CORAL GABLES, FLA. — Improvements in the management of the Southern Europe business contributed to a 93% increase in income at Fresh Del Monte Produce, Inc. during the third quarter.
For the quarter ended Sept. 28, the company had income of $23.5 million, equal to 40c per share on the common stock, which compared with income of $12.2 million, or 21c per share, in the same period a year ago. Sales for the quarter were $788.8 million, down slightly from $795.2 million during the same quarter of the previous year.
“We are very pleased with the strong bottom-line performance Fresh Del Monte Produce achieved in the third quarter of 2012,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer. “We saw excellent growth in our global fresh-cut business. The decision to take full control of the marketing, sales and distribution of our products at the beginning of the year in Southern Europe contributed to our improved performance. We also realized efficiency improvements in our logistics and cost control initiatives that directly improved our bottom-line performance. We will continue to manage our business to maximize growth and enhance shareholder value.”
For the nine months ended Sept. 28, income rose 40% to $143.2 million, or $2.47 per share, up from $102.6 million, or $1.73 per share, during the same period of the previous year. Sales for the nine months were $2,644.3 million, down 6% from $2,808.9 million.