Fresh Del Monte Q2 Earnings Up
Improved sales in all segments of Fresh Del Monte Produce have led second-quarter earnings to rise by 8.4%, though margins were hurt by higher costs.
The company reported that profits grew from $57.2 million, or 99 cents a share, to $62 million, or $1.10 cents.
Sales rose by 6.9% to $1.02 billion. Banana sales, constituting 45% of the company’s top line, jumped 7.6% to $457 million. Other fresh produce sales increased 5.4% to $478.3 million while prepared-food sales climbed 12% to $88.6 million.
Gross margin fell to 10.3% from 12.2%, however, as production and freight costs rose.
