Fresh Del Monte Produce (FDP) Misses Q1 EPS by 13c

Fresh Del Monte Produce (NYSE: FDP) reported Q1 EPS of $0.83, $0.13 worse than the analyst estimate of $0.96. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $1 billion.

“We are pleased to report that we continued to make progress toward our long-term initiatives during the first quarter of 2015, with positive growth in our banana business, increased volume in several product lines in our other fresh produce business and strategic improvements in the prepared food business in Europe,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “However, we faced a number of challenges that reduced our ability to deliver optimal earnings. Significantly higher fruit procurement costs in the banana segment, lower pineapple yields, along with tomato and grape quality issues, which were brought about by several adverse weather-related events around the world. Our global market reach and logistics flexibility allowed us to better manage these factors. Additionally, we faced unfavorable year-over-year exchange rates. The positive trends, initiatives, and strategic steps to improve profitability during the quarter mitigated the setbacks, and I am confident we will continue to deliver sustainable growth over the long-term.”

For earnings history and earnings-related data on Fresh Del Monte Produce (FDP) click here.

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