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Fresh Del Monte Produce profit up on banana prices

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April 29, 2008

CORAL GABLES, Fla.—Fresh-cut fruit and vegetable producer Fresh Del Monte Produce Inc. said Tuesday its first-quarter profit rose 23 percent, partly on higher banana selling prices.

Earnings climbed to $63.6 million, or $1 per share, compared with $51.6 million, or 89 cents per share, in the previous year.

Excluding an asset impairment charge and other items, net income rose to $1.07 per share from 84 cents per share.

Analysts predicted a profit of $1.02 per share, according to a Thomson Financial poll.

Quarterly revenue for the period ended March 28 increased 7 percent to $894.9 million from $836 million, but missed Wall Street's estimate of $902.9 million.

Sales were helped by higher banana selling prices; industrywide shortages due to bad weather in Central America and solid sales of its Del Monte Gold pineapple and non-tropical products as well as its prepared foods.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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