Fresh Del Monte Produce Inc. reported its financial results for the first quarter of 2025, revealing a net income of $31.9 million, or $0.65 per share, compared to $26.1 million, or $0.55 per share, in the same period last year. The company's net sales for the quarter were $1,098.4 million, a decrease from $1,107.9 million in the prior year. Despite the decline in sales, the company achieved a gross profit of $92.2 million, up from $82.3 million, primarily due to higher selling prices in its fresh and value-added products segment.
The decrease in net sales was largely attributed to lower sales volumes in the banana segment, which faced challenges from excess supply and unfavorable exchange rate fluctuations. However, the fresh and value-added products segment saw an increase in sales driven by higher per-unit prices, particularly for avocados and fresh-cut fruits. Selling, general, and administrative expenses decreased to $48.1 million from $50.7 million, reflecting lower professional fees and promotional activities.
In terms of operational metrics, Fresh Del Monte's total assets increased to $3,154.1 million as of March 28, 2025, compared to $3,096.2 million at the end of the previous fiscal year. The company reported a working capital of $607.5 million, up from $599.8 million, driven by higher accounts receivable and inventory levels. The company also repurchased 253,850 shares for $7.6 million under its stock repurchase program, which has a total authorization of $150 million.
Looking ahead, Fresh Del Monte is navigating a complex macroeconomic environment, including recent changes in U.S. trade policy that have introduced tariffs affecting its cost structure. The company has begun notifying customers of potential price increases to offset these costs. Additionally, the company is actively monitoring geopolitical tensions that could impact its logistics and supply chain. Fresh Del Monte remains committed to its strategic goals, focusing on enhancing its product offerings and expanding its market presence while managing the challenges posed by external factors.
About FRESH DEL MONTE PRODUCE INC
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