Del Monte Q3 revenue rises 7.2% on Foods acquisition
DMC•Del Monte’s fiscal third-quarter revenue rose 7.2% year over year to $1.10 billion, while adjusted diluted EPS fell to $0.50 from $0.69. Revenue missed the $1.16 billion consensus estimate.
1. Quarterly results
Del Monte reported fiscal third-quarter revenue of $1.10 billion, up 7.2% year over year, and net income of $18.70 million. Adjusted diluted EPS was $0.50, down from $0.69 a year earlier.
2. Drivers and outlook
The company said its acquisition of Del Monte Foods drove growth in net sales and gross profit, while a more diversified earnings mix improved profitability. Ongoing cost and foreign currency pressures in its fresh and agricultural operations were partially offset by favorable pricing. Del Monte did not provide specific financial guidance for the current quarter or full year.
