Fresh Del Monte Produce Q1 Profit Increases - Quick Facts

(RTTNews) - Fresh Del Monte Produce Inc. (FDP) reported rise in first quarter of 2014 net income attributable to the company to $58.6 million, from last year's $41.1 million, with earnings per share improving to $1.04 from $0.71 in the first quarter of 2013.

Comparable net income for the first quarter was $56.5 million, compared with comparable net income of $41.2 million in the prior year. Comparable earnings per share were $1.00 up from $0.71 in the first quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Operating income for the first quarter of 2014 was $65.2 million, compared with $53.5 million in the first quarter of 2013. Comparable operating income for the first quarter of 2014 was $63.1 million, compared with comparable operating income of $53.6 million in the first quarter of 2013. The increase in operating income was primarily due to higher gross profit.

Net sales for the first quarter grew to $982.3 million, from $918.8 million in the prior year period. The increase in net sales for the quarter was the result of higher net sales in all of the Company's business segments.