Fresh Del Monte Produce (NYSE: FDP) reported Q4 EPS of ($0.08), $0.08 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $1 billion versus the consensus estimate of $995.4 million.

“In 2020, we benefited from actions taken as part of our $100 million asset sale optimization program, as well as making progress on our five-year strategic initiatives to become a value-added and more diversified Company,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “The emphasis on selling non-strategic, underutilized assets, and strengthening our core businesses led to improved cash flow and reduced debt. These efforts along with our versatile, vertically-integrated platform helped us mitigate the effects of disruptions, including weather and the COVID-19 pandemic. We are also proud of the progress we made in the following areas in the midst of a global pandemic, we placed in service four of our six new container vessels that we expect will increase our efficiency and reduce our carbon footprint; we opened a new state-of-the-art Mann Packing facility in California, merging four facilities into one; and opened a new state-of-the-art distribution and fresh-cut facility in Yokohama, Japan. Also, we benefited from our new avocado packing facility that opened in December 2019."

"We are optimistic that with an improved balance sheet, and our strategic focus on value-added products to respond to the shift in delivery channels driven by the trend towards a ‘stay-at-home economy’ we will continue to see gains in our performance during 2021. Our goal, as always, is to deliver shareholder value over the long-term,” Abu-Ghazaleh added.

For earnings history and earnings-related data on Fresh Del Monte Produce (FDP) click here.