Del Monte Q3 revenue rises 7.2% on Foods acquisition
FDP•Del Monte’s fiscal third-quarter revenue rose 7.2% year over year to $1.10 billion, while adjusted diluted EPS was $0.50, compared with a loss a year earlier. Revenue missed the $1.16 billion consensus estimate.
1. Quarterly results
Del Monte said fiscal third-quarter revenue rose 7.2% year over year to $1.10 billion. Adjusted diluted EPS was $0.50, up from a loss last year; net income was $18.70 million and gross profit was $102.60 million.
2. Acquisition and costs
The company said its acquisition of Del Monte Foods drove growth in net sales and gross profit, contributing scale and higher margins. A more diversified earnings mix improved profitability and balance across its portfolio, while cost and foreign currency pressures in fresh and agricultural operations were partly offset by favorable pricing.
