Fresh Del Monte Produce Inc.
FDP,
reported Wednesday second-quarter profit that increased from a year ago but revenue that fell, as lower avocado prices and a declines in non-tropical fruit volume offset an increase in banana sales. Net income rose to $47.7 million, or 99 cents a share, from $21.2 million, or 44 cents a share, in the year-go period. Sales fell 2.6% to $1.18 billion, as fresh and value-added products sales fell 7.5% to $677.6 million and banana sales grew 6.5% to $448.8 million. The average estimate of two analysts compiled by FactSet was for earnings per share of 59 cents and sales of $1.22 billion. The stock, which was still inactive in the premarket, has lost 7.4% over the past three months while the S&P 500
SPX,
has gained 11.1%.
