Fresh Del Monte income down 2% in quarter

by FoodBusinessNews.net Staff
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CORAL GABLES, FLA. — Income for Fresh Del Monte Produce, Inc. was down 2% from the same quarter of the previous year.

For the third quarter ended Sept. 25, the company had an income of $28.6 million, equal to 45c per share on the common stock, which compared with an income of $29.3 million, equal to 46c per share. Sales for the quarter were $766.2 million, down 8% from $832.9 million during the same quarter of the previous year.

"We are pleased with the quarter’s strength of earnings in what is a seasonally weak quarter," said Mohammad Abu-Ghazaleh, chairman and chief executive officer. "Our solid performance is characterized by our team’s ability to balance operational improvements and cost savings while investing in our future. Although we anticipate weak global market conditions to continue in the near term, we are very optimistic about Fresh Del Monte’s future prospects. Our financial depth and flexibility are exceptionally sound."

Third-quarter sales in the banana segment increased 5% to $351 million, driven by higher sales in the Middle East, Europe and Asia-Pacific. Sales in the other fresh produce segment decreased 12% to $311 million as the result of lower sales in gold pineapple, melon and tomato products.

For the nine months the company had an income of $115.7 million, equal to $1.82 per share, down 15% from $134.8 million, equal to $2.13 per share, during the same period of the previous year. Sales for the period were $2,624.3 million, down 3% from $2,700 million during the same period of the previous year.

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