Fresh Del Monte profit rises
"We were pleased to achieve a double-digit increase in net sales and strong earnings per share during the second quarter of 2014," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "Our results reflect the continued progress we have made in diversifying our business across our regions, distribution channels and products. Throughout the quarter, we continued to benefit from the execution of our long-term strategies, focus on controlling costs and maximizing operating efficiencies. Our results were further enhanced by higher sales volume in all of our business segments."
Net sales for the second quarter of 2014 increased 11% to $1,131.3 million, compared with $1,023.9 million in the second quarter of 2013. The increase in net sales for the quarter was primarily due to higher sales volume in all of the Company's business segments.
Gross profit for the second quarter of 2014 was $121.5 million, compared with $105.9 million in the second quarter of 2013. The increase in gross profit was primarily due to higher gross profit in the Company's banana and prepared food business segments, principally the result of increased selling prices of bananas in Europe and the Middle East, driven by favorable exchange rates in Europe, along with increased demand and lower industry supply. The Company also benefited from lower distribution and ocean freight costs.
Operating income for the second quarter of 2014 was $75.3 million, compared with $51.2 million in the second quarter of 2013. Comparable operating income for the second quarter of 2014 was $77.3 million, compared with comparable operating income of $63.1 million in the second quarter of 2013. The increase in operating income was primarily due to higher gross profit.
Net income for the second quarter of 2014 was $64.3 million, compared with $62.0 million in the second quarter of 2013. Comparable net income for the second quarter of 2014 was $66.3 million, compared with comparable net income of $57.3 million in the second quarter of 2013.
Source: www.businesswire.com