Fresh Del Monte Produce Misses Estimates (FDP)

Fresh Del Monte Produce, Inc. FDP released financial results on Tuesday morning that missed Wall Street estimates. Fresh Del Monte Produce, Inc announced that its 3rd quarter net income fell to $14.5 million, or 24 cents per share, down from $28.6 million, or 45 cents per share, a year earlier. Excluding special items, the company reported earnings of 22 cents per share. Revenue rose to $793.1 million, up from $766.2 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 28 cents per share, on revenue of $797.4 million. Chairman and Chief Executive Officer Mohammad Abu-Ghazaleh said, “Our third quarter earnings results reflect that we are operating in a very challenging environment. Adverse weather conditions again impacted our banana production areas in Guatemala, resulting in higher production costs. These costs were compounded by unfavorable exchange rates in several producing countries, and a difficult banana market in Europe. Nonetheless, while I was clearly disappointed in our overall results, our progress towards our long-term initiatives remained strong during the quarter. The growth in net sales shows that our expansion into new markets and distribution channels has been well received. As we look forward, we will continue to seek ways to improve our performance, effectively manage our business for growth, and deliver long-term value for our shareholders.” Fresh Del Monte Produce, Inc. (FDP) finished the previous trading day at $21.75 per share. The consensus price target of analysts covering the company's stock is $24.60 per share. Read more from Benzinga's Company news.