Fresh Del Monte Produce Q2 Profit Up - Quick Facts

(RTTNews) - Fresh Del Monte Produce Inc (FDP), reported an increase in net income for the second quarter, mirroring increased sales, as a result of higher selling prices across all the segments and higher sales volume in banana and other fresh produce business segments.

Net income attributable to Fresh Del Monte Produce for the three-month period was $62 million or $1.10 per share, compared with $57.2 million or $0.99 per share during the same quarter last year.

Excluding asset impairment and other charges, and a non-comparable item, adjusted earnings were $1.02 per share for the quarter. On average, three analysts polled by Thomson Reuters expected earnings per share of $0.81 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the three-month period were $1.02 billion compared with $957.6 million last year. The Street estimated the company to generate revenues of $955.5 million for the quarter.

"...Our growth in the second quarter was fundamentally driven by our ability to increase sales through core product line growth, extending our reach in non-conventional delivery channels, expanding our global brand presence, product innovation, and continued consumer demand for healthy, fresh produce.."said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer.