Fresh Del Monte Q2 net sales up 6% but net income halved; gross margin drops to 6.7%

FRESH DEL MONTE PRODUCE INC

2022-Q2 EPS reported $0.98 revenue$2,348,900,000

Diluted EPS $0.44 vs $0.99; adjusted EPS $0.43 vs $0.98; net income $21.2M vs $47.2M.
Net sales $1,211.9M (+$70.3M, +6% YoY) driven by pricing; cost of products sold rose $100M.
Banana gross margin fell to 5.3% from 11.3% on higher freight and production costs.
Dividend declared $0.15/share, payable Sept 9, 2022 to holders of record Aug 17.
Adjusted EBITDA $55.7M vs $83.6M; margin 4.6% vs 7.3% as cost pressures persisted.

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