Fresh Del Monte's financial highlights for the third quarter of 2024 show that the company's net sales increased slightly over $16 million year-on-year.

Net sales for the third quarter of 2024 were $1,019.5 million compared with $1,003.1 million in the prior-year period.

The increase in net sales was "primarily driven by higher net sales in the company's fresh and value-added product segment due to higher sales volume, as well as increased per unit selling prices principally of avocado and pineapple, as a result of strong market demand."

The increase was partially offset by a decrease in net sales in the banana segment, primarily driven by competitive market pressures.

Gross profit for the third quarter of 2024 was $93.8 million compared with $74.4 million in the prior-year period.

The increase in gross profit was primarily driven by higher sales volume and higher per-unit selling prices in the fresh and value-added product segment, partially offset by higher per-unit production and procurement costs, lower sales volume in the banana segment, and the negative impact of fluctuations in exchange rates, primarily related to a stronger Costa Rican colon.

Gross margin for the third quarter of 2024 increased to 9.2% compared with 7.4% in the prior-year period.

"We are pleased to report strong performance in the third quarter. Our strategic focus on high-margin, value-added products continues to deliver positive results, demonstrating the strength of our product innovations and our commitment to driving long-term profitability and value for our shareholders," said Fresh Del Monte Chairman and CEO Mohammad Abu-Ghazaleh.

"As committed, we have announced our decision on Mann Packing following our strategic review—a defining step that we believe will boost profitability, reinforce resilience, and deliver sustained growth."