FDP - Fresh Del Monte Produce rallies on strong Q1 gross profit

Fresh Del Monte Produce ([[FDP]] +16.6%) reported Q1 gross profit of $105M (+53% Y/Y) while gross profit margin increased to 10% from 6% in year ago quarter.Gross profit in fresh and value-added products increased 21% while gross profit in banana segment widened 101% led by higher per unit sales prices in North America and Europe."We remained focused on creating greater efficiencies and controlling costs throughout our operations," chairman & CEO Mohammad Abu-Ghazaleh commented; Cost of products sold decreased 5.7% to $981.7M while other product-related charges dipped to $1.6M from $8M.Net income surged to $42.7M from $13M while diluted EPS rose to $0.90 from $0.27.Net sales dropped 2.7% Y/Y to $1.09B led by lower net sales in the company's fresh and value-added and banana business segments and continued impact of COVID-19 restrictions on foodservice customers and reduced supply of fruit due to the two hurricanes in Guatemala in Q4.Net cash provided by operating activities stood at $46.8M,

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Fresh Del Monte Produce rallies on strong Q1 gross profit