Fresh Del Monte Produce Inc. (FDP: Quote) said its net income for the second quarter climbed to $57.2 million from $35.2 million in the second quarter of 2011. Earnings per share improved to $0.99 from $0.59 in the prior year.
Excluding asset impairment and other charges, net income increased to $58.2 million or $1.01 per share from last year's $46.3 million or $0.77 per share.
Quarterly sales fell to $957.6 million from $1.04 billion in the same quarter a year earlier. According to the company, the decrease in net sales for the quarter was the result of lower net sales across all of its business segments, primarily due to lower banana sales volume in the Middle East secondary markets and in Europe, and lower sales volume in Fresh Del Monte's other fresh produce business.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share on revenues of $1.01 billion for the quarter. Analysts' estimates typically exclude special items.
Click here to receive FREE breaking news email alerts for Fresh Del Monte Produce Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com