Hortifrut (HF-B) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached $629.8 million, up from $502.9 million year-over-year, with gross profit at $96.2 million compared to $94.9 million in 2023.

• Net income for the first half of 2024 was $20.2 million, down from $24.6 million in the same period last year.

• The company remains a global leader in berries, with diversified operations across North America, Europe, Latin America, and Asia.

Financial highlights

• Operating revenue increased 25% year-over-year for the first half of 2024.

• Gross margin for the first half of 2024 was 15.3%, down from 18.9% in 2023.

• EBITDA for the last twelve months was $180.5 million, with an adjusted net financial debt/EBITDA ratio of 3.2x.

• Cash and cash equivalents as of June 30, 2024, were $59.1 million.

• Total assets stood at $1.81 billion, with total equity of $739.5 million.

Outlook and guidance

• Management expects operating cash flows and available liquidity to be sufficient for working capital and interest payments over the next 12 months.

• The company continues to invest in global expansion, genetics, and sustainability initiatives.