News Column

Fresh Del Monte Produce Inc. Reports Second Quarter 2014 Financial Results; Higher Net Sales and Margins Generate Strong Earnings Growth

July 30, 2014



ENP Newswire - 30 July 2014

Release date- 29072014 - CORAL GABLES, Fla - Fresh Del Monte Produce Inc. (NYSE: FDP) today reported financial results for the quarter ended June 27, 2014.

The Company reported earnings per diluted share of $1.15 for the second quarter of 2014, compared with earnings per diluted share of $1.10 in the second quarter of 2013.

Comparable earnings per diluted share were $1.19 in the second quarter of 2014, compared with comparable earnings per diluted share of $1.02 in the second quarter of 2013.

'We were pleased to achieve a double-digit increase in net sales and strong earnings per share during the second quarter of 2014,' said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. 'Our results reflect the continued progress we have made in diversifying our business across our regions, distribution channels and products. Throughout the quarter, we continued to benefit from the execution of our long-term strategies, focus on controlling costs and maximizing operating efficiencies. Our results were further enhanced by higher sales volume in all of our business segments.'

Net sales for the second quarter of 2014 increased 11% to $1,131.3 million, compared with $1,023.9 million in the second quarter of 2013. The increase in net sales for the quarter was primarily due to higher sales volume in all of the Company's business segments.

Gross profit for the second quarter of 2014 was $121.5 million, compared with $105.9 million in the second quarter of 2013. The increase in gross profit was primarily due to higher gross profit in the Company's banana and prepared food business segments, principally the result of increased selling prices of bananas in Europe and the Middle East, driven by favorable exchange rates in Europe, along with increased demand and lower industry supply. The Company also benefited from lower distribution and ocean freight costs.

Operating income for the second quarter of 2014 was $75.3 million, compared with $51.2 million in the second quarter of 2013. Comparable operating income for the second quarter of 2014 was $77.3 million, compared with comparable operating income of $63.1 million in the second quarter of 2013. The increase in operating income was primarily due to higher gross profit.

Net income for the second quarter of 2014 was $64.3 million, compared with $62.0 million in the second quarter of 2013. Comparable net income for the second quarter of 2014 was $66.3 million, compared with comparable net income of $57.3 million in the second quarter of 2013.

Fresh Del Monte Produce Inc. and Subsidiaries

Condensed Consolidated Statements of Income: See Full Press Release at:

http://investorrelations.freshdelmonte.com/phoenix.zhtml?c=108461&p=irol-newsArticle&ID=1952388&highlight=

Source: Fresh Del Monte Produce Inc.

Fresh Del Monte Produce Inc.

Christine Cannella, 305-520-8433

Assistant Vice President, Investor Relations


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Source: ENP Newswire


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