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Fresh Del Monte Produce profit misses consensus by 30.5% in fiscal Q2

Fresh Del Monte Produce Inc. said its normalized net income for the fiscal second quarter ended June 26 was 81 cents per share, compared with the S&P Capital IQ consensus estimate of $1.16 per share.

EPS rose year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $42.9 million, a decrease from $44.3 million in the year-earlier period.

The normalized profit margin declined to 3.8% from 3.9% in the year-earlier period.

Total revenue totaled $1.13 billion, compared with $1.13 billion in the year-earlier period, and total operating expenses totaled $1.06 billion, compared with $1.05 billion in the year-earlier period.

Reported net income totaled $64.3 million, or $1.21 per share, compared to $64.5 million, or $1.15 per share, in the year-earlier period.