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Fresh Del Monte Produce fiscal Q2 profit climbs 43.2% YOY

Fresh Del Monte Produce Inc. said its normalized net income for the fiscal second quarter ended July 1 came to $1.19 per share, compared with the S&P Capital IQ consensus estimate of $1.37 per share.

EPS rose 47.2% year over year from 81 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $61.4 million, an increase of 43.2% from $42.9 million in the second quarter ended June 26, 2015.

The normalized profit margin climbed to 5.6% from 3.8% in the year-earlier period.

Total revenue decreased on an annual basis to $1.09 billion from $1.13 billion, and total operating expenses decreased 7.0% year over year to $987.7 million from $1.06 billion.

Reported net income rose 49.5% on an annual basis to $96.2 million, or $1.86 per share, from $64.3 million, or $1.21 per share.