Fresh Del Monte Produce 2Q profit slips 34 percent

Profit declined to $41.9 million, or 66 cents per share, from $63.9 million, or $1.10 per share, a year earlier.

During the quarter, the company recorded asset impairment and other charges for flood damage at its banana farms in Brazil, the closing of some U.K.-based distribution centers, and the closing of a beverage production operation, also in the U.K.

Excluding asset impairment and other charges of $13.7 million, or 21 cents per share, earnings declined to 87 cents per share from $1.18 cents per share a year ago.

Higher banana selling prices helped lift sales 5 percent to $972.2 million from $924.2 million.

Analysts predicted profit of $1.17 per share on sales of $1 billion, according to a Thomson Financial poll.

"The second quarter was also a challenging period, with significantly higher costs that were only partially offset by strong price increases, as well as several adverse weather-related events," Fresh Del Monte Chairman and Chief Executive Mohammad Abu-Ghazaleh said in a statement.