FFresh Del Monte Produce Inc. reported Wednesday first-quarter profit and sales that were below Wall Street estimates, as lower avocado prices and weakness...
FFresh Del Monte Produce Inc. FDP reported Wednesday first-quarter profit and sales that were below Wall Street estimates, as lower avocado prices and weakness in its fresh and value-added products business offset strength in banana sales. The banana and fresh products company’s stock was still inactive in the premarket. Net income rose to $39.0 million, or 81 cents a share, from $25.8 million, or 54 cents a share, in the year-ago period.
The banana and fresh products company’s stock was still inactive in the premarket. Net income rose to $39.0 million, or 81 cents a share, from $25.8 million, or 54 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share were flat at 55 cents but missed the average estimate of two analysts surveyed by FactSet of 60 cents. Sales fell 0.7% to $1.13 billion, below the average FactSet estimate of $1.16 billion. Fresh and value-added sales declined 4.
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