Coral Gables, FL -
By ANUK Staff
2.20.13
Fresh Del Monte Produce Inc. has reported financial results for the fourth quarter and year ended December 28, 2012.
Gross profits for the year increased from $319.5 million in 2011 to $341.7 million. The increase was largely due to higher selling prices in the company’s non-banana fresh produce segment coupled with increased efficiencies in the company’s global logistics network. Gains were partially offset by unfavorable foreign exchange rates.
Gross profits for the fourth quarter 2012 increased from $30.9 million in the fourth quarter of 2011 to $38.5 million. Excluding asset impairment and other charges and credits, gross profit was $38.6 million in the fourth quarter of 2012, compared with $28.6 million in the fourth quarter of 2011
For the full year 2012, the company reported a $168.5 million decrease in net sales from the prior year to $3.4 billion in 2012. The decrease is attributable to lower net sales volume in the company's banana segment in Northern Europe and markets in the Middle East.
Net sales for the fourth quarter of 2012 decreased from $780.8 million in 2011 to $776.9 million, also due to lower net sales in the banana segment of the company, which was partially offset by increased sales in other segments.
"We are pleased to report a very solid performance for 2012, with a significant increase in profitability," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "Throughout the year, we continued to build long-term shareholder value through new and innovative delivery channels, increasing our global brand awareness, with a disciplined focus on cost-reduction and efficiency improvements across our organization.”
