Fresh Del Monte Produce Inc. (FDP) reported that its first-quarter net income attributable to company decreased to $41.1 million or $0.71 per share from $62.5 million or $1.08 per share last year. The company said the decrease in net income for the quarter reflects lower operating income and higher provision for income taxes.
Net sales increased to $918.8 million from $897.9 million last year. The increase in overall net sales was driven by expanded sales in the company's other fresh produce business segment in North America and the Middle East, along with increased banana volume in the company's Middle East and North America regions.
Gross profit was $98.6 million, compared to $112.4 million prior year. The decrease in gross profit for the quarter was the result of weakness in the company's European banana business segment. Gross profit was also negatively impacted by lower profitability in the company's prepared food business segment.
On average, three analysts polled by Thomson Reuters expected the company to report profit of $0.95 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $877.20 million for the quarter.
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