Fresh Del Monte shares fall on lowered outlook | VailDaily.com
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Fresh Del Monte shares fall on lowered outlook

NEW YORK – The stock of Fresh Del Monte Produce Inc. fell sharply Friday after the company slashed its full-year earnings forecast, citing slack pineapple demand.In afternoon trading, shares of Fresh Del Monte were at $23.52, down $2.35, or 9 percent on the New York Stock Exchange.At one point during the day, the stock fell to $21.90, eclipsing the 52-week low of $24.50 set Nov. 8.Thursday, after the financial markets closed, the Coral Gables, Fla., produce distributor cut its 2005 earnings forecast to a range of $1.90 to $2 a share from $2.30 to $2.40 a share.It had full-year profit of $2.41 a share a year ago.Fresh Del Monte blamed the diminished 2005 outlook on lower-than-expected demand for pineapples in North America in November.The company, which also produces bananas, melons, corn, spinach and peas, said it still expects 2005 sales to be higher than its $2.91 billion of a year ago.


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