Stock research on global mid-cap companies

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Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

Fresh Del Monte Produce / Equity Bottom-Up

FDP reported results for the first quarter ended March, 2018 which were in-line with our estimates. After facing multiple headwinds last year, especially in the banana segment, earnings recovered in the first quarter of FY2018 supported by an increase in banana pricing and strong sales in the fresh-cut category. EPS for the period came in at $0.88 vs. $0.84 in 1Q2017, up 4.8% YoY. Revenues were at $1,106.1 mn vs. $1,032.4 mn in the first quarter of FY2017, an increase of 7.2% YoY. The increase in revenues was mainly attributable to robust growth in the other fresh produce and banana business segments, partially offset by lower sales in the prepared food segment. Gross profit for the first quarter of FY2018 was $106.5 mn vs. $99.1 mn in the first quarter of FY2017. The increase in gross profit was primarily due to higher gross profit in the banana segment, which benefitted from higher selling prices in all of the company's regions, along with favorable exchange rates in Europe and Asia. Operating income was $57.9 mn in the first quarter of FY2018 vs. $51.2 mn in the first quarter of FY2017. The company continues to focus on its strategy of diversification and increasing its presence in the higher-margin value-added segments. During the conference call, management mentioned that they will be introducing new value-added vegetable and prepared food products in the coming months.
Analyst: Ajeya Patil

FDP reported results for the first quarter ended March, 2018 which were in-line with our estimates. After facing multiple headwinds last year, especially in the banana segment, earnings recovered in the first quarter of FY2018 supported by an increase in banana pricing and strong sales in the fresh-cut category. EPS for the period came in at $0.88 vs. $0.84 in 1Q2017, up 4.8% YoY. Revenues were at $1,106.1 mn vs. $1,032.4 mn in the first quarter of FY2017, an increase of 7.2% YoY. The increase in revenues was mainly attributable to robust growth in the other fresh produce and banana business segments, partially offset by lower sales in the prepared food segment. Gross profit for the first quarter of FY2018 was $106.5 mn vs. $99.1 mn in the first quarter of FY2017. The increase in gross profit was primarily due to higher gross profit in the banana segment, which benefitted from higher selling prices in all of the company's regions, along with favorable exchange rates in Europe and Asia. Operating income was $57.9 mn in the first quarter of FY2018 vs. $51.2 mn in the first quarter of FY2017. The company continues to focus on its strategy of diversification and increasing its presence in the higher-margin value-added segments. During the conference call, management mentioned that they will be introducing new value-added vegetable and prepared food products in the coming months.
Analyst: Ajeya Patil

Fresh Del Monte Produce

Q1FY2018 [ended March] Earnings Update