CORAL GABLES, FL – Fresh Del Monte Produce Inc. announced its fourth quarter and full year financial results this Tuesday, February 21. The company noted positive overall performance and growth from last year—attributable to a strategic focus on diversification.
“Our positive performance during the fourth quarter and excellent results for the full year demonstrate our ongoing efforts to drive diversification across all of our businesses,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer, in a press release. “Throughout the year, we remained focused on reinforcing our global business platform with a series of strategic initiatives that enhanced our higher-margin portfolio of products and businesses, achieving strong results and growth in our fresh-cut product line with new facilities globally, product line extensions and expanded production areas.”
Highlights of the report include:
- 2016 Q4 earnings per diluted share of $0.23, compared to a $1.39 loss per share in Q4 of 2015
- Net sales decreased to $954.6 million in Q4 2016, compared with $977.9 million in the same period last year
- A Q4 gross profit of $56.5 million, compared with $44.6 million the same time last year.
- Operating income of $2.9 million, compared to an operating loss of $73.3 million in Q4 2015
- Net income attributable to Fresh Del Monte of $12 million, compared with a net loss of $73.1 million in Q4 of last year.
Though the company noted decreased net sales for both Q4 and the entire 2016 fiscal year, it also noted significantly higher gross profit, operating income, and net income for the entire fiscal year compared to 2015, attributable to lower ocean freight and fruit costs and higher selling prices for the company’s banana business and other fresh produce segments.
“We also bolstered our delivery channels and foodservice customers as consumers worldwide continue to increase their purchases of healthy and convenient fresh produce,” added Abu-Ghazaleh. “Looking forward, we see tremendous opportunities for growth, while remaining focused on the bottom line and increasing shareholder value for the long-term.”
As of February 21, 4:41 p.m. EST, the company's stock was up 2.37 points to $60.79 per share.
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