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Fresh Del Monte Produce profit misses consensus by 43.1% in fiscal Q1

Fresh Del Monte Produce Inc. said its normalized net income for the fiscal first quarter ended March 27 came to 55 cents per share, compared with the S&P Capital IQ consensus estimate of 96 cents per share.

EPS decreased 20.6% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $29.2 million, a decline of 25.0% from $38.9 million in the year-earlier period.

The normalized profit margin declined to 2.9% from 4.0% in the year-earlier period.

Total revenue increased year over year to $1.01 billion from $982.3 million, and total operating expenses rose from the prior-year period to $951.9 million from $919.3 million.

Reported net income fell 27.3% year over year to $42.7 million, or 80 cents per share, from $58.8 million, or $1.04 per share.