Company Quick10K Filing
Fresh Del Monte Produce
Price37.55 EPS1
Shares48 P/E29
MCap1,821 P/FCF14
Net Debt573 EBIT102
TEV2,394 TEV/EBIT23
TTM 2019-09-27, in MM, except price, ratios
10-Q 2020-06-26 Filed 2020-07-29
10-Q 2020-03-27 Filed 2020-04-29
10-K 2019-12-27 Filed 2020-02-20
10-Q 2019-09-27 Filed 2019-10-30
10-Q 2019-06-28 Filed 2019-07-30
10-Q 2019-03-29 Filed 2019-04-30
10-K 2018-12-28 Filed 2019-02-19
10-Q 2018-09-28 Filed 2018-10-30
10-Q 2018-06-29 Filed 2018-07-31
10-Q 2018-03-30 Filed 2018-05-01
10-K 2017-12-29 Filed 2018-02-20
10-Q 2017-09-29 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-30 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-07-01 Filed 2016-08-02
10-Q 2016-04-01 Filed 2016-05-03
10-K 2016-01-01 Filed 2016-02-23
10-Q 2015-09-25 Filed 2015-10-27
10-Q 2015-06-26 Filed 2015-07-28
10-Q 2015-03-27 Filed 2015-04-28
10-K 2014-12-26 Filed 2015-02-18
10-Q 2014-09-26 Filed 2014-10-28
10-Q 2014-06-27 Filed 2014-07-29
10-Q 2014-03-28 Filed 2014-04-29
10-K 2013-12-27 Filed 2014-02-21
10-Q 2013-09-27 Filed 2013-10-29
10-Q 2013-06-28 Filed 2013-07-30
10-Q 2013-03-29 Filed 2013-04-30
10-K 2012-12-28 Filed 2013-02-19
10-Q 2012-09-28 Filed 2012-10-30
10-Q 2012-06-29 Filed 2012-07-31
10-Q 2012-03-30 Filed 2012-05-01
10-K 2011-12-30 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-07-01 Filed 2011-08-03
10-Q 2011-04-01 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-10-01 Filed 2010-11-02
10-Q 2010-07-02 Filed 2010-08-03
10-Q 2010-04-02 Filed 2010-05-04
10-K 2010-01-01 Filed 2010-03-02
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-07
8-K 2020-04-29
8-K 2020-04-28
8-K 2020-04-07
8-K 2020-02-19
8-K 2020-01-25
8-K 2019-10-29
8-K 2019-10-01
8-K 2019-07-31
8-K 2019-07-31
8-K 2019-07-30
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-03-20
8-K 2019-03-06
8-K 2019-02-20
8-K 2019-02-20
8-K 2019-02-19
8-K 2019-02-15
8-K 2018-11-13
8-K 2018-10-31
8-K 2018-10-30
8-K 2018-09-27
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-07-31
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-02-26
8-K 2018-02-21
8-K 2018-02-21
8-K 2018-02-21
8-K 2018-02-20
8-K 2018-02-05

FDP 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 fdp-ex3116x26x2020.htm
EX-31.2 fdp-ex3126x26x2020.htm
EX-32 fdp-ex326x26x2020.htm

Fresh Del Monte Produce Earnings 2020-06-26

Balance SheetIncome StatementCash Flow
3.62.92.21.40.70.02012201420172020
Assets, Equity
1.31.00.70.40.1-0.22012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
———————————
FORM 10-Q
———————————
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 26, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

333-07708
(Commission file number)
———————————
FRESH DEL MONTE PRODUCE INC.
(Exact Name of Registrant as Specified in Its Charter)
 ———————————
Cayman IslandsN/A
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S Employer
Identification No.)
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town,Grand Cayman,KY1-9005
Cayman IslandsN/A
(Address of Registrant’s Principal Executive Office)(Zip Code)

(305) 520-8400
(Registrant’s telephone number including area code)
Please send copies of notices and communications from the Securities and Exchange Commission to:
c/o Del Monte Fresh Produce Company
241 Sevilla Avenue
Coral Gables, Florida 33134
(Address of Registrant’s U.S. Executive Office)

 ——————————— 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary Shares, $0.01 Par Value Per ShareFDPNew York Stock Exchange


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 17, 2020, there were 47,341,099 ordinary shares of Fresh Del Monte Produce Inc. issued and outstanding.







TABLE OF CONTENTS
  Page
PART I: FINANCIAL INFORMATION 
   
Item 1. Financial Statements 
   
 
   
 
   
 
   
 
   
   
   
   
PART II. OTHER INFORMATION 
   
   
   
   


Table of Contents
PART I: FINANCIAL INFORMATION

Item 1.  Financial Statements
1

Table of Contents
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS (Unaudited)
(U.S. dollars in millions, except share and per share data)
June 26,
2020
December 27,
2019
Assets  
Current assets:  
Cash and cash equivalents$31.5  $33.3  
Trade accounts receivable, net of allowance of
$21.6 and $19.6, respectively
377.2  363.9  
Other accounts receivable, net of allowance of
$3.2 and $3.4, respectively
67.7  75.1  
Inventories, net496.4  551.8  
Assets held for sale8.2  7.6  
Prepaid expenses and other current assets22.6  19.8  
Total current assets1,003.6  1,051.5  
Investments in and advances to unconsolidated companies1.9  1.9  
Property, plant and equipment, net1,390.3  1,403.2  
Operating lease right-of-use assets169.1  162.1  
Goodwill423.3  423.7  
Intangible assets, net154.3  158.2  
Deferred income taxes103.2  100.3  
Other noncurrent assets48.5  49.0  
Total assets$3,294.2  $3,349.9  
Liabilities and shareholders' equity  
Current liabilities:  
Accounts payable and accrued expenses$506.0  $522.2  
Current maturities of debt and finance leases0.3  0.3  
Current maturities of operating leases33.7  32.5  
Income taxes and other taxes payable11.5  7.9  
Total current liabilities551.5  562.9  
Long-term debt and finance leases535.0  586.8  
Retirement benefits100.2  98.1  
Deferred income taxes126.2  129.5  
Operating leases, less current maturities107.7  102.7  
Other noncurrent liabilities98.4  70.9  
Total liabilities1,519.0  1,550.9  
Commitments and contingencies (See note 9)
Redeemable noncontrolling interest55.1  55.3  
Shareholders' equity:  
Preferred shares, $0.01 par value; 50,000,000 shares
authorized; none issued or outstanding
    
Ordinary shares, $0.01 par value; 200,000,000 shares authorized;
 47,340,692 and 48,014,628 issued and outstanding, respectively
0.5  0.5  
Paid-in capital530.2  531.4  
Retained earnings1,260.2  1,252.7  
Accumulated other comprehensive loss(95.7) (65.4) 
Total Fresh Del Monte Produce Inc. shareholders' equity1,695.2  1,719.2  
Noncontrolling interests24.9  24.5  
Total shareholders' equity1,720.1  1,743.7  
Total liabilities, redeemable noncontrolling interest and shareholders' equity
$3,294.2  $3,349.9  
See accompanying notes.
1

Table of Contents
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(U.S. dollars in millions, except share and per share data)
 Quarter endedSix months ended
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
Net sales$1,092.3  $1,239.4  $2,210.3  $2,393.6  
Cost of products sold1,013.6  1,141.8  2,063.1  2,200.9  
Gross profit78.7  97.6  147.2  192.7  
Selling, general and administrative expenses45.6  45.3  98.3  99.6  
Gain on disposal of property, plant and
equipment, net
1.4  5.7  1.6  9.2  
Asset impairment and other charges (credits), net1.4  0.8  (0.4) 3.8  
Operating income33.1  57.2  50.9  98.5  
Interest expense5.6  6.9  11.0  13.8  
Interest income  0.1  0.1  0.2  
Other (expense) income, net(5.2) (2.9) (4.4) 8.4  
Income before income taxes22.3  47.5  35.6  93.3  
Provision for income taxes4.2  8.5  4.5  17.1  
Net income$18.1  $39.0  $31.1  $76.2  
Less: Net income attributable to redeemable and noncontrolling interests0.2  0.9  0.2  2.0  
     Net income attributable to Fresh Del Monte Produce Inc.
$17.9  $38.1  $30.9  $74.2  
     Net income per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic
$0.38  $0.79  $0.65  $1.53  
     Net income per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted
$0.38  $0.78  $0.64  $1.53  
Dividends declared per ordinary share$0.05  $  $0.15  $  
Weighted average number of ordinary shares:  
Basic 47,557,820  48,533,444  47,818,922  48,540,571  
Diluted 47,614,553  48,582,135  47,918,071  48,624,956  

See accompanying notes.
2

Table of Contents
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(U.S. dollars in millions)
Quarter endedSix months ended
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
Net income$18.1  $39.0  $31.1  $76.2  
Other comprehensive (loss) income:
Net unrealized gain (loss) on derivatives, net of tax3.3  (12.7) (27.2) (16.8) 
Net unrealized foreign currency translation gain (loss)0.9  0.5  (3.6) (0.3) 
Net change in retirement benefit adjustment, net of tax  0.2  0.5  0.1  
Comprehensive income$22.3  $27.0  $0.8  $59.2  
Less: Comprehensive income attributable to redeemable and noncontrolling interests
0.2  0.9  0.2  2.0  
Comprehensive income attributable to Fresh Del
Monte Produce Inc.
$22.1  $26.1  $0.6  $57.2  

See accompanying notes.

3

Table of Contents
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)

 
 Six months ended
June 26,
2020
June 28,
2019
Operating activities:  
Net income$31.1  $76.2  
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization46.8  48.5  
Amortization of debt issuance costs0.3  0.5  
Share-based compensation expense4.7  6.1  
Asset impairment, net2.8  3.3  
Gain on disposal of property, plant and equipment(1.6) (9.2) 
Deferred income taxes(3.2) 7.6  
Foreign currency translation adjustment(1.2) (1.2) 
Changes in operating assets and liabilities
  
Receivables(9.9) (20.6) 
Inventories53.6  30.0  
Prepaid expenses and other current assets(3.0) 1.6  
Accounts payable and accrued expenses(12.6) (73.7) 
Other noncurrent assets and liabilities2.7  (4.1) 
Net cash provided by operating activities110.5  65.0  
Investing activities:  
Capital expenditures(35.9) (70.2) 
Proceeds from sales of property, plant and equipment2.2  28.0  
Proceeds from sale of investment0.5  0.7  
Net cash used in investing activities(33.2) (41.5) 
Financing activities:  
Proceeds from debt395.0  587.3  
Payments on debt(444.8) (612.0) 
     Distributions to noncontrolling interests, net(1.1) (1.8) 
Proceeds from stock options exercised  0.3  
Share-based awards settled in cash for taxes(0.5) (0.9) 
Dividends paid(7.2)   
Repurchase and retirement of ordinary shares(20.8) (9.2) 
Net cash used in financing activities(79.4) (36.3) 
Effect of exchange rate changes on cash0.3  7.7  
Net decrease in cash and cash equivalents(1.8) (5.1) 
Cash and cash equivalents, beginning33.3  21.3  
Cash and cash equivalents, ending$31.5  $16.2  
Supplemental cash flow information:  
Cash paid for interest$7.9  $7.4  
Cash paid for income taxes$3.4  $5.9  
Non-cash financing and investing activities:  
Right-of-use assets obtained in exchange for new operating lease obligations$28.0  $26.1  
Retirement of ordinary shares$20.8  $9.2  
Dividends on restricted stock units$0.4  $  
Sale of an investment$  $0.6  
See accompanying notes.
4

Table of Contents
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
(Unaudited) (U.S. dollars in millions, except share data)
 Ordinary Shares OutstandingOrdinary SharesPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossFresh Del Monte Produce Inc. Shareholders' EquityNoncontrolling InterestsTotal Shareholders'
Equity
Redeemable Noncontrolling Interest
Balance as of December 27, 201948,014,628  $0.5  $531.4  $1,252.7  $(65.4) $1,719.2  $24.5  $1,743.7  $55.3  
Settlement of restricted stock awards7,374  —  —  —  —  —  —  —  —  
Settlement of restricted stock units150,301  —  —  —  —  —  —  —  —  
Share-based payment expense—  —  2.6  —  —  2.6  —  2.6  —  
Cumulative effect adjustment of ASC 326 adoption—  —  —  (1.2) —  (1.2) —  (1.2) —  
Repurchase and retirement of ordinary shares(291,399) —  (2.3) (5.5) —  (7.8) —  (7.8) —  
Dividend declared—  —  0.4  (5.2) —  (4.8) —  (4.8) —  
Comprehensive income:
Net income (loss)—  —  —  13.0  —  13.0  (0.2) 12.8  0.2  
Unrealized loss on derivatives, net of tax—  —  —  —  (30.5) (30.5) —  (30.5) —  
Net unrealized foreign currency translation loss—  —  —  —  (4.5) (4.5) —  (4.5) —  
Change in retirement benefit adjustment, net of tax—  —  —  —  0.5  0.5  —  0.5  —  
Comprehensive income (loss)    (21.5) (0.2) (21.7) 0.2  
Balance as of March 27, 202047,880,904  $0.5  $532.1  $1,253.8  $(99.9) $1,686.5  $24.3  $1,710.8  $55.5  
Settlement of restricted stock awards235  —  —  —  —  —  —  —  —  
Settlement of restricted stock units9,389  —  —  &#