Mon, Jul 28, 2014, 11:21 PM EDT - U.S. Markets closed

Recent

% | $
Click the to save as a favorite.

Fresh Del Monte Produce Inc. Message Board

  • bluecheese4u bluecheese4u Oct 31, 2012 2:03 PM Flag

    Fresh Del Monte Produce Inc. Announces Third Quarter 2012 Financial Results

    Fresh Del Monte Produce Inc. Announces Third Quarter 2012 Financial Results

    CORAL GABLES, Fla.--(BUSINESS WIRE)--Oct. 30, 2012-- Fresh Del Monte Produce Inc. (NYSE:FDP) today reported financial results for the quarter ended September 28, 2012. The Company reported earnings per diluted share of $0.40 for the third quarter of 2012 compared with earnings per diluted share of $0.21 in the third quarter of 2011. Excluding asset impairment and other charges, earnings per diluted share were $0.45 in the third quarter of 2012, compared with earnings per diluted share of $0.22 in the third quarter of 2011.

    "We are very pleased with the strong bottom-line performance Fresh Del Monte Produce achieved in the third quarter of 2012," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "We saw excellent growth in our global fresh-cut business. The decision to take full control of the marketing, sales and distribution of our products at the beginning of the year in Southern Europe contributed to our improved performance. We also realized efficiency improvements in our logistics and cost control initiatives that directly improved our bottom-line performance. We will continue to manage our business to maximize growth and enhance shareholder value.”

    Net sales for the third quarter of 2012 were $788.8 million, compared with $795.2 million in the prior year period. The decrease in net sales for the quarter was primarily the result of lower net sales in the Company's banana business segment, primarily due to continued lower banana sales volume in the Middle East secondary markets and in Europe.

    Gross profit for the third quarter of 2012 was $74.4 million, compared with $62.9 million in the third quarter of 2011. The Company had gross profit of $75.2 million in the third quarter of 2012, excluding other charges of $0.8 million. The increase in gross profit for the quarter was primarily due to higher selling prices in the Company's banana business segment and lower ocean freight costs.

    Operating income for the third quarter of 2012 was $28.2 million, compared with $17.0 million in the prior year period. Excluding asset impairment and other charges, the Company had operating income of $31.1 million in the third quarter of 2012, compared with operating income of $17.6 million in the third quarter of 2011.

    Net income for the third quarter of 2012 was $23.5 million, compared with $12.2 million in the third quarter of 2011. Excluding asset impairment and other charges, the Company had net income of $26.4 million in the third quarter of 2012, compared with net income of $12.8 million in the third quarter of 2011.

    freshdelmonte

 
FDP
29.48-0.22(-0.74%)Jul 28 4:04 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.