Fresh Del Monte Produce Inc. (FDP) Tuesday reported a growth in profit for the first quarter, as revenues increased across all segments. Shares of the fruit and vegetable supplier are currently trading up 11 percent on the New York Stock Exchange, following the announcement.
Fresh Del Monte's first-quarter profit rose to $58.6 million or $1.04 per share from last year's $41.1 million or $0.71 per share.
Comparable net income, which excludes certain charges, was $56.5 million or $1.00 per share.
Sales for the first quarter improved to $982.3 million from $918.8 million a year ago, on a broad growth across all the segments.
Sales of Banana, the core segment, increased 8 percent to $436.9 million, as pricing and volumes increased. Other fresh produce sales rose 5 percent to 454.3 million, driven by higher sales in pineapple and non-tropical product lines.
"Our results in the first quarter of 2014 demonstrate progress toward our strategic initiatives. We benefited from efforts to hold the line on costs, achieved higher profitability in our offshore melon business and continued growth in our Middle East operations," said CEO Mohammad Abu-Ghazaleh.
FDP is currently trading at $29.41, up $2.86 or 10.78%, on a volume of 324 thousand shares.
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