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    1. Management

    Fresh Del Monte Produce Inc. Reports Third Quarter 2015 Financial Results, Net Sales Up

    Oct. 27, 2015
    Fresh Del Monte Produce Inc Lo 11317443

    CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. (NYSE: FDP) today reported financial results for the third quarter ended September 25, 2015. The Company reported earnings per diluted share of $0.54 for the third quarter of 2015, compared with earnings per diluted share of $0.35 in the third quarter of 2014. Comparable earnings per diluted share were $0.57 in the third quarter of 2015, compared with comparable earnings per diluted share of $0.35 in the third quarter of 2014.

    “We are very pleased with our financial performance in the third quarter. We saw excellent growth in our fresh-cut and avocado businesses. We hold a commanding position as the global leader in the fresh-cut space, and avocados are becoming one of our fastest growing categories. We look to aggressively capitalize on our position as a leader in avocados to meet growing customer demand. Our results were further shaped by our focus on higher value products, continued expansion of our geographic presence, further leveraging of our distribution and marketing channels, innovative opportunities with new customers globally, and closer relationships with existing customers. Higher banana production and procurement costs, unfavorable foreign exchange rates, and lingering effects of a tough Chilean season were adverse factors we had to overcome in order to achieve these results,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Over the years, our team has done an exceptional job in transforming our Company for long-term growth and profitability by focusing on our fundamental strengths, and further leveraging our healthy and convenient product lines and geographic presence, allowing us to build a formidable strategic advantage for our Company as demonstrated by our third quarter achievements.”

    Net sales for the third quarter of 2015 were $936.1 million, compared with $884.6 million in the third quarter of 2014. The increase in net sales was led by higher net sales in all of the Company's business segments, with solid volume gains over the prior year quarter, along with higher selling prices in the Company's other fresh produce business segment. The increase in net sales was partially offset by a $27 million exchange rate variance over the prior year period.

    Gross profit for the third quarter of 2015 was $83.3 million, compared with $73.9 million in the third quarter of 2014. The increase in gross profit was primarily attributable to higher net sales and lower transportation costs, partially offset by higher fruit production and procurement costs in the Company's banana business segment, along with unfavorable exchange rates.

    Operating income for the third quarter of 2015 was $34.4 million, compared with operating income of $29.3 million in the third quarter of 2014. Comparable operating income for the third quarter of 2015 was $35.9 million, compared with $29.5 million in the third quarter of 2014.

    Net income for the third quarter of 2015 was $28.5 million, compared with net income of $19.9 million in the third quarter of 2014. Comparable net income for the third quarter of 2015 was $30.0 million, compared with $20.1 million in the third quarter of 2014. Full report.