Fresh Del Monte Produce Inc (NYSE: FDP) said on Monday that its Board of Directors had authorized a $150 million share buyback program, reinforcing its balanced capital allocation strategy.
“This repurchase authorization is part of our broader capital allocation framework, which prioritizes investing in strategic growth opportunities, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases,” Mohammad Abu-Ghazaleh, Chairman and CEO, said in a press release.
The program has no time deadline and will continue until otherwise modified or terminated by the Board, Fresh Del Monte Produce said.
Stock Performance
The shares of Fresh Del Monte Produce Inc (FDP) closed 3.01% ($0.93) lower at $29.95 in New York on Monday.
The company’s total market cap now stands at $1.436 billion.
The shares of Fresh Del Monte Produce Inc (FDP) went up 26.51% in 2024, compared with a 13.32% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have lost 9.82% so far this year.
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