Hortifrut (HF-B) Q3 2024 earnings summary

Executive summary

• Operating revenue for the nine months ended September 30, 2024, was $759.5M, up from $647.4M year-over-year, with net income of $12.6M, compared to $11.9M in 2023.

• Total assets as of September 30, 2024, were $1.86B, with equity of $738.4M and liabilities of $1.12B.

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

Financial highlights

• Gross profit for the nine months was $114.9M, up from $107.0M year-over-year.

• EBITDA for the last twelve months was $181.5M, with an adjusted net financial debt/EBITDA ratio of 4.2x as of June 2024.

• Cash and cash equivalents stood at $49.5M, down from $63.9M at year-end 2023.

• Net cash from operating activities was $166.7M, a significant increase from $25.9M in the prior year period.

• Total financial liabilities (including leases) were $1.01B as of September 30, 2024.

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, product innovation, and sustainability initiatives.