BUZZ-Fresh Del Monte Produce down after banana segment sales decline

Shares of fresh fruit and vegetables marketer Fresh Del Monte Produce FDP.N down ~4% at $29.72 premarket

Q4 net sales rose 0.5% to $1.01 billion on higher prices and sales in its fresh and value-added products segment, its largest, but was offset by banana segment weakness

Banana segment sales in the quarter fell 6%, driven by lower sales volume in North America, and marks the sixth consecutive quarter of sales decline for segment

Says annual net sales decline of ~1% was also driven by lower sales volume and selling prices in its banana segment, along with negative impact of exchange rates

However, Q4 adjusted gross profit rose 22.6% on fresh and value-added products segment strength

Separately, company announces a $150 million share repurchase program

FDP rose 26.5% in 2024