Del Monte Corporation (NYSE: DMC) has reported its financial results for the third quarter ended September 25, 2026, highlighting continued progress in its transformation into a more diversified food company. The results reflect the growing contribution of Del Monte Foods, which the company acquired in March 2026, alongside improvements in gross profit, operating income and overall profitability.
Six months after completing the acquisition, Del Monte is beginning to realize the financial and strategic benefits of an expanded portfolio spanning fresh, refrigerated, shelf-stable and prepared food categories. The integration of Del Monte Foods has increased the company’s scale in Prepared Foods and strengthened its earnings mix, helping balance the operational and financial challenges affecting portions of its traditional fresh and agricultural businesses.
For the third quarter, Del Monte reported net sales of $1.10 billion, representing an increase of 7.2% compared with the prior-year period. Adjusted net sales increased 14.2%. Gross profit rose 27.0% to $102.6 million, while gross margin expanded by 150 basis points to 9.4%.
The company also reported operating income of $29.1 million and adjusted operating income of $35.4 million. Net income attributable to Del Monte Corporation reached $18.3 million, while adjusted net income attributable to the company was $23.6 million. Diluted earnings per share were $0.39, compared with adjusted diluted earnings per share of $0.50.
EBITDA totaled $54.6 million, while adjusted EBITDA reached $60.9 million, an increase of 5.0% from the prior-year quarter.
These results demonstrate the increasing importance of the company’s Prepared Foods business in supporting profitability and strengthening its financial position. Although Del Monte continued to face foreign currency fluctuations, weather-related disruptions and cost pressures across certain fresh and agricultural operations, the company benefited from a broader portfolio and improved earnings diversification.
The company completed the divestiture of Mann Packing Inc. during the fourth quarter of 2025. As a result, Del Monte also provides adjusted financial comparisons that exclude the prior-year contribution from Mann Packing, allowing investors to better evaluate the performance of its continuing operations.
Strategic Progress Following Del Monte Foods Acquisition
Del Monte continued advancing the integration of Del Monte Foods during the quarter, establishing the acquired business as a core component of its expanded food platform. The integration has created opportunities for greater commercial and operational collaboration across the company’s fresh, refrigerated, shelf-stable and prepared food categories.
The acquisition has also strengthened Del Monte’s earnings profile by increasing the contribution from Prepared Foods, which delivered the highest gross margin among the company’s reportable segments.
Prepared Foods generated net sales of $261.2 million and gross profit of $45.8 million during the third quarter. The segment recorded a gross margin of 17.5%, reflecting its growing contribution to the company’s overall profitability.
Del Monte also continued implementing measures to improve the efficiency of its fresh and agricultural operations. During the quarter, the company advanced the previously announced closure of four banana farms in Costa Rica. These actions form part of its broader strategy to optimize its agricultural footprint, improve operating efficiency and concentrate resources on higher-return opportunities.
The company also reinforced its unified brand and innovation strategy by showcasing the reunited Del Monte brand and six new product innovations at the 2026 IFPA Global Produce & Floral Show. The presentation highlighted the breadth of the expanded portfolio and the company’s sourcing relationships, operational expertise and established global brand presence.
Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Del Monte Corporation, said the third-quarter results demonstrate the strategic and financial value of the company’s expanded portfolio.
He noted that Prepared Foods is already contributing greater scale, attractive margins and a more balanced earnings profile just six months after the acquisition of Del Monte Foods.
According to Abu-Ghazaleh, the expanded portfolio is supporting growth in sales, gross profit, operating income and adjusted EBITDA, even as the company’s core Fresh business navigates volume, currency and cost pressures.
He also highlighted the increasingly complex global operating environment, including weather volatility and geopolitical uncertainty, as factors influencing the company’s operations.
Del Monte’s management remains focused on strengthening commercial and operational collaboration, optimizing fresh and agricultural operations, and leveraging the reunited brand to accelerate innovation across categories. The company’s long-term objective is to build a more resilient, competitive and innovative business capable of delivering sustainable shareholder value.
Third Quarter 2026 Business Segment Performance
Following the acquisition of Del Monte Foods and a segment realignment during the first quarter of 2026, the company now reports its financial performance across four business segments: Fresh and Value-Added Products, Bananas, Prepared Foods, and Other Products and Services.
Prior-period financial figures have been recast to align with the current reporting structure.
Fresh and Value-Added Products
The Fresh and Value-Added Products segment generated net sales of $461.3 million and gross profit of $50.5 million during the third quarter.
The segment continued to represent a significant part of Del Monte’s integrated food platform, supported by its global sourcing capabilities and established positions across fresh food categories.
However, year-over-year performance reflected several challenges, including the divestiture of Mann Packing in the fourth quarter of 2025 and lower avocado and fresh-cut fruit volumes. Favorable pricing across portions of the portfolio partially offset these pressures.
Gross profit was affected by lower sales volumes, higher production costs for pineapples and fresh-cut fruit, increased distribution expenses and unfavorable foreign currency movements.
These pressures were partially offset by the absence of the negative gross profit contribution associated with Mann Packing during the prior-year period.
Bananas
The Bananas segment reported net sales of $313.3 million and a gross loss of $2.7 million.
Lower banana volumes, including the effects of increased competition and supply constraints in the Middle East, outweighed the benefit of higher per-unit selling prices in North America.
The segment’s profitability was also affected by higher ocean freight costs and unfavorable foreign currency movements related to the Costa Rican colón.
In addition, Del Monte incurred approximately $6.1 million in incremental production costs in Costa Rica associated with Black Sigatoka prevention efforts. These costs followed unusually heavy rainfall linked to El Niño weather conditions.
The company continued implementing operational changes involving four banana farms in Costa Rica as part of its efforts to improve operating efficiency and enhance the long-term economics of the business.
Despite near-term weather-related challenges, the Bananas segment remains an important component of Del Monte’s vertically integrated supply chain and global sourcing platform.
Prepared Foods
Prepared Foods was a key contributor to Del Monte’s third-quarter performance.
The segment generated net sales of $261.2 million and gross profit of $45.8 million, delivering a gross margin of 17.5%.
The acquisition of Del Monte Foods in March 2026 drove the segment’s year-over-year growth and expanded the company’s presence across prepared food categories.
Gross profit growth was primarily supported by the contribution from Del Monte Foods and higher net sales, partially offset by increased distribution costs.
The segment’s strong profitability has helped diversify Del Monte’s earnings and reduce its reliance on the financial performance of its traditional fresh businesses.
Other Products and Services
Other Products and Services generated net sales of $59.5 million and gross profit of $9.0 million.
Higher commercial cargo activity supported net sales growth during the quarter. Gross profit also increased, primarily due to higher net sales, although rising fuel costs partially offset the improvement.
The segment continues to provide complementary earnings streams while supporting Del Monte’s broader integrated operating platform.
Cash Flow, Debt and Capital Allocation
Del Monte maintained a disciplined approach to capital allocation during the third quarter, balancing investments in integration, operating performance and strategic inventory requirements with its commitment to returning capital to shareholders.
Net cash provided by operating activities for the first nine months of 2026 totaled $53.1 million.
Cash flow reflected contributions from the expanded portfolio, including Del Monte Foods, alongside investments in inventory and working capital to support growth and maintain liquidity for integration and operational requirements.
As of September 25, 2026, long-term debt stood at $482.5 million, compared with $173.0 million at the end of 2025. The increase primarily reflected financing associated with the Del Monte Foods acquisition and inventory buildup.
The company’s Board of Directors declared a quarterly cash dividend of $0.30 per share on October 27, 2026. The dividend will be payable on December 4, 2026, to shareholders of record as of November 11, 2026.
Conference Call and Webcast
Del Monte Corporation will host a conference call and simultaneous webcast at 11:00 a.m. Eastern Time on October 29, 2026, to discuss its third-quarter financial results and provide an update on its strategic and operational progress.
The live webcast will be accessible through the Investor Relations section of the company’s website. A replay is expected to become available approximately two hours after the conclusion of the call.
Del Monte’s third-quarter results underscore the growing contribution of its expanded Prepared Foods business and the company’s continued efforts to strengthen profitability, improve operational efficiency and diversify its earnings. As integration progresses, management remains focused on optimizing its agricultural operations, advancing innovation and building a more balanced food platform capable of supporting long-term growth.
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