Florida fruit and vegetable producer and marketer Fresh Del Monte Produce has announced strong fiscal results for its Q2 ended 28 June, with a 60% increase in net income to US$66.5m (US$1.18/diluted share) from US$41.5m (US$0.77/diluted share) year on year.
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Net sales increased to US$567.2m in the Q2 2002, compared with US$541m for the same period last year. Healthy pricing, additional operating efficiencies and debt reduction drove the increase in net income and the solid sales expansion.
Income before a change in accounting principle, as a result of the adoption of FAS 142, for the H1 2002 was US$133.6m (US$2.39/diluted share), an increase of 62% from US$82.6m (US$1.53/diluted share) year on year. Net sales for the H1 2002 rose to US$1.105bn from US$1.075bn in the same period last year.
The company’s gross profit for the Q2 2002 increased 17% to US$97m, versus a gross profit of US$82.7m for the Q2 2001. H1 gross profit was US$203.6m compared with US$166.7m for the same period last year. The significant increase in gross profit was a result of the
company’s product expansion and rise in value-added services offered through its global distribution network. Operating income for the Q2 2002 increased to US$66.5m, compared with US$59.6m for the Q2 2001.
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By GlobalDataOperating income for the H1 ended 28 June 2002 increased 21% to US$144.5m from US$119.8m a year earlier.
“We are extremely pleased with our Q2 and H1 performance,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s chairman and CEO. “Our strong Q2 confirms our ability to deliver solid earnings on a consistent basis. We believe this is a strong testament to the superior level of our performance. With unsurpassed marketing capabilities and a global reach, we expect the trend to continue.”
