2:22 a.m. May 5, 2021
- By Tomi Kilgore
Fresh Del Monte stock set to rally after profit more than triples, tops expectationsShares of Fresh Del Monte Produce Inc. were indicated up about 4% in premarket trading Wednesday, after the fresh fruit and vegetables producer reported a first-quarter profit that more than tripled from a year ago, even as sales slipped given continued COVID-19 restrictions on foodservice customers and given hurricane-related supply disruptions. Net income rose to $42.7 million, or 90 cents a share, from $13.0 million, or 27 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 88 cents, while the average EPS estimate of two analysts surveyed by FactSet was 36 cents. Sales declined 2.7% to $1.09 billion, while the average sales estimate of two analysts was $1.11 billion, as fresh and value-added products sales fell 4.5% to $631.0 million and banana sales declined 2.1% to $418.2 million. The stock has run up 19.9% year to date through Tuesday, while the S&P 500 has gained 10.9%.
3:24 a.m. Aug. 10, 2020
- By Tonya Garcia
With half of its business at retailers like Walmart and Amazon, Wrangler parent Kontoor Brands is ‘winning with the winners’ Kontoor Brands shares have jumped 23% over the past month, but the stock is down by half for the year to dateKontoor Brands, which spun off from VF Corp. in 2019, sells its Lee and Wrangler brands at large retailers, including Walmart.