Fresh Del Monte Produce Inc. (FDP), while reporting a profit in its fourth quarter compared to prior year's loss, announced an increase in dividend and also a $150 million share buyback program.
Shares of the food producer were losing around 4 percent in the pre-market activity on the NYSE.
The Board has announced an increase in the quarterly dividend to $0.30 from $0.25. The next quarterly dividend will be paid on March 28, to shareholders of record on March 10.
Further, Fresh Del Monte Board has approved the $150 million share repurchase program, reinforcing its balanced capital allocation strategy. The new plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time.
Mohammad Abu-Ghazaleh, Chairman and CEO of Fresh Del Monte Produce, said, "This repurchase authorization is part of our broader capital allocation framework, which prioritizes investing in strategic growth opportunities, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases."
In its fourth quarter, Fresh Del Monte Produce reported net income of $20.4 million or $0.42 per share, compared to loss of $106.4 million or $2.22 per share last year.
Adjusted net income was $12.3 million or $0.26 per share, compared with $11.8 million or $0.25 per share in the prior-year period.
Net sales for the producer of fresh and fresh-cut fruit and vegetables edged up to $1.013 billion from $1.009 billion in the prior year.
The company said the increase in net sales was driven by higher net sales in fresh and value-added products segment, primarily due to higher per unit selling prices, despite weakness in banana segment.
In pre-market activity on the NYSE, Fresh Del Monte shares were trading at $29.72, down 3.76 percent.
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