Fresh Del Monte income up 67% in quarter

by Staff
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CORAL GABLES, FLA. — Higher worldwide sales contributed to a 67% increase in net income during the second quarter for Fresh Del Monte Produce.

For the quarter ended July 1, the company had income of $35.2 million, equal to 59c per share on the common stock, which compared with income of $21.1 million, or 34c per share, during the same quarter of the previous year. Sales for the quarter were $1,039.7 million, up 4% from $1,000 million during the same quarter of the previous year.

“We were pleased to deliver solid growth in net sales and operating income during the second quarter despite a number of external challenges,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer. “A depressed fresh produce market in Europe characterized by significantly lower banana and pineapple selling prices during the month of June, along with substantially higher fuel costs and continued competitive pressure in our melon business collectively impacted our financial results. During the quarter we worked aggressively to restructure our melon program, a move which enables us to shift resources to our new, well-received specialty melon program. We continue to maintain our position of having one of the strongest balance sheets and net-asset rich companies in the industry with a focus on seeking opportunities that will deliver improved performance and shareholder value over the long term.”

For the six months ended July 1, the company had income of $90.4 million, or $1.53 per share, up 58% from $57.3 million, or 91c per share, during the same period of the previous year. Sales during the quarter were $2,013.7 million, up 4% from $1,943.1 million.

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