Fresh Del Monte Produce Inc. (FDP, Financial) filed Quarterly Report for the period ended 2012-09-28.
Fresh Del Monte Produce, Inc. has a market cap of $1.48 billion; its shares were traded at around $25.58 with a P/E ratio of 11.8 and P/S ratio of 0.4. The dividend yield of Fresh Del Monte Produce, Inc. stocks is 1.6%. Fresh Del Monte Produce, Inc. had an annual average earning growth of 11.2% over the past 5 years.
The fair value of our derivatives changed from a net asset of $7.5 million as of December 30, 2011, to a net liability of $6.9 million as of September 28, 2012 related to our foreign currency cash flow and bunker fuel swap hedges. For foreign currency hedges, these fluctuations are primarily related to a stronger U.S. dollar relative to the euro offset by a weaker U.S. dollar relative to the Japanese yen when compared to the contracted exchange rates. We also entered into Bunker Fuel Swap agreements during the first nine months of 2012 that are in a net asset position of $0.2 million. We expect that $4.2 million will be transferred to earnings during the next 12 months, along with the earnings effect of the related forecasted transactions.
Net Sales. Net sales for the first nine months of 2012 were $2,644.3 million compared with $2,808.9 million for the first nine months of 2011. The decrease in net sales of $164.6 million was attributable to lower net sales of bananas, other fresh produce and prepared food.
Gross Profit. Gross profit was $303.2 million for the first nine months of 2012 compared with $288.6 million for the first nine months of 2011, an increase of $14.6 million. The increase in gross profit was primarily attributable to higher gross profit on other fresh produce, partially offset by lower gross profit on prepared food and bananas.
Operating Income. Operating income for the first nine months of 2012 increased by $26.7 million from $136.8 million in the first nine months of 2011 to $163.5 million for the first nine months of 2012. The increase in operating income was due to higher gross profit, lower selling, general and administrative expenses and asset impairment charges, partially offset by a lower gain on disposal of property, plant and equipment.
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Fresh Del Monte Produce, Inc. has a market cap of $1.48 billion; its shares were traded at around $25.58 with a P/E ratio of 11.8 and P/S ratio of 0.4. The dividend yield of Fresh Del Monte Produce, Inc. stocks is 1.6%. Fresh Del Monte Produce, Inc. had an annual average earning growth of 11.2% over the past 5 years.
Highlight of Business Operations:
Net cash used in investing activities for the first nine months of 2012 was $64.5 million compared with $58.8 million for the first nine months of 2011. Net cash used in investing activities for the first nine months of 2012 consisted of capital expenditures of $62.5 million and purchases of available-for-sale investments of $11.0 million, partially offset by proceeds from sales of property, plant and equipment of $8.8 million and proceeds from sale of unconsolidated subsidiary of $0.2 million. Capital expenditures for the first nine months of 2012 were primarily for expansion and improvements of production facilities in Saudi Arabia and Kenya related to the prepared food segment and in Costa Rica and Guatemala related to the other fresh produce and banana segments. Capital expenditures for the first nine months of 2012 also included the purchase of three refrigerated vessels, improvements of distribution facilities in North America and Costa Rica principally related to the banana segment and additional transportation equipment in North America. The purchases of available-for-sale investments consisted of purchases of publicly traded equity securities which we plan to hold as investments. Proceeds from sales of property, plant and equipment for the first nine months of 2012 consisted primarily of the sale of surplus land in Guatemala, the sale of a refrigerated vessel and shipping-related and other surplus equipment.The fair value of our derivatives changed from a net asset of $7.5 million as of December 30, 2011, to a net liability of $6.9 million as of September 28, 2012 related to our foreign currency cash flow and bunker fuel swap hedges. For foreign currency hedges, these fluctuations are primarily related to a stronger U.S. dollar relative to the euro offset by a weaker U.S. dollar relative to the Japanese yen when compared to the contracted exchange rates. We also entered into Bunker Fuel Swap agreements during the first nine months of 2012 that are in a net asset position of $0.2 million. We expect that $4.2 million will be transferred to earnings during the next 12 months, along with the earnings effect of the related forecasted transactions.
Net Sales. Net sales for the first nine months of 2012 were $2,644.3 million compared with $2,808.9 million for the first nine months of 2011. The decrease in net sales of $164.6 million was attributable to lower net sales of bananas, other fresh produce and prepared food.
Gross Profit. Gross profit was $303.2 million for the first nine months of 2012 compared with $288.6 million for the first nine months of 2011, an increase of $14.6 million. The increase in gross profit was primarily attributable to higher gross profit on other fresh produce, partially offset by lower gross profit on prepared food and bananas.
Operating Income. Operating income for the first nine months of 2012 increased by $26.7 million from $136.8 million in the first nine months of 2011 to $163.5 million for the first nine months of 2012. The increase in operating income was due to higher gross profit, lower selling, general and administrative expenses and asset impairment charges, partially offset by a lower gain on disposal of property, plant and equipment.
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