US fresh fruit producer and distributor Fresh Del Monte has posted higher quarterly earnings as increased sales of fruit products offset higher costs.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Florida-based company reported profit of US$88.1m, or $1.55 a share, for the first quarter to 28 March, compared with $61m, or $1.10 a share, a year earlier.
The results for the quarter included a gain of 20 cents a share from insurance recoveries related to Hurricane Mitch in 1998. Excluding the gain, Fresh Del Monte earned $1.35 a share, beating analysts’ estimates of $1.27 a share, reported Reuters.
The company’s sales were up 20% year-on-year to $643.8m for the first quarter, boosted by strong banana sales in Europe and North America.
Gross profit margins fell to 16.6% from 19.8% a year earlier as shipping, energy and operating costs grew.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Our business is running smoothly and we expect the company’s strong performance to continue throughout 2003,” chief executive officer Mohammad Abu-Ghazaleh was quoted by Reuters as saying.
