Fresh Del Monte Produce Inc. reported better-than-expected Q1 earnings, with a 43% increase compared with last quarter, according to the Wall Street Journal.
The company attributed its increased earnings to broad sales growth.
Fresh Del Monte has reportedly faced higher costs recently, while also dealing with a global banana glut. The company is also facing increased competition from the $1.07 billion Chiquita/Fyffes merger, which will create the world's largest banana company.
In the most recent earnings report, Del Monte banana sales rose 7.6% to $436.9 million due to stronger volumes and prices. North American sales rose 5.8% and European sales rose 1.3%.
Fresh Del Monte is not to be confused with Del Monte Foods Co., a separate privately held producer of pet food and canned vegetables. Fresh Del Monte has a perpetual royalty-free license to use the Del Monte trademark for certain products world-wide.
Congratulations to Fresh Del Monte on its increased earnings.
Fresh Del Monte
