Hortifrut (HF-B) Q4 2024 earnings summary

Executive summary

• Revenue increased 13.6% year-over-year to $1,164.9 million for 2024, driven by growth in both fresh fruit and value-added segments.

• Net loss of $41.2 million in 2024, compared to a net profit of $13.0 million in 2023, mainly due to higher impairment charges and increased costs.

• Operating cash flow improved to $178.4 million from $41.1 million year-over-year.

• The company became a closely-held corporation in May 2024, with PSP Investments increasing its stake to 62.04%.

Financial highlights

• Operating revenue: $1,154.6 million in 2024, up from $1,016.8 million in 2023.

• Gross profit: $177.5 million in 2024, up from $172.2 million in 2023.

• Operating loss: $71.6 million impairment charge in 2024, up from $31.0 million in 2023.

• EBITDA (adjusted for covenants): $178.7 million in 2024, up from $158.6 million in 2023.

• Net loss: $41.2 million in 2024, compared to net profit of $13.0 million in 2023.

• Basic and diluted EPS: $(0.0000008) in 2024, $0.0000002 in 2023.

• Total assets: $1,858.4 million at year-end 2024, down from $1,945.3 million in 2023.

• Total equity: $670.6 million at year-end 2024, down from $727.8 million in 2023.

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 focus on global expansion, product innovation, and sustainability initiatives.