Fresh Del Monte Q2 Earnings Rise But Revenue Edges Down

(RTTNews) - Fresh Del Monte Produce Inc. (FDP) reported higher earnings for the second quarter of the year. However, revenues edged down slightly reflecting lower pricing of avocados due to market conditions.

Quarterly earnings increased to $47.7 million or $0.99 per share from $21.2 million or $0.44 per share for the same period last year.

Adjusted earnings were $46.2 million compared with $20.7 million in the prior-year period.

Revenues, however fell to $1,180.5 million from $1,211.9 million of last year, on lower per unit pricing of avocados due to market conditions, and lower sales volume of non-tropical fruit.

In addition, the company declared a quarterly dividend of $0.20 per share payable on September 8, to share holders of record on August 16.

On Tuesday, shares of Fresh Del Monte closed at $26.46 on the New York Stock Exchange.