Fresh Del Monte posts income of $63.9 million in Q2

by FoodBusinessNews.net Staff
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CORAL GABLES, FLA. — Lower charges and an improved banana segment performance led to a rebound at Fresh Del Monte Produce, Inc. in the second quarter ended June 29. Net income in the quarter was $63.9 million, equal to $1.11 per share on the common stock, compared with a loss of $17 million during the same quarter of 2006.

Net sales for the quarter were $924.2 million, up 2% compared with sales of $907.1 million during the same quarter of the previous year.

"Our second-quarter performance, which was the strongest in four years, is a further validation of the success of our strategy and of the performance-improving initiatives we put in place last year," said Mohammad Abu-Ghazaleh, chairman and chief executive officer. "In addition, better results in our ‘Banana’ and ‘Other Fresh Produce’ businesses, as well as improved efficiencies in our global operations, collectively helped to drive this robust performance."

Net sales in the Bananas segment for the quarter was $324.8 million, up 4% compared with net sales of $312.5 million during the same quarter of 2006.

In the Other Fresh Produce segment, sales were $472.5 million, up 1% compared with sales of $465.8 million during the same quarter of the previous year.

Sales in the Prepared Food segment were $83.5 million, down 7% compared with sales of $89.5 million during the same quarter of 2006.

In the Other Products and Services segment, sales were $43.4 million, up 10% compared with sales of $39.3 million during the same quarter of the previous year.

For the six months ended June 29, the company posted net income of $115.5 million, or $2 per share, compared with a loss of $500,000 during the same period of the previous year. Net sales for the six months were $1,760,200,000, which was up 1% compared with sales of $1,747,100,000 during the same period of the previous year.

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