AcquisitionsMay 6, 2026, 06:02 AM
Fresh Del Monte acquires Del Monte Foods assets for $310.2M; Q1 EPS $0.21
AI Summary
Fresh Del Monte Produce Inc. completed the acquisition of select assets of Del Monte Foods Corporation II Inc. for $310.2 million on March 19, 2026, reuniting the Del Monte ® brand under a single owner. This strategic move aims to expand its prepared foods business and enhance operational efficiency. For the first quarter ended March 27, 2026, the company reported a significant decrease in net income to $10.7 million, down from $31.9 million in the prior year, with net sales also declining to $1,044.1 million.
Key Highlights
- Acquired select assets of Del Monte Foods for $310.2 million, reuniting the Del Monte ® brand under a single owner.
- Reported Q1 net sales of $1,044.1 million, down from $1,098.4 million year-over-year.
- Net income attributable to Fresh Del Monte Produce Inc. decreased to $10.0 million from $31.1 million.
- Basic earnings per share fell to $0.21 from $0.65 in the prior year's quarter.
- Declared a quarterly dividend of $0.30 per ordinary share, consistent with the prior year.
- Incurred $20.0 million in asset impairment and other charges, including $16.1 million for Joyba ® right-of-use assets.
- Long-term debt and finance leases increased to $451.5 million from $176.2 million.
- Received $29.6 million in distributions from unconsolidated companies, up from $0.8 million.
Price Impact
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