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Text: As Christine mentioned, I'm Christine Cannella, Vice President, Investor Relations with Fresh Del Monte Produce Inc. Joining me in today's discussion are Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer; and Eduardo Bezerra, Senior Vice President and Chief Financial Officer.
You may also visit the company's website at freshdelmonte.com for a copy of today's release, as well as to register for future distributions.
With that, I am pleased to turn today's call over to Mohammad.
I'm pleased with our overall performance in the third quarter.
Net sales totaled $1.1 billion, gross profit increased 42% from last year's third quarter, and we generated earnings per share on an adjusted basis of $0.35 per share, up from a loss per share of $0.14 a year ago.
During the quarter, we continued to make progress on our strategic objectives, as we transform our company to a value-added higher margin business.
Disrupting the legacy of being a volume based banana business.
Much of the improvement came from our fresh and value-added business segment.
Most notably, our fresh-cut fruit product line in North America.
We continue to see strong demand from existing and new customers.
Our new fresh-cut unit in Yokohama, Japan is on track to open in the first quarter of 2020, and we have begun expansion of our existing fresh-cut facilities in the UK.
This will allow us to keep pace with global demand trends and expand our foodservice and retail customer base.
Our vegetable business through Mann Packing also performed well during the third quarter.
As part of our meals and snacks product line, we were excited to see the launch of our Better Break line of vegetable rich convenience snacks.
We are moving ahead, as well with some of our newest and biggest opportunities.
For example, we continue to grow our foodservice partnerships across the Middle East, Asia and Europe, which is increasingly a focus of new business for us.
We are also on schedule to open our fresh food and beverage store in the United States during the first quarter of 2020 in Coral Gables.
This concept has proven itself in the Middle East and we are looking forward to the possibilities in the United States.
We are about to bring our new state-of-the-art avocado packing facilities online in Mexico, which will give us even more control over our supply.
This should improve our margin and secure new additional sourcing opportunities to serve the rapidly expanding consumer market for avocados.
We recently released on our website, the latest corporate social responsibility report highlighting Fresh Del Monte's commitment to making a better world tomorrow.
Sustainability has always been a part of who we are and what we do every day.
We recognize setting and meeting our sustainability goals is an opportunity for us to positively impact people and the environment.
We look forward to building on our momentum as we advance our efforts to meet all our corporate responsibility goals and make a better way tomorrow.
In summary, we remain committed to transforming the company growing our product lines, increasing shareholder value and inspiring healthier lifestyles for generations to come.
Our financial performance in the third quarter demonstrates that our strategy to evolve Fresh Del Monte to our value-added, efficient, profitable and more focused business is under way.
For the third quarter of 2019, adjusted net income per diluted share was $0.35, compared with an adjusted loss per diluted share of $0.14 in 2018.
Net sales were in line with the prior year period.
Adjusted gross profit increased 42% to $75 million in the third quarter of 2019, compared with $53 million in 2018.
Adjusted operating income for the quarter increased to $25 million, compared with $3 million in the prior year.
And adjusted net income was $17 million, compared with an adjusted net loss of $7 million in the third quarter of 2018.
Turning to our business segments and key product lines.
In our fresh and value-added business segment for the third quarter of 2018, net sales were $653 million, compared with $640 million in the prior year period.
Primarily as a result of higher net sales in our fresh-cut fruit, avocado and vegetable product line, partially offset by lower net sales in our pineapple and non-tropical product lines.
Gross profit increased 27% to $54 million, compared with $42 million in the third quarter of 2018, primarily due to higher gross profit in our fresh-cut, pineapple and vegetable product lines.
Our gross profit margin for the segment improved by 1.6 percentage point, maintaining the growth trend of the first half of 2019.
In our pineapple category, net sales decreased to $102 million, compared to $112 million in the prior year period.
The result of lower production volumes, due to adverse growing conditions in our production areas.
The decrease was offset by higher selling prices in North America and Europe.
Overall volume was 20% lower, unit pricing was 14% higher and unit cost was 7% higher than the prior year period.
In our fresh-cut fruit category, net sales were $145 million, compared with $132 million in the prior year period, primarily due to higher sales volume and higher selling prices in North America.
Overall volume was 10% higher, unit pricing was 1% higher and unit cost was 2% lower than the third quarter of 2018.
In our fresh-cut vegetable category, net sales increased to $124 million, compared with $123 million in the third quarter of 2018.
The increase was primarily the result of higher selling prices.
Volume was 9% lower, unit pricing was 11% higher and unit cost was 9% higher than the prior year period.
In our avocado category, net sales increased to $98 million, compared with $85 million in the third quarter of 2018, supported by higher selling prices as a result of tight industry supply.
Volume decreased 8%, pricing was 26% higher and unit cost was 28% higher than the prior year period.
In our fresh vegetable category, net sales increased to $46 million, compared with $40 million in the third quarter of 2018, due to higher sales volume and increased selling prices.
Volume increased 9%, unit price increased 6% and unit cost was 1% lower.
In our non-tropical category, which includes our grape, berry, apple, citrus, pear, peach, plum, nectarine, cherry and kiwi product lines.
Net sales decreased to $32 million, compared with $42 million in the third quarter of 2018, primarily due to planned rationalization of low-margin products in this category beginning in 2018.
Volume decreased 22%, unit pricing was in line with the prior year period and unit cost was 2% lower.
In our prepared food category, which includes our traditional canned products and meals and snacks product lines.
Net sales increased, due to higher sales volume, gross profit was impacted by lower selling prices in the traditional prepared product lines.
In our banana business segment, net sales were $386 million, compared with $397 million in the third quarter of 2018, primarily due to lower net sales in North America and Asia, partially offset by higher sales in the Middle East and Europe.
Overall volume was 7% lower than last year's third quarter, worldwide price increased 4% over the prior year period and total worldwide banana unit cost was 3% higher than the prior year period and gross profit increased to $17 million, compared with $10 million in the third quarter of 2018, reflecting a 1.7 percentage point increase in gross profit margin.
Now moving to selected financial data.
On selling, general and administrative expenses, we were in line with the prior year period.
Regarding foreign currency, our foreign currency was impacted at the sales level for the third quarter with an unfavorable impact of $7 million, and at the gross profit level the impact was unfavorable by $2 million.
Interest expense, net for the third quarter was $6 million compared with $7 million in the third quarter of 2018, due to lower debt and volume.
Income tax expense was $3 million during the quarter, compared with income tax expense of $1 million in the prior year, mainly due to higher taxable earnings in North America.
At the end of the quarter, our cash flow -- cash from operating activities was $130 million, compared with net cash provided by operating activities of $271 million in the same period of 2018, primarily due to lower accounts payable and accrued expenses, partially offset by higher net income.
At the end of the quarter, we were able to reduce our debt by an additional $50 million to $590 million from $640 million at the end of the second quarter of 2018.
In October 2019, we amended and restated our $1.1 billion unsecured credit agreement and extended the credit facility until October 2024, with a more favorable rate.
We also included an accordion feature that could increase the availability by, up to $300 million.
And we are pleased to have the continued support of our lenders and appreciate the confidence they maintain in Fresh Del Monte's future.
As it relates to capital spending, we invested $94 million on capital expenditures in the first nine months of 2019, compared with $119 million in the same period in 2018.
This is a 33% or $0.02 increase over the dividend paid in September 2019.
This concludes our financial review.

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compname reports q3 adjusted earnings per share $0.35.
q3 adjusted earnings per share $0.35.
company increases dividend 33% from $0.06 to $0.08 per share.
company extends credit facility until 2024.

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