Fresh Del Monte's income blossoms in 1Q

Fresh Del Monte Produce Inc reported strong financial results for the quarter ended March 30, 2007.

For the first quarter of 2007, net sales were $836.0 million, versus $840.0 million for the same period in 2006. Gross profit for the first quarter of 2007 totaled $99.1 million, compared with adjusted gross profit of $68.0 million for the same period in 2006, a 46 percent increase.

Net income for the first quarter of 2007 was $51.6 million, in contrast to adjusted net income of $16.5 million for the same period a year earlier.

“The first quarter of 2007 was the best quarter we have had in two years,” said Mohammad Abu-Ghazaleh, the firm's chairman and chief executive officer.

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