Fresh Del Monte raises thriving sales crop

Fresh Del Monte Produce Inc's third quarter 2005 net sales increased to $740.5 million, compared with $610.4 million in the same period a year earlier. Net sales for the first nine months climbed to $2.5 billion from $2.1 billion a year ago. Growth in net sales was due primarily to contributions from the company's prepared food business, along with higher banana selling prices in Europe and Asia and expanding sales of fresh-cut fruit and vegetables in North America and Europe.

Gross profit for third quarter 2005 was $50.5 million, versus $30.8 million for the third quarter of 2004. For the first nine months of 2005, gross profit totaled $271.0 million, in contrast to $197.1 million for the same period a year ago.

Third quarter net income was $5.7 million, compared with $13.7 million in the third quarter of 2004. Net income for the first nine months of 2005 was $110.1 million, down from $120.1 million in the first nine months of 2004.

TAGS: Foodservice
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