Fresh produce company Fresh Del Monte (NYSE:FDP) will be announcing earnings results tomorrow before market open. Here's what to look for.
Last quarter Fresh Del Monte Produce reported revenues of $1.00 billion, down 4.8% year on year, missing analyst expectations by 6.5%. It was a slower quarter for the company, with a miss of analysts' revenue and earnings estimates.
Is Fresh Del Monte Produce buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Fresh Del Monte Produce's revenue to decline 3.6% year on year to $1.00 billion, a deceleration on the 2.2% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.29 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates four times over the last two years.
Looking at Fresh Del Monte Produce's peers in the packaged food segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Kellanova delivered top-line growth of 0.3% year on year, beating analyst estimates by 3.1% and Mondelez (NASDAQ:MDLZ) reported revenues up 8.7% year on year, exceeding estimates by 0.2%. Kellanova traded up 2.1% on the results, Mondelez was down 3.1%.
Read the full analysis of Kellanova's and Mondelez's results on StockStory.
Investors in the packaged food segment have had steady hands going into the earnings, with the stocks down on average 0.4% over the last month. Fresh Del Monte Produce is down 4.5% during the same time, and is heading into the earnings with analyst price target of $33, compared to share price of $23.92.
