Del Monte falls short of forecasts amid Europe weakness

08/02/2011 01:11:00 PM
Chris Koger

For the three months ending July 1, Fresh Del Monte had net income of $35.2 million, up from $21.1 million in the same period a year earlier, the company said. Net sales rose 4% to $1.04 billion.

On a per-share basis, Fresh Del Monte earned 77 cents during the quarter excluding special items, down from 85 cents a year earlier. That’s about 19 cents below analysts’ average estimate, according to Thomson Reuters I/B/E/S.

In midday trading Aug. 2, Fresh Del Monte shares fell 97 cents, or 3.9 %, to $23.67. The stock is still up about 12% over the past 12 months.

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