Financial News
Fresh Del Monte Produce (FDP) Reports Q3: Everything You Need To Know Ahead Of Earnings
Fresh produce company Fresh Del Monte (NYSE:FDP) will be reporting earnings tomorrow before the bell. Here’s what to look for.
Fresh Del Monte Produce missed analysts’ revenue expectations by 3.5% last quarter, reporting revenues of $1.14 billion, down 3.5% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ earnings and gross margin 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 decline 1.4% year on year to $989.5 million, improving from the 4.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.47 per share.
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 five times over the last two years.
Looking at Fresh Del Monte Produce’s peers in the consumer staples segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Cal-Maine delivered year-on-year revenue growth of 71.1%, beating analysts’ expectations by 11.5%, and Coca-Cola reported flat revenue, topping estimates by 2.9%. Cal-Maine traded down 1.9% following the results while Coca-Cola was also down 3.1%.
Read our full analysis of Cal-Maine’s results here and Coca-Cola’s results here.
Investors in the consumer staples segment have had steady hands going into earnings, with share prices flat over the last month. Fresh Del Monte Produce is down 2.2% during the same time and is heading into earnings with an average analyst price target of $33 (compared to the current share price of $29.10).
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