Originally published at www.seclive.com
Fresh Del Monte Produce Inc. (FDP) announced its first quarter financial results for the fiscal year 2014, reporting adjusted earnings per share that were flat compared to the year-ago quarter. The Florida-based company reported net sales of $982.3M, an improvement from last year's $918.8M, which it attributed to improvements across all of its business segments. Net income climbed from $41.1M and $0.71 per share last year to $58.6M and $1.04 per share. Chairman and CEO Mohammad Abu-Ghazaleh remarked that the company progressed well on its strategy and ensured it kept its costs low, while also expanding its operations worldwide, particularly the Middle East. The company's largest business segment, bananas, improved net sales by 8% from $406.0M to $436.9M with a 6% increase in volume. Its fresh produce performance improved from last year, with gold pineapple, fresh-cut, and tomato net sales leading the way with double-digit growth.
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