"We are pleased to report solid second quarter results despite the negative year-over-year exchange rates in Europe and Asia and weather related issues that impacted production for some of our products,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Fresh Del Monte Produce. "Our results reflect momentum in our global value-added fresh-cut product line, increased penetration within our existing distribution channels, and flexibility to deliver to markets with the strongest demand. We continued to capitalize on health and wellness, and growing convenience trends in the marketplace with new product initiatives and further invested in our global footprint to increase value-added production.”
Net sales for the second quarter of 2015 were $1,134.1 million, compared with $1,131.3 million in the second quarter of 2014. The increase in net sales was led by higher net sales in the Company's banana and other fresh produce business segments. Net sales were negatively impacted by a $42.0 million exchange rate variance over the prior year period.
Gross profit for the second quarter of 2015 was $114.0 million, compared with $121.5 million in the second quarter of 2014. The decrease in gross profit was attributable to lower selling prices in several product lines combined with an increase in fruit production costs in the Company's banana and other fresh produce business segments. Lower transportation costs partially offset the decrease in gross profit.
Operating income for the second quarter of 2015 was $73.6 million, compared with operating income of $75.3 million in the second quarter of 2014. Comparable operating income for the second quarter of 2015 was $73.1 million, compared with $77.3 million in the second quarter of 2014.
Net income for the second quarter of 2015 was $64.5 million, compared with net income of $64.3 million in the second quarter of 2014. Comparable net income for the second quarter of 2015 was $64.0 million, compared with $66.3 million in the second quarter of 2014.
Source: www.businesswire.com