What Happened?
Shares of fresh produce company Fresh Del Monte (NYSE:FDP) jumped 15.3% in the morning session after the company reported third-quarter earnings that blew past analysts' EBITDA and EPS expectations. Its revenue and gross margin also outperformed Wall Street's estimates. Zooming out, we think this was a good quarter with some key areas of upside.
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What The Market Is Telling Us
Fresh Del Monte Produce’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. Moves this big are rare for Fresh Del Monte Produce and indicate this news significantly impacted the market’s perception of the business.
Fresh Del Monte Produce is up 17.9% since the beginning of the year, and at $32.54 per share, has set a new 52-week high. Investors who bought $1,000 worth of Fresh Del Monte Produce’s shares 5 years ago would now be looking at an investment worth $1,020.
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