Fresh Del Monte Produce Earnings: What To Look For From FDP

Radek Strnad /
2024/05/01 3:12 am EDT

Fresh produce company Fresh Del Monte (NYSE:FDP) will be announcing earnings results tomorrow after market close. Here's what you need to know.

Fresh Del Monte Produce met analysts' revenue expectations last quarter, reporting revenues of $1.01 billion, down 3% year on year. It was a weak quarter for the company, with a miss of analysts' EPS estimates.

Is Fresh Del Monte Produce a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Fresh Del Monte Produce's revenue to grow 2.1% year on year to $1.15 billion, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.61 per share.

Fresh Del Monte Produce Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Fresh Del Monte Produce has missed Wall Street's revenue estimates three times over the last two years.

Looking at Fresh Del Monte Produce's peers in the consumer staples segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Cal-Maine's revenues decreased 29.5% year on year, beating analysts' expectations by 1.5%, and Colgate-Palmolive reported revenues up 6.2%, topping estimates by 2.1%. Cal-Maine traded up 3.5% following the results while Colgate-Palmolive was also up 1.3%.

Read our full analysis of Cal-Maine's results here and Colgate-Palmolive's results here.

Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride as the market switches between optimism and pessimism around rate cuts thanks to mixed inflation data, and while some of the consumer staples stocks have fared somewhat better, they have not been spared, with share prices down 3.6% on average over the last month. Fresh Del Monte Produce's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $31.5 (compared to the current share price of $25.57).

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