Business Wire·May 5, 2026, 6:00 AM ET

Fresh Del Monte Produce Inc. Reports First Quarter Earnings for Fiscal 2026

FDP

Fresh Del Monte Produce Inc. reported first-quarter 2026 earnings per diluted share of $0.21, with adjusted earnings per diluted share of $0.63.
Net sales for the quarter totaled $1,044.1 million, a 4.9% decrease driven by the divestiture of Mann Packing, lower avocado prices, & offset partially by the Del Monte Foods acquisition & favorable exchange rates.
Gross profit was $89.0 million, with gross margin increasing to 8.5% despite higher production costs & geopolitical disruptions in the Strait of Hormuz.
The Company realigned its operating segments to establish "Prepared Foods" as a distinct reportable segment, combining Del Monte Foods assets with existing operations.
Operating income was $20.1 million, while adjusted operating income was $40.2 million, reflecting higher asset impairment charges & transaction costs related to the Del Monte Foods deal.
Long-term debt increased to $438.0 million at quarter-end to finance the acquisition of Del Monte Foods assets closed on March 19, 2026.
The Board declared a quarterly cash dividend of $0.30 per share, payable on June 11, 2026, to shareholders of record on May 19, 2026.
During the quarter, the Company repurchased 100,000 shares of common stock for $4.0 million, leaving $116.2 million available under the share repurchase program.
Net cash provided by operating activities was $44.1 million, though net cash used in investing activities was $282.2 million due to the Del Monte Foods acquisition.
Segment performance showed net sales growth in Prepared Foods ($82.5 million) & Other Products and Services ($55.5 million), while Fresh & Value-Added Products ($549.0 million) & Banana ($357.1 million) segments saw declines.