Image source: The Motley Fool.
图片来源:The Motley Fool。
Fresh Del Monte Produce(NYSE: FDP)
新鲜的德尔蒙特农产品(纽约证券交易所:FDP)
Q4 2020 Earnings Call
2020年第四季度业绩电话会议
Feb 24, 2021, 10:00 a.m. ETContents:Prepared Remarks
2021年2月24日，10:00 a.m. ETContents:准备好的发言稿
Questions and Answers
问题和答案
Call ParticipantsPrepared Remarks:
叫ParticipantsPrepared备注:
Operator
操作符
Good day, everyone, and welcome to Fresh Del Monte Produce fourth-quarter and full-year 2020 conference call. today's conference call is being broadcast live over the Internet and is also being recorded for playback purposes. [Operator instructions] For opening remarks and introductions, I would now like to turn today's call over to the vice president, investor relations with Fresh Del Monte Produce, Christine Cannella. Please go ahead, Ms.
大家好，欢迎来到新鲜德尔蒙农产品第四季度和2020年全年电话会议。今天的电话会议将在互联网上直播，同时也将被录制以供回放。(接线员说明)关于开场白和介绍，我现在把今天的电话转给德尔蒙特蔬果公司负责投资者关系的副总裁Christine Cannella。请讲吧，女士。
Cannella.
Cannella。
Christine Cannella --
克里斯汀Cannella——
Thank you, Amy. Good morning, everyone, and thank you for joining our fourth-quarter and full-year 2020 conference call. As Amy mentioned, I am Christine Cannella, vice president, investor relations with Fresh Del Monte Produce. 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.
谢谢你,艾米。大家早上好，感谢大家参加我们的第四季度和2020年全年电话会议。正如Amy提到的，我是Christine Cannella，是Del Monte Fresh的投资者关系副总裁。今天和我一起讨论的是董事长兼首席执行官Mohammad Abu-Ghazaleh;Eduardo Bezerra，高级副总裁兼首席财务官。
I hope that you've had a chance to review the press release that was issued earlier this morning via Business Wire. 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 distribution. This conference call is being webcast live on our website and will be available for replay after this call. Please note that our press release includes reconciliations of any non-GAAP financial measures we mentioned today to their corresponding GAAP measures.
我希望你已经有机会看了今天早上通过商业电讯发布的新闻稿。您也可以访问公司的网站freshdelmonte.com，以获得今天发行的副本，以及为未来发行进行注册。这次电话会议正在我们的网站上直播，并将在这次电话会议后可供回放。请注意，我们的新闻稿包括我们今天提到的任何非GAAP财务措施与其相应的GAAP措施的协调。
10 stocks we like better than Fresh Del Monte Produce
10 .我们喜欢的股票比新鲜的德尔蒙特农产品更受欢迎
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Fresh Del Monte Produce wasn't one of them! That's right -- they think these 10 stocks are even better buys.
大卫和汤姆刚刚透露了他们认为目前投资者最值得购买的十支股票。新鲜的德尔蒙特蔬果不在其中!没错，他们认为这10只股票更值得买进。
I would like to remind you that much of the information we will be speaking to today, including the answers we give in response to your questions, may include forward-looking statements within the provisions of the federal securities safe harbor laws. We ask that you review the forward-looking statements information included in the press release we issued this morning and in the company's most recent filings with the SEC. With that, I am pleased to turn today's call over to Mohammad.
我想提醒您，我们今天将谈到的大部分信息，包括我们对您问题的回答，可能包括联邦证券安全港法规定内的前瞻性声明。我们要求您审查包含在我们今天上午发布的新闻稿和该公司最近向美国证券交易委员会提交的文件中的前瞻性声明信息。有了这些，我很高兴把今天的电话交给Mohammad。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Thank you, Christine. Good morning, everyone. As everyone on the call know, 2020 came with unprecedented challenges. I'm extremely proud of how our global team has responded and adapted to the ever-changing conditions to continue to get our products to market, serve our communities with donations while taking the necessary precaution to keep our production environment safe for our team members.
谢谢你,克里斯汀。早上好,每个人。大家都知道，2020年带来了前所未有的挑战。我非常自豪我们的全球团队如何应对和适应不断变化的环境，继续将我们的产品推向市场，为我们的社区提供捐赠，同时采取必要的预防措施，为我们的团队成员保持生产环境的安全。
We made progress on many fronts in 2020, building a solid foundation for a strong future, which I will highlight in a minute. However, I want to first mention the events that affected our quarter's performance. The COVID-19 pandemic continued to impact Fresh Del Monte, especially in our largest market, North America, primarily as a result of ongoing disruption in the foodservice business. In November, hurricanes Eta and Iota took their toll on Guatemala, Honduras, and Nicaragua.
2020年，我们在许多方面取得了进展，为美好的未来奠定了坚实的基础。然而，我想首先提一下影响我们季度业绩的事件。COVID-19大流行继续影响德尔蒙特新鲜食品，特别是在我们最大的市场北美，主要原因是餐饮服务业务持续中断。11月，飓风埃塔(Eta)和艾奥塔(Iota)袭击了危地马拉、洪都拉斯和尼加拉瓜。
Despite the devastation sustained on our farms and communities, we quickly engaged a global team to lend support and assistance to our team members and the surrounding hard-hit communities. Thankfully, no lives were lost. As a result of the hurricane, a tight banana supply from these regions emerged. In December, to meet the needs of our customers and deal with higher cost of fruit production and procurement, we declared force majeure and implemented a surcharge per box to our North American banana contract prices.
尽管我们的农场和社区遭受了巨大破坏，但我们迅速组建了一个全球团队，向我们的团队成员和周围遭受重创的社区提供支持和援助。谢天谢地，没有人死亡。由于飓风的影响，这些地区出现了香蕉供应紧张的情况。12月，为了满足客户需求，应对水果生产和采购成本较高，我们宣布了不可抗力，并对我们的北美香蕉合同价格实行了每箱附加费。
These surcharge remains in place today. Collectively, these factors hampered our 2020 fourth-quarter financial performance. Net sales were $1 billion, in line with the fourth quarter of 2019. We reported adjusted gross profit of $49 million, compared with $48 million in the fourth quarter of 2019, with gross profit margin improvements in our fresh and value-added product segment.
这些附加税今天仍然有效。总的来说，这些因素影响了我们2020年第四季度的财务业绩。净销售额为10亿美元，与2019年第四季度持平。我们报告调整后毛利润为4900万美元，而2019年第四季度为4800万美元，生鲜和增值产品部门的毛利率有所改善。
We also reported adjusted loss per diluted share of $0.08, compared with adjusted loss of $0.45 in the fourth quarter of 2019. Now, I would like to highlight a few of our accomplishments in 2020. During our third-quarter 2020 conference call, we announced $100 million asset sale optimization program to strengthen our balance sheet and free up cash flow. I am pleased to share with you that for 2020, primarily in the fourth quarter, we achieved 40% of our goal.
我们还报告了摊薄后每股调整亏损0.08美元，而2019年第四季度的调整亏损为0.45美元。现在，我想强调一下我们在2020年取得的一些成就。在我们的2020年第三季度电话会议上，我们宣布了1亿美元的资产出售优化计划，以加强我们的资产负债表和解放现金流。我很高兴地告诉大家，2020年，主要是第四季度，我们实现了目标的40%。
We are on track to complete the most of the program in 2021. Last year, at this time, I shared with you that we embarked on a five-year plan to transform Fresh Del Monte. You may recall the key elements of our transformation were: protect and grow the core business; drive innovation and expansion growth on value-added growth categories; evolve our culture to increase employee engagement and productivity; become a technology-driven company to drive efficiencies; become a consumer-driven company, and last, but not the least, sustainability; waste less for a better world tomorrow. Today, even in the face of a year-long pandemic, we are a different company than we were a year ago.
我们将在2021年完成大部分项目。去年的这个时候，我和你们分享了我们开始实施一个五年计划来改造新鲜的德尔蒙特。你可能还记得我们转型的关键要素是:保护和发展核心业务;在增值增长领域推动创新和扩张增长;发展我们的文化，以提高员工的敬业度和生产力;成为技术驱动型公司，提高效率;成为一个消费者驱动型公司，最后，但并非最不重要的是可持续发展;为了明天更美好的世界，少浪费。今天，即使面对长达一年的大流行，我们也与一年前不同。
In the U.S., we depicted our newest product, the Pinkglow pineapple, a novel variety with a pink flesh. We recently announced a partnership with Queensland University of Technology in Australia to develop new varieties of disease-resistant bananas. The research partnership will focus on utilizing breakthrough in plant trade developments to calculate bananas that are less susceptible to crop-threatening diseases. We completed the move to our new Gonzales, California facility.
在美国，我们介绍了我们的最新产品，粉红菠萝，一个有着粉红色果肉的新奇品种。我们最近宣布与澳大利亚昆士兰科技大学(Queensland University of Technology)合作开发抗病香蕉新品种。这项研究伙伴关系将集中于利用植物贸易发展方面的突破来计算对威胁作物的疾病不那么敏感的香蕉。我们完成了向加州冈萨雷斯新工厂的搬迁。
Today, our three Mann Packing facilities and Fresno fresh-cut fruit facility are operating under one roof which we anticipate will enable us to improve gross profit in our fresh and value-added products segment by approximately $10 million on an annual basis, a benefit which we expect to achieve in 2021. We opened a new state-of-the-art distribution, a fresh-cut facility in Yokohama, Japan. We accelerated the 1-year anniversary of our new avocado packing facility in Mexico which has further strengthened our competitive position. We continue to expand our global customer supply partnerships as they play important roles in the value-added product diversification strategy for our distribution channels.
今天，我们的三个曼恩包装设施和弗雷斯诺鲜切水果设施在一个平台上运营，我们预计这将使我们在新鲜和增值产品领域的毛利润每年提高约1000万美元，我们预计到2021年实现这一收益。我们在日本横滨开设了一个新的最先进的配送中心，一个新鲜切割设备。我们加快了我们在墨西哥新的牛油果包装设施的一周年纪念，这进一步加强了我们的竞争地位。我们继续扩大我们的全球客户供应伙伴关系，因为它们在我们分销渠道的增值产品多元化战略中扮演重要角色。
We welcome four of our six new container vessels. In addition to the lower carbon footprint, our new ships enabled us to offer a more convenient and competitive commercial cargo program to third-party customers and trade lanes served by these new vessels. We made capital investments in technology and automation to become a more efficient producer, implemented SAP in some of our facilities, we launched e-commerce platforms in Dubai and Doha and we are focused on further expansion of our diversification strategy. We opened our first North America food and beverage store, named Fresh Street in December in Coral Gables, bringing our products closer to our ultimate consumers.
我们欢迎6艘新集装箱船中的4艘。除了降低碳排放外，我们的新船还使我们能够为第三方客户和贸易航线提供更方便和更具竞争力的商业货运服务。我们在技术和自动化方面进行资本投资，以成为一个更高效的生产商，在我们的一些设施中实施SAP，我们在迪拜和多哈推出了电子商务平台，我们专注于进一步扩大我们的多元化战略。12月，我们在Coral Gables开设了第一家北美食品和饮料商店，名为Fresh Street，使我们的产品更接近最终消费者。
In October, we published an update to our 2018-'19 corporate social responsibility report, demonstrating our continuous commitment to deliver on sustainability and social responsibility objectives. This can be measured through numerous awards and accolades we received in 2020, such as the PR Daily award from Green and Environmental Stewardship and numerous social responsibility awards for COVID-19 pandemic relief such as the Guatemala 2020 President's Award for COVID-19 support and the 2020 Hunger Relief Champion, to name just a few. And our team members, our most important assets, during the pandemic, they showed resilience, focus and attention to details to continue to operate within the highest standards of quality and efficiency. They have my heartfelt respect and full appreciation.
今年10月，我们发布了2018- 2019年《企业社会责任报告》的更新，展示了我们对实现可持续发展和社会责任目标的持续承诺。这可以测量通过众多奖项和赞誉我们收到了2020年,公关等日常奖从绿色和环境管理工作和众多社会责任奖COVID-19流行病等救援危地马拉2020年总统COVID-19支持奖和2020年饥荒救助冠军,这些只是其中一部分。我们的团队成员是我们最重要的资产，他们在大流行期间表现出了韧性、专注和关注细节，以继续在最高质量和效率标准下运作。我对他们表示衷心的尊敬和充分的感谢。
As we move forward in 2021, we will continue to advance our five-year strategic transformation to deliver stronger long-term shareholder value. We remain firmly committed to prudently growing the company, improving our operational efficiency, expanding in new geographies, developing innovative new value-added products and adding more opportunities for direct-to-consumer engagements to respond to the shift in delivery channels driven by a trend toward stay-at-home economy. Thank you for joining us today, and I will turn the call to Eduardo to talk about financial results. Eduardo, please?
随着2021年的到来，我们将继续推进我们的五年战略转型，为股东创造更大的长期价值。我们仍然坚定地致力于稳健地发展公司，提高我们的运营效率，在新的地区扩张，开发创新的新增值产品，并增加更多直接面向消费者的机会，以应对由宅在家经济趋势驱动的交付渠道的转变。感谢大家今天的参与，我将打电话给爱德华多谈谈财务业绩。爱德华多吗?
Eduardo Bezerra -- Senior Vice President and Chief Financial Officer
Eduardo Bezerra，高级副总裁兼首席财务官
Thank you, Mohammad, and good morning. Despite the COVID-19 disruptions during the full year and the impact of hurricanes Eta and Iota in our Central America operations in the fourth quarter of 2020, we achieved net income per diluted share of $1.03 versus net income per diluted share of $1.37 in the full year of 2019. Excluding, among other things, the effect of other product-related charges which resulted in a $34 million gross profit impact related to charges attributable to our fresh and value-added and banana products segments and the $22 million gain on disposal of properties, we delivered adjusted net income per diluted share of $1.15, compared with adjusted net income per diluted share of $1.12 for the full-year 2019. Additionally, despite the headwinds of the COVID-19 pandemic and hurricanes, we generated $181 million in operating cash flow during the year; we reinvested $150 million in capital projects; returned $35 million to our shareholders through dividends and share buybacks; and reduced our long-term debt by $45 million compared to the end of 2019.
谢谢你，穆罕默德，早上好。尽管2019年全年受到COVID-19的干扰，以及2020年第四季度Eta和Iota飓风对我们中美洲业务的影响，我们的摊销每股净收入为1.03美元，而2019年全年摊销每股净收入为1.37美元。不包括,除其他事项外,其他产品相关费用的影响导致了3400万美元的总利润的影响相关费用由我们新鲜的产品和增值和香蕉段和2200万美元获得处理的属性,我们提供调整后的净收益摊薄后每股1.15美元,相比之下,调整后每股净收益1.12美元,2019年全年。此外，尽管受到COVID-19大流行和飓风的不利影响，本年度我们仍创造了1.81亿美元的运营现金流;我们在资本项目上再投资了1.5亿美元;通过分红和股票回购向股东返还3500万美元;与2019年底相比，我们的长期债务减少了4500万美元。
As Mohammad mentioned, we made excellent progress with our asset sales optimization program, completing $40 million of the $100 million objective in 2020. I'll now get into the results for the fourth-quarter and full-year 2020. In regards to the product line, I will update you on fourth-quarter numbers. For the full-year 2020, net sales were $4.2 billion, compared with $4.5 billion in 2019, with unfavorable exchange rates negatively impacting net sales by $16 million.
正如Mohammad提到的，我们的资产销售优化计划取得了出色的进展，在2020年完成了1亿美元的目标中的4000万美元。现在我来谈谈第四季度和2020年全年的业绩。关于产品线，我会更新第四季度的数据给你。2020年全年，净销售额为42亿美元，而2019年为45亿美元，不利的汇率对净销售额产生了1600万美元的负面影响。
The COVID-19 pandemic impacted net sales during the year by an estimated $304 million. Partially offsetting the decrease in overall net sales was our fiscal year cycle which consisted of a 53-week year for fiscal 2020, as compared to a 52-week year for fiscal 2019, resulting an estimated $72 million increase in net sales. Adjusted gross profit was $284 million, compared with $318 million in 2019. However, I would like to point out that if you apply the adjusted gross profit margin of 6.5% to the $304 million of net sales impacted by COVID-19, we estimate that we would have delivered an additional $21 million in adjusted gross profit.
2019冠状病毒病大流行对该年度净销售额的影响估计为3.04亿美元。我们的财年周期部分抵消了总净销售额的下降，该财年包括2020财年的53周年度，而2019财年为52周年度，预计净销售额将增加7200万美元。调整后的毛利润为2.84亿美元，而2019年为3.18亿美元。但是，我想指出的是，如果你们将调整后的毛利率6.5%适用于受COVID-19影响的3.04亿美元净销售额，我们估计将额外交付2100万美元的调整后毛利率。
Adjusted operating income for the year was $89 million, compared with $113 million in the prior year and adjusted net income was $55 million, in line with the prior-year period in 2019. For the full-year 2020, net sales in our fresh and value-added business segments decreased by $220 million to $2.5 billion, compared to the prior year, primarily as a result of lower net sales in our fresh-cut vegetables, fresh-cut fruit, avocados, vegetables, melons, prepared food products, and tomato product lines, partially offset by higher net sales in our nontropical fruit and pineapple product lines. As compared with our full-year 2019 performance for this segment, the COVID-19 pandemic affected our net sales of fresh and value-added products by an estimated $243 million during the year, driven by reduced demand in our foodservice channel and shifting demand at retail due to the pandemic. Also, the continuing effect of the November 2019 impacting voluntary product recall affected our net sales in the full-year of 2020.
调整后的全年营业收入为8900万美元，前一年为1.13亿美元，调整后的净利润为5500万美元，与2019年的前一年持平。2020年全年,净销售额在我们的新鲜和增值业务部门减少了2.2亿到25亿美元,与前一年相比,主要是由于较低的净销售额在我们现摘的蔬菜、新鲜水果、鳄梨、蔬菜、瓜类,准备食品,和番茄生产线,部分抵消较高的净销售额在我们nontropical水果和菠萝产品线。与2019年全年本部门的业绩相比，2019冠状病毒病大流行影响了我们全年生鲜和增值产品的净销售额，估计为2.43亿美元，原因是我们餐饮服务渠道的需求减少，以及大流行导致零售需求发生变化。此外，2019年11月影响自愿召回产品的持续影响影响了我们2020年全年的净销售。
Our gross profit decreased $35 million to $158 million. Other product-related charges represented $25 million for the segment, primarily related to inventory write-off of pineapples and fresh-cut vegetables as a result of volatile supply and demand conditions, as well as, additional cleaning and social distancing protocols associated with the pandemic, along with inventory write-offs resulting from damages to our melon operations in Guatemala due to hurricanes Eta and Iota in the fourth quarter of 2020. For the full year, net sales in our banana business segment decreased by $53 million to $1.6 billion, compared to the prior year as a result of lower net sales in North America and Europe, partially offset by higher net sales in the Middle East and Asia. As compared with our full-year 2019 performance for this segment, the COVID-19 pandemic affected our net sales of bananas by an estimated $60 million.
我们的毛利润减少了3500万美元，降至1.58亿美元。代表其他产品相关费用2500万美元,主要是存货相关注销的菠萝和鲜切蔬菜由于不稳定的供给和需求状况,以及额外的清洁和社会距离与大流行,相关协议以及库存冲销造成损害我们的瓜操作在危地马拉由于飓风“埃塔”,在2020年第四季度极微小。从全年来看，我们香蕉业务部门的净销售额下降了5300万美元，至16亿美元，这是由于北美和欧洲的净销售额下降，部分抵消了中东和亚洲的净销售额上升。与我们2019年全年这一部门的业绩相比，COVID-19大流行影响了我们的香蕉净销售额，估计为6000万美元。
Gross profit decreased $20 million to $84 million, primarily due to lower selling prices and sales volumes. Other product-related charges represented $8 million for the segment, primarily related to inventory write-offs as a result of damages to our banana operations in Guatemala due to hurricanes Eta and Iota during the fourth quarter of 2020, along with the volatile supply and demand conditions caused by COVID-19 pandemic, as well as, incremental costs incurred for cleaning and social distancing protocols associated with the pandemic. The company collected approximately $3 million in insurance recoveries associated with the storms which is included in other product-related charges. For the fourth quarter of 2020, adjusted loss per diluted share was $0.08 a share, compared with adjusted loss of $0.45 a share in the fourth quarter of 2019.
毛利润下降2000万美元至8400万美元，主要是由于销售价格和销售量下降。代表其他产品相关费用800万美元,主要是有关存货减记的结果损害我们的香蕉在危地马拉由于飓风埃塔和卡拉胶在2020年第四季度,随着COVID-19大流行造成的不稳定的供给和需求状况,以及增量成本,清洁和社会距离与流感相关的协议。该公司获得了约300万美元的风暴相关保险赔付，这包括在其他产品相关费用中。2020年第四季度，摊薄后调整每股亏损0.08美元，而2019年第四季度调整每股亏损0.45美元。
Net sales decreased by $23 million to $1 billion in comparison to the prior-year period in 2019, with unfavorable exchange rates negatively affecting net sales by $2 million. The COVID-19 pandemic impacted net sales during the quarter by an estimated $71 million as compared with our fourth quarter of 2019 performance. Partially offsetting the decrease in net sales for the fourth quarter of 2020 was an additional week in November 2020. So when compared 14 weeks versus our regular 13 weeks of sales, we estimate an increase in fourth-quarter 2020 net sales of $72 million.
与2019年同期相比，净销售额减少2300万美元，至10亿美元，不利汇率对净销售额产生了200万美元的负面影响。与我们2019年第四季度的业绩相比，COVID-19大流行对本季度净销售额的影响估计为7100万美元。2020年11月又多了一周，这部分抵消了2020年第四季度净销售额的下降。因此，与我们常规的13周销售额相比，我们估计2020年第四季度净销售额将增加7200万美元。
Adjusted gross profit was $49 million, compared with adjusted gross profit of $48 million in the fourth quarter of 2019. However, I would like to point out that if we apply the adjusted gross profit margin of 3.9% to the $71 million of net sales impacted by COVID-19, we estimate that we would have delivered an additional $3 million in adjusted gross profit. Adjusted operating loss for the quarter was $5 million, compared with an adjusted operating loss of $6 million in the prior year. And adjusted net loss for the quarter was $4 million, compared with an adjusted net loss of $21 million in the fourth quarter of 2019.
调整后的毛利润为4900万美元，而2019年第四季度调整后的毛利润为4800万美元。然而，我想指出的是，如果我们将3.9%的调整毛利率适用于受COVID-19影响的7100万美元净销售额，我们估计将额外产生300万美元的调整毛利率。本季度调整后的营业亏损为500万美元，上年同期调整后的营业亏损为600万美元。该季度调整净亏损为400万美元，而2019年第四季度调整净亏损为2100万美元。
In our fresh and value-added business segment for the fourth quarter of 2020, net sales were $586 million, compared with $597 million in the prior-year period, primarily attributable to lower sales volume in our melon, vegetables, fresh-cut fruit, and prepared food product lines, partially offset by higher net sales in our pineapple, fresh-cut vegetables and nontropical fruit lines. We have estimated that the COVID-19 pandemic impacted net sales in the fresh and value-added product segments during the fourth quarter of 2020 by an estimated $49 million, as compared with the fourth quarter of 2019 performance. The estimated impact in net sales is attributable to reduced demand in the company's foodservice business and shifting demand at retail as a result of continued government-imposed mandatory restrictions and social distancing initiatives associated with the pandemic. Partially offsetting the decrease in overall net sales was the impact of an additional week in the fourth quarter of 2020 which contributed an estimated $42 million increase in net sales.
在我们的新鲜和增值业务部门对2020年第四季度,净销售额为5.86亿美元,与09 5.97亿美元相比,主要归因于低销量在我们的西瓜,蔬菜,新鲜水果,和准备食品生产线,部分抵消较高的净销售额在我们的菠萝,鲜切蔬菜和nontropical水果行。我们估计，与2019年第四季度的业绩相比，2019年第四季度COVID-19大流行对新鲜产品和增值产品领域的净销售额影响估计为4900万美元。净销售额的估计影响是由于该公司餐饮服务业务的需求减少，以及由于政府持续实施与大流行有关的强制性限制和社交距离举措而导致零售需求发生变化。2020年第四季度额外一周的影响部分抵消了净销售额的下降，预计净销售额增加了4200万美元。
Gross profit increased to $25 million, compared with $21 million in the fourth quarter of 2019. Other product-related charges represented $6.8 million for the segment, primarily related to inventory write-offs of pineapples, fresh-cut vegetables due to volatile supply and demand conditions caused by the COVID-19 pandemic, as well as, $4.4 million in inventory write-offs, resulting from damages to our melon operations in Guatemala due to hurricanes Eta and Iota. In our pineapple category, net sales were $127 million compared to $115 million in the prior-year period, primarily due to higher sales volume and selling prices in Asia, Europe and Middle East. Overall, volume increased 9%, unit price increased 1%, and unit cost decreased 1%.
毛利润增至2500万美元，而2019年第四季度为2100万美元。代表其他产品相关费用680万美元,主要是有关存货减记的菠萝、鲜切蔬菜由于COVID-19大流行造成的不稳定的供给和需求状况,以及440万美元的冲销库存,造成损害我们的瓜操作在危地马拉由于飓风埃塔和极微小。菠萝类的净销售额从去年的1.15亿美元上升到1.27亿美元，主要原因是亚洲、欧洲和中东地区的销售额和销售价格较高。总体来说，销量增加了9%，单价增加了1%，单价下降了1%。
In our fresh-cut fruit category, net sales were $110 million, compared with $116 million in the prior-year period, primarily due to decreased demand in North America and the Middle East as a result of the continued impact of COVID-19 pandemic and the shortage of raw materials. The decrease was partially offset by higher net sales in Europe and Asia. Overall, volume decreased 6%, unit pricing increased 1% and unit cost increased 5%. In our fresh-cut vegetable category, net sales were $99 million, compared with $96 million in the fourth quarter of 2019.
在我们的鲜切水果类别中，净销售额为1.1亿美元，而去年同期为1.16亿美元，这主要是由于COVID-19大流行的持续影响和原材料短缺导致北美和中东的需求下降。欧洲和亚洲的净销售额增长部分抵消了这一降幅。总体而言，销量下降6%，单价上涨1%，单价上涨5%。在新鲜切菜类别，净销售额为9900万美元，而2019年第四季度为9600万美元。
The increase was primarily due to higher selling prices in North America. Volume decreased 3%, unit pricing increased 6%, and unit cost decreased 2%. In our avocado category, net sales were $69 million, in line with the fourth quarter of 2019, supported by higher sales volume as a result of increased customer demand. Volume increased 22%; pricing decreased 19%; and unit cost decreased 22%.
涨价的主要原因是北美的销售价格上涨。销量下降3%，单价上涨6%，单价下降2%。在我们的牛油果类，净销售额为6900万美元，与2019年第四季度一致，由于客户需求增加，销售额增加。体积增加了22%;价格下降了19%;单位成本下降22%。
Our Mexico packing facility and changes in how we procure avocados continue to drive lower cost and improvement in margins in this product line. In our vegetables category, net sales were $40 million, compared with $47 million in the fourth quarter of 2019, primarily due to lower sales volume as a result of the continued impact of the COVID-19 pandemic, partially offset by higher selling prices. Volume decreased 17%, unit pricing increased 2%, and unit cost increased 16%. In our nontropical category which includes our grape, berry, apple, citrus, pear, peach, plum, nectarine, cherry, and kiwi product lines, net sales increased to $35 million compared with $33 million in the fourth quarter of 2019.
我们在墨西哥的包装设施和采购牛油果方式的改变，继续降低了该产品线的成本，提高了利润率。在我们的蔬菜类，净销售额为4000万美元，而2019年第四季度为4700万美元，这主要是由于COVID-19大流行的持续影响导致销售额下降，部分被较高的销售价格抵消。销量下降17%，单价上涨2%，单价上涨16%。在我们的非热带类别中，包括我们的葡萄、浆果、苹果、柑橘、梨、桃子、李子、油桃、樱桃和猕猴桃产品线，净销售额增加到3500万美元，而2019年第四季度为3300万美元。
Volume increased 11%, unit prices decreased 5%, and unit cost increased 8%. In our prepared food category which includes our traditional canned products and meals and snacks product lines, net sales for the fourth quarter decreased 5%, compared with the fourth quarter of 2019. The decrease was primarily due to lower sales in our meals and snacks product line due to the impact of the COVID-19 pandemic, the continued impact of the 2019 product recall and product rationalization efforts in our Mann Packing operations in North America which resulted in the discontinuance of lower-margin products. The decrease was partially offset by increased per unit sales prices of canned pineapple products, higher per unit sales of canned nontropical fruit due to improved customer demand and higher per unit selling prices of pineapple-concentrate products due to lower industry supply.
销量增加11%，单价下降5%，单价上升8%。在我们的准备食品类别，包括我们的传统罐装产品、正餐和零食产品线，第四季度净销售额与2019年第四季度相比下降了5%。减少主要是由于较低的销售在我们的饭菜和小吃产品线由于COVID-19流感大流行的影响,2019年的持续影响产品召回和产品包装合理化的努力在我们的曼在北美导致中止业务利润率较低的产品。菠萝罐头产品单位销售价格的上升，非热带水果罐头单位销售价格的上升，以及菠萝浓缩产品单位销售价格的上升，由于行业供应减少。
In our banana business segment, net sales were $384 million compared with $399 million in the fourth quarter of 2019, primarily due to lower sales volume and selling prices in Europe, partially offset by higher net sales in North America and Asia. We have estimated that the COVID-19 pandemic impacted net sales in the banana segment during the fourth quarter by an estimated $22 million, as compared with the fourth quarter of 2019 performance for the segment. The estimated impact in net sales attributable to reduced demand in the company's foodservice business and shifting demand at retail as a result of continued government-imposed mandatory restrictions and social distancing initiatives associated with the pandemic. Partially offsetting the decrease in overall net sales was the impact of an additional week in the fourth quarter of 2020 which contributed an estimated $28 million increase in net sales.
在我们的香蕉业务部门，净销售额为3.84亿美元，而2019年第四季度为3.99亿美元，主要是因为欧洲的销售额和销售价格下降，部分被北美和亚洲的净销售额上升抵消。我们估计，与2019年第四季度香蕉部门的业绩相比，COVID-19大流行对该部门第四季度净销售额的影响估计为2200万美元。净销售额的估计影响归因于该公司餐饮服务业务的需求减少，以及由于政府持续实施与大流行病有关的强制性限制和社交距离举措而导致零售需求变化。2020年第四季度额外一周的影响部分抵消了净销售额的下降，预计净销售额增加了2800万美元。
Overall, volume decreased 3%, compared with last year's fourth quarter. Worldwide pricing decreased 1% over the prior-year period, worldwide banana unit cost was in line with the prior-year period, and gross profit was $10 million, compared to $14 million in the fourth quarter of 2019. Other product-related charges represented $6 million for the segment, primarily related to inventory write-offs as a result of damages to our banana operations in Guatemala due to hurricanes Eta and Iota during the fourth quarter. We have collected approximately $3 million in insurance recoveries associated with the storms.
总体而言，与去年第四季度相比，销量下降了3%。全球香蕉价格较上年同期下降1%，全球香蕉单位成本与上年同期持平，毛利润为1000万美元，而2019年第四季度为1400万美元。该部分其他与产品有关的费用为600万美元，主要是由于第四季度埃塔和伊奥塔飓风对我们在危地马拉的香蕉业务造成损害而冲销存货。我们已经获得了大约300万美元的风暴保险赔偿。
Now moving to selected financial data. Selling, general, and administrative expenses were $196 million for the full year, $5 million lower than 2019 due to several contingency measures applied in 2020, including travel restrictions due to COVID-19 impact. During the quarter, selling, general, and administrative expenses were $54 million, compared with $51 million in the fourth quarter of 2019. The foreign currency impact at the gross profit level for the full year was unfavorable by $11 million, with the same impact at the gross profit level for the fourth quarter was unfavorable by $900,000.
现在转移到选定的金融数据。销售、一般和管理费用全年为1.96亿美元，比2019年减少了500万美元，原因是在2020年实施了多项应急措施，包括因COVID-19影响而实施的旅行限制。该季度，销售、一般和管理费用为5400万美元，而2019年第四季度为5100万美元。全年毛利水平的外汇影响是不利的1 100万美元，第四季度毛利水平的同样影响是不利的90万美元。
For the full year, interest expense decreased $4 million to $21 million, compared with $25 million in the fourth quarter of 2019. Interest expense, net for the fourth quarter, was $5 million, in line with the fourth quarter of 2019. During the fourth quarter, income tax benefit was $4 million during the quarter compared with income tax expense of $1 million in the prior year, primarily due to reduced earnings in certain higher tax jurisdictions, in conjunction with a benefit resulting from the restructuring of our European operations, as well as, benefit associated with the Cares Act in North America. For the full year, our net cash provided by operating activities was $181 million compared with net cash provided by operating activities of $169 million in the same period of 2019.
全年利息支出减少400万美元至2100万美元，低于2019年第四季度的2500万美元。第四季度净利息支出为500万美元，与2019年第四季度持平。在第四季度,在这个季度所得税收益是400万美元相比,所得税费用100万美元,主要是由于减少收入在某些更高的税收管辖权,结合欧洲业务的重组带来的一个好处,以及相关利益关心在北美。全年，我们由经营活动提供的净现金为1.81亿美元，而2019年同期由经营活动提供的净现金为1.69亿美元。
The increase in cash provided by operating activities in 2020 compared to 2019 was principally attributable to higher balances of accounts payable and accrued expenses and lower levels of inventory, principally due to our optimization efforts associated with improving working capital usage. Partially offsetting this increase was lower net income in 2020, compared with 2019 and higher levels of prepaid expenses and other current assets. Net cash used in investing activities was $109 million for 2020 compared with $52 million for 2019. Net cash used in investing activities for 2020 consisted of $150 million in capital expenditures, partially offset by $40 million in proceeds from sales of property, plant and equipment, while net cash used in investing activities for 2019 consisted of $122 million in capital expenditures, partially offset by $69 million in proceeds from sales of property, plant and equipment, net.
与2019年相比，2020年经营活动提供的现金增加主要归因于较高的应付账款和应计费用以及较低的库存水平，主要由于我们与改善营运资本使用相关的优化努力。与2019年相比，2020年的净利润较低，预付费用和其他流动资产水平较高，部分抵消了这一增长。2020年用于投资活动的净现金为1.09亿美元，而2019年为5200万美元。用于投资活动净现金为2020年的1.5亿美元的资本支出,部分抵消了4000万美元的销售所得财产,厂房和设备,另外用于投资活动净现金为2019包括1.22亿美元的资本支出,部分抵消了6900万美元的销售所得财产,厂房和设备,网络。
As this relates to capital spending, we invested $150 million in 2020 with a significant portion related to the acquisition of four refrigerated container vessels. Our total debt decreased from $587 million at the end of 2019 to $542 million at the end of 2020. As announced this morning in our financial results press release, our board of directors declared a cash dividend of $0.10 per share payable on April 2, 2021, to shareholders of record on March 10th, 2021. This concludes our financial review.
由于这与资本支出有关，我们在2020年投资了1.5亿美元，其中很大一部分与收购四艘冷藏集装箱船有关。我们的总债务从2019年底的5.87亿美元降至2020年底的5.42亿美元。正如今天上午在我们的财务业绩新闻稿中宣布的那样，我们的董事会宣布在2021年4月2日向2021年3月10日记录在案的股东支付每股0.10美元的现金股利。我们的财务审查到此结束。
We can now turn the call over for Q&A.Questions & Answers:
我们现在可以进入问答环节了。问题和答案:
Operator
操作符
[Operator instructions] Your first question today comes from the line of Jonathan Feeney with Consumer Edge. Please proceed with your question.
[操作说明]您今天的第一个问题来自Jonathan Feeney的“消费者前沿”系列。请继续你的问题。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Good morning and thank you. You itemized a number of headwinds. You had some uninsured losses from hurricane, you told us $21 million in adjusted gross profit for COVID and maybe not a headwind, but a coming tailwind, maybe you made some significant investments in streamlining your cost structure, particularly, with the West Coast Mann Packing operations consolidation. So I'm trying to understand how much all of that affects 2021? Maybe if you could take those three line items in whatever detail you can be comfortable giving us.
早上好，谢谢大家。你列举了很多不利因素。飓风造成了一些未保险的损失，新冠病毒调整后的毛利润为2100万美元，这可能不是逆风，而是一股即将到来的顺风，也许你们在简化成本结构方面进行了一些重大投资，特别是对西海岸曼恩包装业务进行了整合。所以我想了解这一切对2021年有多大影响?也许你可以把这三行条款详细地告诉我们。
I know you gave us very helpful detail about what the impacts were for '20. I'm trying to understand how much comes back in '21, just so I can understand if you annual run rate at a normal basis, where we're thinking about for modeling. Thank you.
我知道你给了我们非常有用的细节关于20年的影响。我想弄清楚在21年有多少收益，这样我就能明白在正常基础上的年运行率，也就是我们考虑建模的时候。谢谢你！
Eduardo Bezerra -- Senior Vice President and Chief Financial Officer
Eduardo Bezerra，高级副总裁兼首席财务官
OK. Thank you, Jonathan. So let me give you some color about that, right? So we've spoken about the backlog on the part that we do not expect to happen in 2021, although we may see some impact in our cost because we're going to need to source from different sources, mainly Ecuador that has not only a higher cost, but also from a logistics standpoint, on ocean freight that's going to be higher. And from a capital standpoint, we're going to need to rebuild a lot of the infrastructure that was damaged in those areas.
好的。谢谢你,乔纳森。我用一些颜色表示一下，好吗?所以我们谈到部分上的积压,我们不希望发生在2021年,尽管我们可能会看到一些影响在我们的成本,因为我们需要来自不同来源的来源,主要是厄瓜多尔,不仅成本高,而且从物流的角度来看,海运费会更高。从资金的角度来看，我们需要重建这些地区被破坏的大量基础设施。
So that's the first one. The second one, so we did, as you mentioned, and we are very proud of all the different actions we took in 2020 to streamline our cost structure, so we took a lot of measures to improve our asset utilization and so we do expect that to bring improvement. We anticipate, and we share the $10 million just by consolidating the operations of four different units at our new Gonzales unit. They are in Mann Packing.
这是第一个。第二，正如你提到的，我们在2020年采取了所有不同的行动来简化我们的成本结构，我们为此感到非常自豪，所以我们采取了很多措施来提高我们的资产利用率，所以我们确实希望这能带来改善。我们预计，我们可以通过整合冈萨雷斯分部四个不同部门的业务来分享这一千万美元。他们正在打包。
But also, we do expect to recover the sales that were impacted in 2020, not only because of foodservice, but also because of the product recall. Of course, that will happen throughout the year, right, because some of the -- of this volume has been shifted to other suppliers, and it takes some time for you to recover that, but we do expect that as a significant contribution. And the third one, I would say that as we look into our operations in different geographies, we do expect by simplifying our cost structure to see an improvement as part of these overall optimization in Middle East, in Asia, as well as, in our operations in CCAB and South America. So those are the three main areas that I would like to highlight there, Jonathan.
但是，我们也希望在2020年恢复受影响的销售额，不仅因为餐饮服务，也因为产品召回。当然，这全年都会发生，因为其中一部分已经转移到其他供应商那里，你们需要一些时间才能恢复，但我们预计这将是一个重大贡献。和第三个,我想说我们观察操作在不同的地区,我们希望通过简化我们的成本结构的改善作为这些整体优化在中东的一部分,在亚洲,以及,在我们操作在CCAB和南美。这就是我想强调的三个主要方面，乔纳森。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
So it sounds like -- I mean in the -- you mentioned capital expense, just I'm super clear on that. That's not an earnings factor, right, for -- you just couldn't need some capital expense for repairs, basically, that's so much earnings. Then you talked about --
这听起来，我是说，你提到了资本支出，我非常清楚。这不是一个收入因素，对吧，因为你不需要一些资本支出来进行维修，基本上，这是一大笔收入。然后你谈到了——
Eduardo Bezerra -- Senior Vice President and Chief Financial Officer
Eduardo Bezerra，高级副总裁兼首席财务官
Yeah. That was mainly in the hurricanes that we had in Guatemala. That's not -- let's keep in mind that we still have two vessels that we're going to receive in 2021. So there'll be some capital associated with that as well, but we anticipate lower capital investments in 2021 as compared to 2020.
是的。这主要是危地马拉的飓风造成的。我们要记住，到2021年我们还会接收到两艘船。因此，也会有一些资本与此相关，但我们预计2021年的资本投资将低于2020年。
But in terms of earnings improvement, as I mentioned, the actions that we took in Mann Packing, as well as, optimizing our business around the world, we do expect a reduction in our running rate of cost of doing business.
但就盈利改善而言，正如我提到的，我们在曼恩包装方面所采取的行动，以及在全球范围内优化我们的业务，我们确实希望降低我们的经营成本。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
So just so I understood, clearly, what I understood, $10 million or so in that kind of savings? And if magically, magically, retroactive to January 1st, there was no COVID, we went back to normal levels of behavior, let's just say, we're back to the kind of demand we had in, say, January, February 2020 across the world, all of a sudden, just hypothetically, where that would be a $20 million -- in your estimation, because you gave us a $21 million number, that would also be a $21 million tailwind for your business, all things equal. Is that correct?
所以我明白了，我明白了，1000万美元左右的储蓄?如果神奇,神奇地,追溯至1月1日,没有COVID,我们回到正常水平的行为,让我们说,我们回到我们的需求,说,今年1月,2020年2月在全世界范围内,突然,只是假设,这将是一个2000万美元——在你估计,因为你给了我们一个2100万美元的数量,这也将是一个2100万美元的推动力为您的业务,一切平等。那是正确的吗?
Eduardo Bezerra -- Senior Vice President and Chief Financial Officer
Eduardo Bezerra，高级副总裁兼首席财务官
Yeah. That's uh -- that is correct and that's tied to $300 million of net sales that we had the impact. The challenge is always how long it's going to take to really see COVID.
是的。这是对的，这与我们3亿美元的净销售额有关。挑战一直是要多久才能真正看到COVID - 19。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Of course, of course.
当然，当然。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
I would like to add to this, Jonathan, is that the recall of Mann was at the end of 2019 which was about November -- sometime in November 2019. And that was a big drawback for us going into 2020. And right after we came into 2020, we were hit with the COVID, so imagine, it's like a double whammy, you have the recall in the first place and then you've got the COVID to make it even worse.
乔纳森，我想补充一点，曼恩的召回是在2019年底，大约是在2019年11月的某个时候。这是我们到2020年的一大缺陷。就在我们来到2020年之后，我们受到了新冠病毒的袭击，所以想象一下，这就像一个双重打击，先是召回，然后又有了新冠病毒，使情况变得更糟。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Yeah, of course.
是的,当然。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
So all the foodservice business almost gone overnight and the only -- we were left with retail, mainly. And retail, of course, as because of the recall, we had so much business that was, unfortunately, stopped by the retailers. So we gained some of this business during 2020 in terms of retail business. We have -- we are seeing now some back, some life and activity in the foodservice.
所以所有的餐饮服务业务几乎一夜之间就消失了，剩下的主要是零售业务。当然，零售业，因为这次召回，我们有很多生意，不幸的是，都被零售商叫停了。所以我们在2020年获得了一些零售业务。我们现在看到了一些回来的，一些生活和活动在餐饮服务。
It's coming back. Not as much as we hope, but at least we see life coming back into the foodservice business. So we are very optimistic and really encouraged that hopefully, by April, May that the normality comes back to the market in terms of foodservice and opening up restaurants and hotels and the whole sector. So we are very confident about really going into the future.
这是回来了。虽然没有我们希望的那么多，但至少我们看到餐饮服务行业恢复了生机。因此，我们感到非常乐观和鼓舞，希望在4月、5月，餐饮服务、餐馆和酒店以及整个行业的市场会恢复正常。所以我们对未来充满信心。
I have no doubt. And don't forget that moving four facilities into one during the COVID period with so many suppliers and so many new machines and so many technicians that they have to come, it was like mission impossible. But thanks to god and thanks to our people, really we have made an unbelievable achievement by putting up everything, and as we speak today, it was completely achieved. And now, it's fully operational with one unit rather than four different units.
我毫不怀疑。别忘了，在新冠肺炎疫情期间，将4个设施搬到一个设施，需要这么多供应商、这么多新机器和这么多技术人员，这就像不可能完成的任务。但感谢上帝和我们的人民，我们真的通过建造一切取得了难以置信的成就，就在我们今天说话的时候，这是完全实现的。现在，只有一个单元而不是四个不同的单元就能完全运作。
So you can see what would be the operational efficiencies and the -- by consolidating all this together. I mean it will be significant.
所以你可以看到运营效率是怎样的通过将所有这些合并在一起。我的意思是，这将是重大的。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Thank you. That -- that's really, really helpful. Just one more question for me. You're 40% of the way through your asset sale program.
谢谢你！这，这真的很有帮助。再问我一个问题。你的资产出售计划已经完成了40%
Are you happy with the prices you're getting? I mean, we see the gains, so the accountants are happy, but are -- relative to what you understood to be the values here, are you happy with these values? Are they going up with the -- seems like the asset prices and everything else in the world right now? And how long do you think it will take you to be finished with that?
你对你得到的价格满意吗?我的意思是，我们看到了收益，所以会计很满意，但相对于你所理解的价值，你满意这些价值吗?它们是否和资产价格以及其他价格一起上涨?你觉得你要花多长时间才能完成?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
I'll give you an example, just to give you an example, for instance. We had a piece of land that I bought in the -- in late '18 in Chile, north of Chile, about 22 hectares that cost us about probably at the time when we bought that property, it was like $300,000, $400,000, I remember. And we sold it last year -- the end of last year at a $12 million price back. So just to give you an idea of what kind of assets that we have and what kind of valuations we have.
我给你们举个例子，举个例子。我们有一块地是我在18年末在智利买的，在智利北部，大约22公顷的土地在我们买那块地的时候大概花了我们30万到40万美元，我记得。去年年底，我们以1200万美元的价格把它卖了出去。让你们对我们的资产和估值有个大概的了解。
I don't need to go with the rest, but yes, we have very valued -- and that's by piece of land, by the way, was sitting idled. We didn't cultivate it with anything. It was just sitting there and unutilized.
我不需要讲其他的了，但是，是的，我们非常珍惜。顺便说一下，这是一块闲置的土地。我们没有种植任何东西。它就放在那里，没有被利用。
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Wow. Thank you. Well, it sounds like you are happy with it. I appreciate it.
哇。谢谢你！听起来你很满意。我很感激。
Thanks so much and great work, and we'll talk soon.
非常感谢你做的出色的工作，我们一会儿再聊。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Thank you, Jonathan.
谢谢你,乔纳森。
Operator
操作符
[Operator instructions] Your next question comes from the line of Mitch Pinheiro with -- I'm sorry, there is no company name. Please proceed with your question.
(总机操作说明)下一个问题来自米奇·皮涅罗(Mitch Pinheiro)的电话线路，抱歉，这里没有公司名称。请继续你的问题。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
Hi, there.
你好,在那里。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Hi, Mitch.
嗨,米奇。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Yes.
是的。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
Hi. So, just following up on Jon's last question. Is -- in terms of the asset sales, is it -- could it be mostly -- I guess, it's land, correct? Is that what you're selling?
嗨。接着Jon的最后一个问题。就资产出售而言，主要是土地，对吧?这就是你的卖点吗?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
No. That's -- some of it is land, some of it are facilities that we really are under -- either not utilized or underutilized to the point that it doesn't make sense to keep it. And what we do is consolidate that business into another facility where we optimize and maximize efficiencies. So it is a mix of land and facilities that are underutilized or not utilized at all.
不。其中一些是土地，一些是我们真正没有利用的设施，要么没有利用，要么没有充分利用，以至于保留它们没有意义。我们所做的就是将业务整合到另一个设施中，优化并最大化效率。所以这是土地和设施的混合，没有充分利用或根本没有利用。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
OK. Just -- if you look at the banana business, so as we're looking here really short term, you still have force majeure in place, I guess, in the United States. And so are we going to see -- are you able to fulfill volume at this point? I mean we're getting close to that. We're almost two-thirds of the way down the first quarter.
好的。如果你看看香蕉生意，因为我们看的是短期的，你仍然有不可抗力，我想，在美国。所以我们要看——你能在这一点上完成体积吗?我的意思是，我们已经很接近了。我们已经在第一季度下滑了近三分之二。
Are we going to expect like a volume decline perhaps in the banana business in the United States or North America? And then how does that balance against the pricing you can get? And are we going to see normal gross margins in North America? Or anything you can talk about would be helpful.
美国或北美的香蕉生意会不会出现销量下降的情况?那么如何平衡价格呢?我们会在北美看到正常的毛利率吗?或者任何你能说的都会有帮助。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
As far as bananas, I don't believe that the prices are going to move from where we are today. We are under so much pressure as banana producer in terms of cost and procurement and, as well as, much as the damages we have been facing in our producing areas, as well as, just as close, I mean, as we -- last week, I mean, we had so much disruptions in our operations in Texas and other areas in the Northeast because of the storms and the ice and the -- so that also added -- that all adds to the additional costs and disruptions that we have, be it in bananas or other products. So I don't see any movement on the banana pricing going forward, at least, in the near-term future or even in the midterm. That's as far as bananas.
至于香蕉，我不相信价格会从现在的水平上涨。我们在太多的压力下香蕉生产商的成本和采购,以及多面临的损失我们一直在我们的生产领域,以及关闭,我的意思是,当我们——上周,我的意思是,我们有那么多的中断操作在德克萨斯州和其他领域在东北,因为风暴和冰的——这还增加了额外的成本和中断,在香蕉或其他产品。因此，我认为香蕉价格未来不会有任何变动，至少在短期内，甚至中期内都不会。还有香蕉。
As far as the other business, I believe that as we go forward in the year with the vaccinations that are taking place with the decline in the rate of infections and so I'm very optimistic, and I'm very hopeful that by -- hopefully, by June, we can see a much more relaxed and much more kind of back to normal life in North America and the other parts of the world. I mean just to give you an idea, just -- we have been hit hard in MENA, in the Middle East and Asia with bananas because the Iran market was closed for almost now two years and that market used to import and consume huge amounts of bananas. What I'm saying, probably a couple of million boxes a month or more, and just recently, as of last week, they decided to open the market again for banana imports. And that has already given a big push in prices and that would relieve the pressure on Asia, as well as, MENA with volumes which will be going to Iran.
的其他业务,我相信当我们前进在今年发生的疫苗感染的速度下降,所以我很乐观,我很希望——希望,在6月,我们可以看到一种更放松、更回到正常生活在北美和世界其他地区。我的意思是，给你们一个概念，我们在中东和亚洲的香蕉市场受到了重创因为伊朗市场已经关闭了近两年而这个市场过去进口和消费大量的香蕉。我想说的是，大概一个月几百万箱或者更多，就在最近，就在上周，他们决定重新开放香蕉进口市场。这已经大大推高了油价，这将缓解亚洲以及中东和北非地区的压力，因为大量石油将流向伊朗。
And already, we saw the spot market in the Philippine shooting by at least $3, $4 additional in terms of pricing. So we're -- I'm very confident and hopeful going forward, I see the market is changing. Yes, we have two years of very difficult environment in several fronts, but as we go into '21, I'm really full of confidence about the future.
我们已经看到菲律宾拍摄的现货市场价格至少增加了3到4美元。所以，我对未来充满信心和希望，我看到市场在变化。是的，我们有两年的环境非常困难，在几个方面，但当我们进入21年，我真的对未来充满信心。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
And in Europe, you've done better in Europe than I would have thought just watching the pricing -- stock pricing -- banana pricing in Europe is down -- it seem down a lot and you look at your business in the quarter and it hold up very well. Is -- are you doing something differently in the European market as it relates to bananas?
在欧洲，你在欧洲的表现比我想象的要好，仅仅看股价，香蕉的价格在欧洲下降了，看起来下降了很多，你看你的季度业务，它保持得很好。你们在欧洲市场和香蕉市场有什么不同吗?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Yes, we are. As a matter of fact, the way that we sell our bananas, we have structural changes in terms of having long-term contracts rather than just depending on the spot market. So we are kind of mitigating the risks which helped us in achieving better results and, as well as, sourcing from different countries that can support the European market. So it's several factors, but I believe that going forward, as I said, for the other markets, Europe, as well, will be normalized and will be a lot more kind of consistent than in the past.
是的,我们是来旅游的。事实上，在我们销售香蕉的方式上，我们有了结构性的变化，比如签订长期合同，而不仅仅是依赖现货市场。所以我们在某种程度上降低了风险这帮助我们获得更好的结果，同时，从不同的国家采购来支持欧洲市场。所以有几个因素，但我相信，就像我说的，对其他市场来说，欧洲也是，将会正常化，将会比过去更加稳定。
Aside from that, Europe is also diversifying their product lines, and they have done extremely well in introducing new fruit lines and they are a bit and they're really achieving very good results as well. So, all in all, Europe is doing quite well as well.
除此之外，欧洲也在使他们的产品线多样化，他们在引进新的水果产品线方面做得非常好他们也取得了一些非常好的结果。所以，总的来说，欧洲也做得很好。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
And then I'm not sure really, you know, when we look at this -- reading about all the -- in Europe and wanting to provide -- sort of requesting banana producers to have sort of have fair trade certified bananas. How does that -- and then obviously, not wanting to pay for that is sort of the issue, but how do you guys think about fair trade pricing as it relates to your business and as it relates to the broader market?
然后我不确定，你知道，当我们看到这个——阅读所有的——在欧洲并且想要提供——要求香蕉生产商有某种公平贸易认证的香蕉。很明显，不愿意为此付费是一个问题，但是你们如何看待公平贸易定价，因为它与你们的业务和更广泛的市场有关?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Well, everybody is affected in the same way. All the banana players, all the banana operators have the same issues and same challenges. Fair trade is a big kind of word and very, very elastic in terms of what do you mean by fair trade. And in the fair trade, retailers ask you for fair trade and all this.
每个人都受到同样的影响。所有的香蕉玩家，所有的香蕉经营者都有同样的问题和挑战。公平贸易是一个很宽泛的词，在你所说的公平贸易的意义上非常非常有弹性。在公平贸易中，零售商要求你公平贸易等等。
And then, at the same time, when you come to negotiate with them, they want to strip you down and take it even below your cost. That doesn't work and that's something that we are refusing even to -- our biggest challenge in Europe right now is the MRL, which is a chemical that Europeans are going to prohibit by the end of this year. This is one of the -- and this chemical that we use which is safe because we use it in other parts of the world, is something that will affect the quality of the bananas [Inaudible] into trips like to Europe. So what is happening right now is the Banana Association -- here, I mean, is taking steps, hopefully, to be addressing this through the proper channels -- government channel and this is really our challenge.
然后，与此同时，当你来和他们谈判时，他们想把你拆了，甚至低于你的成本。这行不通，我们甚至拒绝这样做——我们在欧洲面临的最大挑战是MRL，这是一种欧洲人将在今年年底前禁止的化学物质。我们使用的这种化学物质是安全的，因为我们在世界其他地方也使用这种化学物质，它会影响到香蕉的质量，比如去欧洲旅行。所以现在发生的是香蕉协会——这里，我的意思是，正在采取措施，希望，通过适当的渠道解决这个问题——政府渠道，这确实是我们的挑战。
Other than that, we -- in our business, we always face challenges, not daily, weekly, monthly, and it's a continuing process. So we need to be ready to meet these challenges and find solutions.
除此之外，在我们的业务中，我们总是面临挑战，不是每天，每周，每月，这是一个持续的过程。因此，我们必须做好准备，迎接这些挑战，找到解决办法。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
OK. Just one last. Just -- I don't know if you mentioned it, but what are your capex plans for 2021 and approximately what you intend to spend?
好的。最后一只。我不知道你有没有提过，你们2021年的资本支出计划是什么，大概打算花多少钱?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
As Eduardo mentioned, the capex we have is very clear. We have two ships that we still have to pay the balance for the value, these two ships. We have other projects that need to continue these projects that started a couple of years ago. And we have the maintenance and repairs which is normal every single year.
正如爱德华多提到的，我们的资本支出很清楚。我们有两艘船，我们仍然需要支付余额的价值，这两艘船。我们还有其他项目需要继续这些几年前开始的项目。我们每年都有正常的维护和维修。
So what we are going to do is really rationalize our capital expenditures to the best of our abilities and not investing in any new projects that will entail heavy investments with long-term payback. That's the kind of policy that we are undertaking.
因此，我们要做的就是尽可能地合理安排我们的资本支出，而不是投资于任何需要大量投资和长期回报的新项目。这就是我们正在实施的政策。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
And so approximately, what level of spending? Is it going to be -- you did $150 million this year, $122 million in the year prior, where do you expect it to fall this year, relatively speaking?
那么大约是什么水平的支出呢?你今年的营收是1.5亿美元，上年是1.22亿美元，相对而言，你预计今年的营收会下降到什么水平?
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
We -- we do not -- you know, as far as we are concerned here, we -- that's the figure that they have already -- the units delivered to you at the beginning of the year. As we go forward in the year, we always fine-tune this and prioritize as well and try to only approve the -- really what is really needed and what is really essential. So as we go forward, I mean, by the second quarter, I would be able to give you a better picture how the year would shape and how we would look, but we are -- we are on top of that and it's not like open checkbook.
我们——我们不——你知道，就我们这里的情况而言，我们——这是他们已经达到的数字——年初交付给你们的数量。随着这一年的进展，我们一直在微调这一点，并将其列为优先事项，并试图只批准真正需要的和真正必要的东西。所以随着我们的发展，我的意思是，到第二季度，我可以给你一个更好的图景，今年会如何发展，我们会如何发展，但是我们——我们已经在这上面了，这不是一个开放的支票簿。
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Operator
操作符
And there are no further questions at this time. I turn the call back to Mr. Abu-Ghazaleh for closing remarks.
现在没有其他问题了。我请阿布-加扎勒先生作结束语。
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
I would like to thank everybody for joining us today. And hopefully, I'm more confident for next quarter to be a very bright, you know, for everybody, better days and happier days doubling in the next few months. Thank you very much, and have a good day.
我想感谢各位今天参加我们的会议。我很有信心，下个季度，每个人都能过得很愉快，在接下来的几个月里，好日子和好日子翻一番。非常感谢，祝您有愉快的一天。
Operator
操作符
Christine Cannella --
克里斯汀Cannella——
Mohammad Abu-Ghazaleh -- Chairman and Chief Executive Officer
Mohammad Abu-Ghazaleh，董事长兼首席执行官
Eduardo Bezerra -- Senior Vice President and Chief Financial Officer
Eduardo Bezerra，高级副总裁兼首席财务官
Jonathan Feeney -- Consumer Edge -- Analyst
乔纳森·菲尼(Jonathan Feeney)——消费者前沿分析师
Mitch Pinheiro -- Sturdivant & Co. -- Analyst
Sturdivant & Co.分析师米奇•皮涅罗(Mitch Pinheiro)
More FDP analysis
更自由的分析
