Fresh Del Monte Post Better-than-expected Earnings, As Sales Miss

Fresh Del Monte Produce Inc. on Monday said net income for the first quarter rose to $81.2 million, or $1.58 per share, compared with $44.2 million, or 80 cents per share during the same quarter a year ago. Adjusted earnings for the quarter were $1.57 cents per share, miles above FactSet's 83 cents per-share consensus. Sales for the quarter hit $1.02 billion, compared with the $1.01 billion in the year earlier period. That missed FactSet's revenue consensus of $1.05 billion. Chief Executive Mohammad Abu-Ghazaleh said the companies earnings and revenue growth was thanks to an increase in its banana business, as well as other fresh produce. Del Monte shares were inactive in premarket trade, but are up nearly 13% in the year so far and are outperforming the S&P 500 Index, which is up 1.8%.