Dive Brief:
- Fresh Del Monte said its net earnings nearly tripled in its most recent quarter, driven by a boost in banana sales.
- The produce grower-shipper said profit climbed to $19.9 million, well above the $6.4 million reported a year earlier. Overall revenue rose 2.7% to $884.6 million.
- A rise in sales by volume for both bananas and pineapples in North America was cited for the positive earnings report.
Dive Insight:
Fresh Del Monte's largest market by sales is North America, so when sales here inched up 4.9%, as they did in its most recent quarter, it can make up for problems elsewhere.
That turned out to be particularly important in its third quarter, because sales in Europe dropped 5.6%.