CORAL GABLES, FLA. — Fresh Del Monte Produce Inc. overcame higher banana product and procurement costs, foreign currency headwinds and the lingering effects of a weak Chilean season to deliver strong results for the third quarter.
Net income attributable to Fresh Del Monte for the quarter ended Sept. 25 was $28.5 million, equal to 54c per share on the common stock, which was up 44% from $19.9 million, or 36c per share, for the year-ago period. Net sales advanced 5.8% to $936.1 million from prior-year sales of $884.6 million. Higher net sales in all of the company’s business segments and higher selling prices for other fresh produce contributed to the growth, which was partially offset by a $27 million exchange rate variance over the comparable quarter.
Source: www.foodbusinessnews.net
