Fresh Del Monte Produce Q1 gross profit $99.1 million
Staff Writer |
Fresh Del Monte Produce reported financial results for the first quarter ended March 31, 2017.
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The company reported earnings per diluted share of $0.90 for the first quarter 2017, compared with earnings per diluted share of $1.57 in the first quarter of 2016.
Comparable earnings per diluted share were $0.84 in the first quarter, compared with comparable earnings per diluted share of $1.56 in the first quarter of 2016.
Net sales for the first quarter of 2017 were $1,032.4 million, compared with $1,018.1 million in the first quarter of 2016.
The increase in net sales was primarily the result of higher net sales in the company's other fresh produce and prepared food business segments, partially offset by lower net sales in the company's banana business segment.
Gross profit for the first quarter of 2017 was $99.1 million, compared with $140.7 million in the first quarter of 2016.
The decrease in gross profit was principally due to higher fruit costs in the company's other fresh produce business segment, lower selling prices in the banana business segment and unfavorable exchange rates, partially offset by higher sales volume.
Operating income for the first quarter of 2017 was $53.9 million, compared with operating income of $90.5 million in the first quarter of 2016.
Comparable operating income was $51.2 million in the first quarter of 2017, compared with comparable operating income of $90.1 million in the first quarter of 2016. The decrease was primarily due to lower gross profit.
Net income attributable to Fresh Del Monte Produce Inc. for the first quarter of 2017 was $46.4 million, compared with net income of $81.7 million in the first quarter of 2016.
Comparable net income was $43.7 million in the first quarter of 2017, compared with comparable net income of $81.3 million in the first quarter of 2016.
A Florida federal judge, Tuesday, confirmed Fresh Del Monte Produce Inc.’s $32 million arbitration award won against one of its fruit suppliers, a Costa Rican pineapple plantation, rejecting the supplier’s argument that the tribunal’s decision was based on a fraudulent sales agreement.
The fruit grower, known as Inprotsa, was found by arbitrators to have violated its contract with Del Monte by continuing to grow the MD-2 variety of pineapple instead of returning its crops and seeds to Del Monte after its pineapple sales agreement lapsed. ■