Earnings decline at Fresh Del Monte Produce
July 29, 2008
by Keith Nunes
CORAL GABLES, FLA. – Fresh Del Monte Produce, Inc. had net income of $41,900,000, equal to 66c per common share, for the second quarter of fiscal 2008, ended June 27. The results were down from $63,900,000, equal to $1.11 per common share, in the same quarter during the previous year. Sales for the quarter were $972,200,000 compared with $924,200,000.
Mohammad Abu-Ghazaleh, Fresh Del Monte Produce’s chairman and chief executive officer, said the second quarter was challenging as the company faced "significantly" higher prices that the company attempted to offset with pricing initiatives.
In the company’s Other Fresh Produce segment, the company earned gross profit of $40.9 million on sales of $444.5 million during the quarter. The Banana segment achieved a gross profit of $41.7 million on sales of $381.5 million.
For the first six months of fiscal 2008, Fresh Del Monte Produce recorded net income of $105.5 million, equal to $1.67 per common share, compared to net income of $115.5 million, equal to $2 per common share, the previous year. Sales for the first six months were $1,867 million compared with $1,760 million for the first six months of fiscal 2007