Fresh produce company Fresh Del Monte (NYSE: FDP) will be reporting results this Tuesday before market open. Here’s what to expect.
Fresh Del Monte Produce beat analysts’ revenue expectations last quarter, reporting revenues of $1.02 billion, flat year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ gross margin estimates.
Is Fresh Del Monte Produce a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Fresh Del Monte Produce’s revenue to decline 6.1% year on year, a deceleration from its flat revenue in the same quarter last year.
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 multiple times over the last two years.
Looking at Fresh Del Monte Produce’s peers in the consumer staples segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Cal-Maine’s revenues decreased 53% year on year, beating analysts’ expectations by 3.8%, and Pilgrim's Pride reported revenues up 1.6%, topping estimates by 2.6%. Cal-Maine traded down 1.3% following the results while Pilgrim's Pride was up 6.3%.
Read our full analysis of Cal-Maine’s results here and Pilgrim's Pride’s results here.
There has been positive sentiment among investors in the consumer staples segment, with share prices up 2.8% on average over the last month. Fresh Del Monte Produce’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $52 (compared to the current share price of $41.52).
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