Fresh Del Monte Produce Announces First Quarter 2011 Financial Results

Fresh Del Monte Produce FDP today reported financial results for the quarter ended April 1, 2011. The Company reported earnings per diluted share of $0.93 in the first quarter of 2011, compared with earnings per diluted share of $0.57 in the first quarter of 2010. Excluding asset impairment and other charges, the Company reported earnings per diluted share of $0.96 for the first quarter of 2011 compared with earnings per diluted share of $0.61 in the first quarter of 2010. Asset impairment and other charges for the quarter totaled $1.9 million, or $0.03 per diluted share, primarily the result of termination costs associated with the Company's previously announced decision to close under-performing banana plantations in the Philippines. Asset impairment and other charges, including other charges above gross profit, totaled $2.0 million, or $0.04 per diluted share, for the first quarter of 2010.