Bad weather and low banana prices have led leading fruit supplier Fresh Del Monte Produce to cut its earnings forecast for the full year.
The company projected its 2004 earnings of $2.05 to $2.15 a share, down from previous forecasts of $2.55 to $2.65.
The company said the drop was down to the low price of bananas, less profitable US melons, growing conditions in Costa Rica, hurricane ravaged Florida tomatoes and commodity costs.
The news meant a slip in share price for Fresh Del Monte of $1.66 to £25 on the New York Stock Exchange.
In 2003, the company earned $226.4 million, around $3.95 a share, including one-time gains, on sales of $2.49 billion.
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