Fresh Del Monte Produce Inc Stock Price, News & Analysis

Fresh Del Monte Produce Inc. (NYSE: FDP) has released its 2023 Sustainability Report, showcasing significant progress in environmental and social goals. Key achievements include:

1. Climate: Achieved a 28% reduction in Scope 1 and 2 emissions, surpassing its SBTi target seven years early. Exceeded goal of reducing Scope 1 CO2 emissions from vessel shipping by 19%.

2. Biodiversity: Completed ecosystem mapping in Guatemala and Costa Rica. Planted 2,487,847 trees since 2016, reaching 99.5% of its 2.5 million tree goal.

3. Diversity: 69% of U.S. employees are from diverse backgrounds.

4. Packaging: Introduced reusable plastic containers for banana shipments, saving 758 tons of single-use paper and 5 tons of plastic.

The company continues to lead in regenerative agriculture, biodiversity conservation, and waste revalorization, including partnerships for bioactive compound research and biofertilizer production.

Fresh Del Monte Produce Inc. (NYSE: FDP) announces plans to introduce its Rubyglow® pineapple in Europe in early 2025, following successful launches in China (January 2024) and North America (May 2024). This red-shelled pineapple, developed over 15 years, features a red outer skin, bright yellow flesh, and a sweet flavor similar to Del Monte Gold® Extra Sweet pineapples.

The Rubyglow® pineapple is grown in Costa Rica and takes two years to cultivate. It's a hybrid fruit produced through traditional crossbreeding of a traditional pineapple and a Morada pineapple. The seed supply and intricate cultivation process contribute to its global scarcity.

Fresh Del Monte continues to lead pineapple innovation, having introduced various unique varieties since the 1990s. The company markets its products worldwide under the DEL MONTE® brand and has received recognition as one of 'America's Most Trusted Companies' by Newsweek in 2022, 2023, and 2024.

Fresh Del Monte Produce Inc. (NYSE: FDP) has been named a Humankind 100 company for the third consecutive year, ranking #53 on the 2024 list. The company was recognized for its significant impact in Crop Production ($62.7 billion), Economic Value ($1.4 billion), and Medical Services ($538 million).

The Humankind 100 honors U.S. public companies that create substantial value for investors, consumers, employees, and society. Fresh Del Monte's Chairman and CEO, Mohammad Abu-Ghazaleh, emphasized the company's commitment to generating sustainable, long-term value and fostering positive change for humanity and the planet.

Fresh Del Monte's achievements in food production, economic contributions, and medical services contributed to its recognition. The company was also recently named one of the World's Most Trusted Companies by Newsweek and received a SEAL Business Award for promoting sustainability in emerging economies.

Fresh Del Monte Produce Inc. (NYSE: FDP) has been ranked eighth in Newsweek's 2024 list of the World's Most Trustworthy Companies in the Food & Beverage category. This recognition, presented in collaboration with Statista, is based on an independent survey of over 70,000 participants across 23 industries in 20 countries. Participants rated companies on Investor Trust, Customer Trust, and Employee Trust.

Chairman and CEO Mohammad Abu-Ghazaleh expressed pride in this achievement, attributing it to the company's pursuit of excellence, transparency, and trust. Fresh Del Monte, a leading producer and distributor of fresh and fresh-cut fruits and vegetables, emphasizes the importance of trust in fostering customer loyalty, strengthening brand reputation, boosting employee morale, and building investor confidence.

Fresh Del Monte Produce Inc. (NYSE: FDP) has appointed Danny Dumas as Senior Vice President of Sales, Marketing & Product Management for North America. With over 35 years of industry experience, Dumas will oversee key operations in one of the company's largest markets. His role includes managing sales, marketing, product management, technical services, and quality assurance for port operations.

Dumas's appointment aligns with Fresh Del Monte's focus on sustainable growth, innovation, and operational excellence. His extensive career includes senior leadership roles at Calavo Growers and previous experience at Fresh Del Monte. CEO Mohammad Abu-Ghazaleh emphasized Dumas's expertise in produce sales, global logistics, and product management as important for expanding value-added product offerings and maintaining high standards of quality and customer service.

Fresh Del Monte Produce Inc. (NYSE: FDP) has appointed Dr. Imad Farhat as Senior Vice President, Specialty Ingredients. Dr. Farhat will lead the company's efforts to develop innovative, nature-derived ingredients that align with Fresh Del Monte's mission of providing healthful products to consumers worldwide. His focus will be on:

1. Harnessing nature's power for long-term strategy in the ingredients industry
2. Developing products rooted in circular economy principles
3. Creating wholesome options that resonate with health-conscious consumers
4. Utilizing residuals from Fresh Del Monte's operations to achieve sustainable practices

Dr. Farhat brings nearly 20 years of experience from dsm-firmenich and has an extensive background in food science, with over 70 scientific publications and numerous patents.

Fresh Del Monte Produce Inc. (NYSE: FDP) has appointed Dr. Nizar Haddad as Director of Innovation and Business Development and General Manager of De l'Ora Bio, a partnership with Vellsam Materias Bioactivas. This move aims to enhance operational efficiency and product innovation. Dr. Haddad will lead De l'Ora Bio's focus on converting pineapple byproducts into high-quality biofertilizers, aligning with Fresh Del Monte's goals of reducing waste and improving resource utilization.

Dr. Haddad, formerly the Director General of Jordan's National Agricultural Research Centre, brings expertise in agricultural innovation and sustainable development. His role will be important in advancing Fresh Del Monte's innovation strategy and setting new benchmarks in biofertilizer production. This appointment underscores Fresh Del Monte's commitment to sustainable agriculture and operational excellence.

Fresh Del Monte Produce Inc. (NYSE: FDP) has announced its participation in TD Cowen's 2nd Annual Sip, Snack and Scrub Summit, scheduled for September 17, 2024, at the Westin New York Grand Central in New York, NY. Senior Vice President and CFO Monica Vicente, along with Vice President of Investor Relations Christine Cannella, will represent the company in one-on-one meetings with investors during the conference.

Interested parties unable to attend can arrange calls with management by contacting Christine Cannella directly. This event provides an opportunity for Fresh Del Monte to engage with investors and discuss the company's performance and strategies in the produce industry.

Fresh Del Monte Produce (NYSE: FDP) reported Q2 2024 financial results. Net sales dropped to $1,139.7M from $1,180.5M YoY, driven by lower banana sales offset by higher prices in fresh and value-added products. Gross profit decreased to $113.2M from $116.8M, impacted by higher production costs and weather-related events. Operating income was $68.2M, down from $72.1M, with a net income increase to $53.6M from $47.7M. The company saw improved margins in fresh products but declines in bananas due to competitive pressure and exchange rate impacts. Long-term debt reduced by 29% to $285M. A $0.25 per share dividend is announced, payable on September 6, 2024.