Financial Data and Key Metrics Changes - Net sales increased by 4% to $1.183 billion compared to $1.14 billion in the prior year [14] - Gross profit rose by 6% to $120 million from $113 million in the prior year, with gross margin expanding to 10.2% from 9.9% [6][15] - Net income attributable to Fresh Del Monte was $57 million, up from $54 million in the prior year, with adjusted diluted earnings per share increasing to $1.23 from $1.16 [18] Business Segment Data and Key Metrics Changes - Fresh and value-added products segment net sales increased by 4% to $723 million, driven by higher selling prices in the pineapple product line [19] - Banana segment net sales also rose by 4% to $410 million, primarily due to higher selling prices across regions [21] - Other products and services segment saw a slight decrease in net sales to $50 million from $51 million, attributed to lower selling prices in poultry and meats [22] Market Data and Key Metrics Changes - Consumer spending on tropical fruit has risen by 58% since February 2017, indicating a growing market relevance [8] - The company launched PingGlow in the UAE, marking its first sustained market entry for a variety in the Middle East [8] Company Strategy and Development Direction - The company is transitioning from legacy break box shipping vessels to container vessels in the Asia Pacific region to enhance operational efficiency [27] - There is a focus on expanding production capacity in Costa Rica and other regions, including Brazil and Africa, to meet growing demand [36][38] Management Comments on Operating Environment and Future Outlook - Management anticipates a continued shortage of pineapple supply into 2026, with strong market dynamics expected to persist [35][36] - The company remains confident in its ability to deliver on full-year objectives, expecting net sales growth of 2% year-over-year [28] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, equating to an annualized yield of 3.3% based on current share price [26] - The effective tax rate for the second quarter was 20%, reflecting increased earnings in higher tax jurisdictions [23] Q&A Session Summary Question: Update on pineapple supply and growth expectations - Management expects a continued shortage of supply through the end of the year and into next year, with strong market conditions for premium varieties [35][36] Question: Distribution growth for Pink Glow - Supply is currently constrained due to regulatory issues, but management anticipates increased acreage and supply in about 18 months [40][41] Question: Demand sources for fresh cut fruit - Demand is primarily coming from retail and convenience stores, with growth observed globally, not just in North America [45][46] Question: Impact of black sigatoka on banana supply - Costa Rica's export volume is down over 20% due to black sigatoka disease, which is expected to worsen [52] Question: Foreign exchange impact on revenue - The strengthening of the euro, British pound, and Japanese yen positively impacted net sales, while the Costa Rican colon presented headwinds [62][65]