UPDATE 2-Oversupply of melons, bad weather hurt Fresh Del Monte

* Q1 $0.56 vs est $0.84

* Sales of $879.7 mln miss est by 4 pct

* Melon pricing in North America weak

* Shares fall 13 pct (Adds analysts' comments, conference call details, share movement)

By Amitha Rajan

BANGALORE, April 28 (Reuters) - An oversupply of melons and severe weather conditions in Costa Rica dented quarterly profit at Fresh Del Monte Produce (FDP.N: Quote, Profile, Research), sending the fruit and vegetable producer's shares down 13 percent.

Analyst William Chappell of SunTrust Robinson Humphrey said the company's issue of melons oversupply was a case of bad timing. Melon pricing in the first quarter fell 19 percent, while volumes grew 40 percent.

"They dramatically expanded their melons business late last year just before the market really fell apart. And it never really helped their numbers," Chappell told Reuters.

BB&T Capital Markets analyst Heather Jones, who expects weakness in melons business to continue in the next quarter, said costs associated with the Costa Rican floods were higher than her estimates.