Fresh Del Monte third-quarter results hit by bad weather in Guatemala plantations
Fruit and vegetable producer Fresh Del Monte Produce reported lower-than-expected quarterly results, hurt by bad weather at its banana-producing areas in Guatemala, which resulted in higher production costs.
For the third quarter, the company earned $14.5 million, or 24 cents a share, compared with $28.6 million, or 45 cents a share, a year ago. Shares of the Coral Gables, Florida-based company, have gained about 4 percent since the company reported better-than-expected second quarter results in August.
Original source: Reuters