Fresh Del Monte Produce Inc, one of the world's largest producers and marketers of fresh fruit and vegetables, today announced solid financial results for the third quarter and nine months ending September 26, 2003.
Net sales for the third quarter of 2003 rose to $563.7 million (£1 = $1.67), compared with $498.5m in the same period last year. Net sales for the first nine months rose to $1.9 billion from $1.6bn a year ago. The growth in sales in the quarter and nine months was due primarily to expansion in the repack produce segment.
The company reported earnings per diluted share (EPS) of $0.60 in the third quarter of 2003, compared with $0.57 per diluted share in the third quarter of 2002. For the first nine months of 2003, Fresh Del Monte Produce reported EPS of $3.56, compared with $2.84 per diluted share in the first nine months of 2002. The 2003 year-to-date earnings include a $0.20 per-share gain from insurance recoveries.
Fresh Del Monte's gross profit for the third quarter of 2003 was $65m, compared with a gross profit of $67.9m for the third quarter of 2002. Gross profit for the first nine months was $281m, compared with $271.5m for the same period last year. The slight decline in gross profit for the quarter was due to adverse weather conditions affecting the company's banana and tomato businesses, while the increase in gross profit for the first nine months of 2003 was a result of the company's growth in net sales of gold pineapple and non-tropical produce.
Net income for the third quarter of 2003 was $34m, compared with $32.5m in the third quarter of 2002. Net income for the first nine months increased to $203.6m, compared with $160m a year ago.
“We're proud that we achieved these solid results in spite of challenging market conditions brought on by unfavorable weather conditions in Europe,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer of Fresh Del Monte Produce. “Our performance is a testament to the success of our
Fresh Del Monte Produce Inc initiatives to add value to our product line through diversification and other measures. These efforts continue to provide us with the resilience we need to deliver strong, sustainable performance.” Abu-Ghazaleh added that the unveiling of the company's new pineapple, Del Monte Honey Gold ® was a good example of one such value-enhancing initiative, with more such measures planned for the future.
• Fresh Del Monte is a leading vertically integrated producer and marketer of high quality fresh produce. The Company's primary products include bananas, pineapples, melons, specialty melons, tomatoes, potatoes, strawberries, onions, grapes, citrus, apples, pears, peaches, plums and plantains. The company markets its products worldwide under the Del Monte® brand, which it has promoted as a symbol of product quality and reliability since 1892.
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