Fresh Del Monte Produce shares down on profit drop

Tag : fresh
CORAL GABLES, Fla. -
Shares Fresh Del Monte Produce Inc. fell more than 14 percent on Tuesday after the fresh-cut fruit andvegetable producer said profit fell 34 percent in the secondquarter.
The profit fell on charges to write off the value of merchandisedamaged by poor weather.
Shares set a 52-week low of $19.30 before rebounding somewhat to$21.56, marking a drop of $3.32, or 13 percent, in afternoontrading.
Fresh Del Monte's shares are down more than 46 percent from a52-week high of $39.75.
During the quarter, the company recorded asset impairment and othercharges for flood damage at its banana farms in Brazil, the closingof some U.K.-based distribution centers, and the closing of abeverage production operation in the U.K.
Higher banana selling prices helped lift sales 5 percent to $972.2million from $924.2 million.

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