Fresh Del Monte Produce Inc. Reports First Quarter 2015 Financial Results, Net Sales Up

CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. (NYSE: FDP) today reported financial results for the quarter ended March 27, 2015. The Company reported earnings per diluted share of $0.80 for the first quarter of 2015, compared with earnings per diluted share of $1.04 in the first quarter of 2014. Comparable earnings per diluted share were $0.83 in the first quarter of 2015, compared with comparable earnings per diluted share of $1.00 in the first quarter of 2014.

Net sales for the first quarter of 2015 were $1,008.4 million, compared with $982.3 million in the first quarter of 2014. The increase for the quarter was due to higher net sales in the Company's banana and other fresh produce business segments, primarily driven by increased sales volume in North America.

Gross profit for the first quarter of 2015 was $100.4 million, compared with $106.7 million in the first quarter of 2014. The decrease in gross profit was due to lower profitability in the Company's other fresh produce business segment, primarily the result of lower selling prices in the Company's tomato and non-tropical product lines as a result of adverse weather conditions in the Company's production areas in North America and Chile.

Operating income for the first quarter of 2015 was $56.3 million, compared with operating income of $65.2 million in the first quarter of 2014. Comparable operating income for the first quarter of 2015 was $58.0 million, compared with $63.1 million in the first quarter of 2014.

Net income for the first quarter of 2015 was $42.5 million, compared with net income of $58.6 million in the first quarter of 2014. Comparable net income for the first quarter of 2015 was $44.2 million, compared with $56.5 million in the first quarter of 2014. View the full report here.