Fresh Del Monte Produce Inc (FDP) Q4 2019 Earnings Call Transcript

  • Date: 20-Feb-2020
  • Source: The Motley Fool
  • Sector:Financial Markets
  • Country:GCC
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Fresh Del Monte Produce Inc (FDP) Q4 2019 Earnings Call Transcript

Fresh Del Monte Produce Inc ( NYSE:FDP ) Q4 2019 Earnings Call Feb 19, 2020 , 10:00 a.m. ET. Good day, everyone, and welcome to Fresh Del Monte Produce's Fourth Quarter and Full-Year 2019 Conference Call.. Good morning, everyone, and thank you for joining our fourth quarter and full-year 2019 conference call.. As Julianne mentioned, I'm Christine Cannella, Vice President, Investor Relations, with Fresh Del Monte Produce.. Joining me in today's discussion are Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer, and Eduardo Bezerra, Senior Vice President and Chief Financial Officer.. With that, I am pleased to turn today's call over to Mohammad.. As Mohammad mentioned, our Mann Packing unit announced a voluntary recall products in our fresh and value-added business segment in November 2019.. We reported adjustments of $11 million related to inventory write-offs, sales claims and other costs associated with the product recall.. Net sales were in line with the prior year at $4.5 billion, with unfavorable exchange rates negatively impacting net sales by $43 million.. For the full-year 2019, net sales in our fresh and value-added business segment increased by $50 million to $3 billion compared to the prior year, primarily as a result of higher net sales