief financial officer.
Fresh Del Monte Produce Inc (NYSE: FDP) reported second-quarter FY22 sales growth of 6% year-on-year to $1.21 billion, beating the consensus of $1.15 billion. The company said price increases drove its sales growth. Gross profit fell 26.6% Y/Y to $80.7 million, and the profit margin contracted 290 basis points to 6.7%. The operating margin was 2.8%, and operating income for the quarter declined 42.2% to $34.3 million. The company held $15.6 million in cash and equivalents as of July 1, 2022. The