Higher selling prices propel profit at Fresh Del Monte

by Staff
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CORAL GABLES, FLA. — Higher selling prices and increased global efficiencies drove a 55% increase in earnings at Fresh Del Monte Produce, Inc. during fiscal 2012. Net income in the year ended Dec. 28, 2012, was $143.2 million, equal to $2.47 per share on the common stock, which compared with income of $92.5 million, or $1.57 per share, during fiscal 2011. Sales for the year were $3,421.2 million, down 5% from $3,589.7 million.

The Banana segment had a gross profit of $89.7 million during the year, up 2% from $88.3 million during the previous year. Sales for the segment were $1,544.6 million, down 7% from $1,653.1 million.

The Other Fresh Produce segment had a gross profit of $205.8 million during fiscal 2012, up 16% from $177.9 million during fiscal 2011. Sales in the segment eased 2% to $1,544.8 million, down from $1,581.6 million.

Gross profit within the Prepared Foods segment declined 13% to $46.2 million, down from $53.3 million during the previous year. The segment had sales of $331.8 million, down 6% from $355 million.

For the fourth quarter ended Dec. 28, the company as a whole broke even, which compared with a loss of $10.1 million during the same quarter of the previous year. Sales for the quarter were $776.9 million, down slightly from $780.8 million during the same quarter of the previous year.
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