Fresh Del Monte Produce earnings rise

by Keith Nunes
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CORAL GABLES, FLA. — Higher selling prices for fresh-cut produce propelled Fresh Del Monte Produce Inc.’s earnings higher during the second quarter of fiscal 2012. Net income for the quarter ended June 29 totaled $58.5 million, equal to 99c per share on the common stock, up 59% from $36.8 million, or 59c per share, in the same period a year ago.

Revenues for the quarter were $957.6 million, down 8% from the second quarter of fiscal 2011 when revenues were $1,039.7 million.

“Our performance reflected the momentum we have created through our strategic initiatives and our ability to navigate the challenging global economic environment over the past few years,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer. “The strength of our operations, logistics flexibility, prudent product supply management, and our expanded global customer base were key contributors to our performance. Moving forward, we remain focused on the bottom line, long-term growth and our established cost savings program to increase shareholder value.”

For the first six months of fiscal 2012, Fresh Del Monte Produce earned $121.3 million, or $2.07 per share, up 31% from the first six months of fiscal 2011 when the company earned $92.8 million, or $1.53 per share.

Sales for the first six months of fiscal 2012 were $1,855.5 million, down 8% from $2,013.7 million during the first six months of fiscal 2011.

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