Fresh Del Monte Produce Reports Strong First Quarter for 2016
- by Laura Hillen
CORAL GABLES, FL – With its first quarter having ended on April 1, Fresh Del Monte Produce announced its Q1 earnings with increased net sales, net income, and operating income. The company’s gross profit for 2016’s first quarter increased by a heightened $40.3 million to $140.7 million, as compared to last year’s Q1 reporting of $100.4 million.
"Our first quarter performance was a great start to the year," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of the company, in a press release. "We achieved higher revenue, and stronger earnings growth, while continuing to invest in our future. Our performance was led by increased sales in our other fresh produce and banana businesses, which further validates the diversity of our globally sourced product offerings.”
The company reported a higher earnings per diluted share of $1.57 for the first quarter of 2016, as compared to the company’s 2015 first quarter earnings per diluted share of $0.80. For this year’s Q1 Fresh Del Monte’s comparable earnings per diluted share were $1.57, compared with comparable earnings per diluted share of $.083 in the first quarter of last year.
“We also benefited from progress in advancing our distribution capabilities in North America and Asia as well as contributions from our focus on cost-savings and maximizing operating efficiencies," continued Abu-Ghazaleh. "Our goal, as always, is to continue to strategically position our business to deliver growth and shareholder value over the long-term."
Reported increases and highlights to the company’s Q1 report are as follows:
- Net sales increase of $9.7 million to $1,018.1 million from 2015
- Operating income increased to $90.5 million, from 2015’s reporting of $56.3 million
- Comparable operating income rose to $90.5 million from 2015’s Q1 comparable operating income of $57.7 million
- Net income rose to $81.7 million from 2015’s Q1 net income of $42.5 million
- Comparable net income reported as $81.7 million, compared to last year’s Q1 report of $43.9 million
Since reporting the 2016 Q1 earnings, the company's stock began rising. As of May 3, 2016, 10:45 AM (PST), Fresh Del Monte Produce’s price to earning ratio was at 39.65, and stock had risen by 4.17 percent.
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