Fresh Del Monte Produce (NYSE: FDP) reported Q1 EPS of $0.88, $0.03 worse than the analyst estimate of $0.91. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.05 billion.

“Our growth during the first quarter is a testament to our initiatives to strengthen the foundation of our Company through diversification to become the world’s leading supplier of healthful, wholesome and convenient fresh and value-added food and beverages,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “The acquisition of Mann Packing already contributed robust one-month sales growth and profitability in the value-added product line without the implementation of any synergies. Our avocado product line also showed strong results. These are two good examples of our continued commitment to executing our diversification strategy. However, we did face a series of external headwinds brought on by unfavorable weather and logistical challenges that hindered our progress. We remain resolute and enthusiastic about future opportunities, especially in our value-added products, with several exciting new direct to consumer ventures and innovative products to emerge during the coming months to further drive diversification."

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