Q3 2020 Fresh Del Monte Produce Inc Earnings Call

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Good day, everyone and welcome to fresh del Monte produce its third quarter 2020 earnings conference call.

Today's conference call is being broadcast live over the Internet and is also being recorded for playback purposes.

At this time, all participants are in listen only mode.

After the speaker's presentation, there will be a question and answer session to ask a question. During the session. You want me to press Star one on your telephone.

If you require any further assistance please press star zero.

For opening remarks, and introductions I would like to turn today's call over to the Vice President Investor Relations with fresh del Monte Coatings Christine Cannella. Please go ahead ms. can outlets.

Thank you Lindsey good morning, everyone and thank you for joining our third quarter 2020 conference call everything matching I'm thinking no Huh, Vice President Investor Relations with no money.

Joining me on today's discussion Mohamad Ali Chairman and Chief Executive Officer, and word of it they're senior Vice President and Chief Financial Officer.

I hope that you had a chance to review the press release that was issued earlier. This morning I visit Flyer you.

You May also visit the Companys website at fresh del Monte Dotcom for a copy of today's release as well as to register for future distributions.

This conference call is being webcast live on our website and will be available for replay after this call.

Please note in our press release includes reconciliations of any non-GAAP financial measures, we mention today to their corresponding GAAP measures.

I would like to remind you that much of the information we will be speaking to you today.

Moving the answers we give in response to your questions May include forward looking statements within the provisions of the Federal Securities Safe Harbor laws.

We ask that you review the forward looking statements information included in the press release, we issued this morning and in the Companys most recent filings with the FCC.

With that I'm pleased to turn todays call over to Mohamad.

Thank you Crystal good morning, everyone.

With all that's left is shaping up to be one of the most challenging it's ever.

Understood a fresh dough multiple Jewish.

The difficulties, we experienced a good support all football in one case it was driven by the continuing impact of the coldest banking syndicate, which continues to trend at all performance would have decreased demand as it is about lands at the government shutdown and coding schools festivals phone service business.

School, just being our biggest headwind.

[laughter].

These challenges continue to Oh.

<unk> ability to achieve our financial targets for the third quarter.

Net sales for the quarter were by now, but would like 1 million compared with one was 1.1 billion its export or 2019 when.

We reported adjusted gross profit of 69 million compared with 76 million.

And just have portals to 19.

Well the gross profit margin improved once it's almost fresh but that's just part of that segment.

Did you do that and the actions we don't by adjusting our business in response to these challenges we reported adjusted EPS offset the five cents compared with adjusted EPS of 58, and its a sport to 2019.

I'm pleased to report that during the quarter, we completed our most all know Gonzales, California facility.

Today, our three manufacturing facilities and first of all fresh cut facilities operating under one roof.

Which we anticipate will enable us to improve gross profit in our fresh I didnt publish.

I loved by approximately $10 million on annual basis.

The benefit, which we expect to achieve over the next 12 months.

We also made progress with the optimization plan. We are now in the second quarter of 2012.

Big using utilized facilities and land assets.

We believe this will allow us to shift assets that that upsets their long term goals of the company.

Well I didn't define assets across all of our regions. That's we plan to sell over the next 12 to 18 months well.

Well, the adult and anticipate that the cash proceeds of approximately <unk> million Boes.

Since we last fall we did do in your clubs are not as vessels don't want new fleets.

Most of those under the law to harvest those.

I was just up placing bets as we have previously shopped.

This important sustainability initiative reduces our carbon footprint.

Brings us closer to all.

<unk> commitment to reduce emissions by 10%.

Also during the quarter, we continued to all efforts to diversify our product line.

And in China, as we market our books at.

With the launch of our newest product dipping below that doesn't want to find out there, but I think it's produced on our farms inputs study.

In October we publish updates to our 2018 2019 corporate social responsibility report that's in fuels progress towards our 2012 to five commitments.

Hi, I encourage you to visit the sustainability section of our website to learn more about our pro.