This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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

Fresh Del Monte Produce Inc. (NYSE: FDP) today reported financial results for the quarter ended June 29, 2012. For the second quarter of 2012, the Company reported earnings per diluted share of $0.99, compared with earnings per diluted share of $0.59 in the second quarter of 2011. Excluding asset impairment and other charges, earnings per diluted share were $1.01 in the second quarter of 2012, compared with earnings per diluted share of $0.77 in the second quarter of 2011.

"We are extremely pleased with the strong earnings growth we achieved in the second quarter," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "Our performance reflected the momentum we have created through our strategic initiatives and our ability to navigate the challenging global economic environment over the past few years. The strength of our operations, logistics flexibility, prudent product supply management, and our expanded global customer base were key contributors to our performance. Moving forward, we remain focused on the bottom line, long-term growth and our established cost savings program to increase shareholder value.”

Net sales for the second quarter of 2012 were $957.6 million, compared with $1,039.7 million in the prior year period. The decrease in net sales for the quarter was the result of lower net sales across all of the Company's business segments, primarily due to lower banana sales volume in the Middle East secondary markets and in Europe, and lower sales volume in the Company's other fresh produce business.

Gross profit for the second quarter of 2012 was $116.4 million, compared with $102.9 million in the second quarter of 2011. The Company had gross profit of $103.7 million in the second quarter of 2011, 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 other fresh produce business, operational improvements and lower ocean freight costs.

Stock quotes in this article: FDP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,507.49 -6.88 -0.04%
S&P 500 1,876.36 -3.19 -0.17%
NASDAQ 4,130.4270 -31.0310 -0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs