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MarketWatch MarketPulseFeb 19, 2020
Fresh Del Monte's stock plunges after surprise loss and revenue that falls below expectations
Shares of Fresh Del Monte Produce Inc. plunged 11% in premarket trading Wednesday after the fresh fruits seller reported a surprise fourth-quarter loss and a surprise drop in revenue, amid declines in sales in the fresh and value-added business segment and a voluntary recall by its Mann Packing subsidiary. The net loss narrowed to $25.8 million, 54 cents a share, from a loss of $34.0 million, or 70 cents a share, in the year-ago period. Excluding non-recurring items, the adjusted loss was 45 cents a share, compared with the FactSet consensus for earnings of 3 cents a share. Sales fell to $1.03 billion from $1.05 billion, while the FactSet consensus was for a rise to $1.07 billion. Separately, the company declared a quarterly dividend of 10 cents a share, payable March 27 to shareholders of record on March 4, up from 8 cents a share paid in December. The stock has rallied 8.8% over the past three months through Tuesday, while the S&P 500 has gained 8.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseFeb 19, 2020
Analog Devices shares rise premarket as earnings beat, raises dividend by 15%
Analog Devices Inc. shares rose 4.5% in premarket trade Wednesday, after the analog technology company beat estimates for its fiscal first quarter and raised its quarterly dividend by 15%. The Norwood, Mass.-based company said it had net income of $203.9 million, or 55 cents a share, in the quarter, down from $355.0 million, or 95 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.03, ahead of the $1.00 FactSet consensus. Revenue fell to $1.304 billion from $1.541 billion, but was slightly ahead of the $1.302 billion FactSet consensus. "Encouragingly, demand across our end markets has stabilized and is beginning to show signs of improvement as we enter our fiscal second quarter," said Vincent Roche, President and CEO, in a statement. The company is now expecting second-quarter revenue of $1.35 billion, plus or minus $50 million. "While the effects of the coronavirus are difficult to estimate and the situation remains dynamic, we have reduced our revenue guidance by $70 million to account for its potential impact," said the statement. It expects adjusted EPS of $1.10, plus or minus 8 cents. The FactSet consensus is for second-quarter EPS of $1.13 and revenue of $1.455 billion. The company raised its quarterly cash dividend by 15% to 62 cents. The new dividend will be payable March 10 to shareholders of record as of Feb. 28. Shares have gained 14% in the last 12 months, while the S&P 500 has gained 21%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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