Bulletin
Investor Alert

Market Pulse Archives

Aug. 4, 2021, 6:14 a.m. EDT

Fresh Del Monte profit more than doubles and top expectations as sales edge higher

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Fresh Del Monte Produce Inc. (FDP)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Fresh Del Monte Products Inc. /zigman2/quotes/204256055/composite FDP -2.97% reported second-quarter profit that more than doubled, boosted by relaxed restrictions on social gatherings, and revenue that rose 5% as strength in fresh and value-added products helped offset a decline in bananas. The stock was still inactive in premarket trading. Net income for the quarter to July 2 rose to $47.2 million, or 99 cents a share, from $17.9 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 98 cents, while the average estimate of two analysts surveyed by FactSet was 83 cents. Sales rose to $1.14 billion from $1.09 billion, compared with the FactSet average estimate of $1.15 billion. Fresh and value-added products sales grew 5.9% to $674.0 million, due primarily to higher sales of pineapples, fresh-cut fruits and vegetables, while banana sales fell 0.7% to $426.7 million, mostly a result of lower sales in the Middle East. "Our pineapple, fresh-cut fruit and prepared food products led sales and profitability growth, despite inflationary and cost pressures, which are expected to continue," said Chief Executive Mohammad Abu-Ghazaleh. The stock has rallied 30.0% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 17.8%.

/zigman2/quotes/204256055/composite
US : U.S.: NYSE
$ 26.49
-0.81 -2.97%
Volume: 119,383
Nov. 26, 2021 3:30p
P/E Ratio
13.70
Dividend Yield
1.89%
Market Cap
$1.26 billion
Rev. per Employee
$87,877
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.