Fresh Del Monte Produce Beats On Second-quarter Earnings Expectations But Misses On Revenue

Fresh Del Monte Produce beat second-quarter earnings expectations but missed on revenue Tuesday. Earnings rose to $97.7 million, or $1.86 per share, from $65.9 million, or $1.21 per share in the year-earlier period. Comparable earnings-per-share were $1.75, above the FactSet consensus of $1.37. Revenue decreased to $1.09 billion from $1.13 billion, below the FactSet consensus of $1.16 billion. The latest results include growth in fresh-cut and avocado product lines but lower sales volume in other fresh produce and banana business segments, the company said, attributed to bad weather and unfavorable exchange rates. The stock gained 28.3% over the last three months, compared with a 4.3% rise in the S&P 500 .