- Fresh Del Monte Produce (NYSE:FDP +2%) reports Banana segment salesfell 3.2% to $497.4M in Q2 due to lower sales volume.
- Other fresh produce segment sales declined 5.1% to $496.8M.
- Prepared food segment sales decreased 2.3% to $94.4M.
- Revenue by geography: North America: $578.6M (-4.2%); Europe: $190.3M (-10.1%); Middle East: $161.1M (+4.6%); Asia: $139.8M (-2.9%); Other: $18.8M (-9.2%).
- Gross margin rate improved 330 bps to 13.4%, due to higher selling prices in the Company's other fresh produce and banana business segments, along with lower transportation and banana production and procurement costs.
- SG&A expense rate expanded 40 bps to 4.1%.