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Fresh Del Monte Produce Inc. (FDP) filed Quarterly Report for the period ended 2011-09-30.
Fresh Del Monte Produce Inc has a market cap of $1.52 billion; its shares were traded at around $25.46 with a P/E ratio of 12.6 and P/S ratio of 0.4. The dividend yield of Fresh Del Monte Produce Inc stocks is 1.6%.
This is the annual revenues and earnings per share of FDP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FDP.
Highlight of Business Operations:
Net cash used in investing activities for the first nine months of 2011 was $58.8 million compared with $31.3 million for the first nine months of 2010. Net cash used in investing activities for the first nine months of 2011 consisted of capital expenditures of $62.7 million, partially offset by proceeds from sales of property, plant and equipment of $3.9 million. Capital expenditures for the first nine months of 2011 were primarily for improvements and expansion of production facilities in Jordan, Kenya and Greece related to the prepared food segment and Costa Rica, Guatemala and the Middle East related to the other fresh produce segment. Capital expenditures for the first nine months of 2011 also included improvements of distribution facilities in North America and production facilities in Guatemala principally related to the banana segment. Proceeds from sales of property, plant and equipment for the first nine months of 2011 consisted primarily of the sale of surplus shipping-related equipment.Net cash used in investing activities for the first nine months of 2010 consisted of capital expenditures of $48.0 million, partially offset by proceeds from sales of property, plant and equipment of $12.5 million and the return of capital by one of our Costa Rica subsidiaries of $4.2 million. Capital expenditures for the first nine months of 2010 were primarily for expansion of production facilities in Costa Rica, Guatemala, Brazil, Philippines and Kenya and port facilities in North America related to the banana, other fresh produce and prepared food segments. Proceeds from sales of property, plant and equipment for the first nine months of 2010 consisted primarily of the sale of four refrigerated vessels and a distribution center in Brazil.
The fair value of our derivatives changed from a net liability of $18.6 million as of December 31, 2010, to a net liability of $4.3 million as of September 30, 2011 related to our foreign currency cash flow hedges. The decrease in the net liability related primarily to the stronger U.S. dollar relative to the euro and British pound offset by the weaker U.S. dollar relative to the Japanese yen being hedged when compared to the contracted exchange rates. We expect that $3.3 million in net liabilities outstanding will be transferred to earnings during the next 12 months and $1.0 million in 2012, along with the earnings effect of the related forecasted transaction for each year.
Operating Income. Operating income for the first nine months of 2011 increased by $46.1 million from $90.7 million in the first nine months of 2010 to $136.8 million for the first nine months of 2011. The increase in operating income was due to higher gross profit, lower asset impairment and other charges, partially offset by higher selling, general and administrative expenses and lower gain on sales of property, plant and equipment.
Provision for Income Taxes. Provision for income taxes was $22.3 million for the first nine months of 2011 as compared with $4.7 million for the first nine months of 2010. The increase in the tax provision is due to higher earnings in certain taxable jurisdictions combined with an accrual of $4.2 million for an uncertain tax position in a foreign jurisdiction. In addition, the provision for income taxes for the first nine months of 2010 included a benefit of $7.3 million as a result of a change in estimate.
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