Fresh Del Monte Produce Inc reported strong financial results for the fourth quarter and full year ended Dec 27, 2002. For the quarter, the company reported net income of $35.2 million, compared with $5.3 million in the fourth quarter of 2001.
Net sales for the fourth quarter of 2002 were $487.4 million, compared with $422.0 million for the same period in 2001. The 15% increase in net sales was a result of the company's growth across all product lines.
The company's net income on a full-year basis was $195.2 million, compared with $96.2 million in the prior year. Net sales for the year rose to $2.1 billion from $1.9 billion in 2001.
Gross profit for the fourth quarter of 2002 climbed to $65.2 million, versus gross profit of $51.6 million in fourth-quarter 2001. Gross profit for the year was $336.7 million, compared with gross profit of $282.9 million in the same period in 2001.
