Fresh Del Monte Produce Inc reported financial results for the fourth quarter of the year ended January 1, 2010. Excluding asset impairment and other charges, net, the company reported earnings per diluted share of $0.36 for the fourth quarter of 2009, compared with earnings per diluted share of $0.41 in fourth quarter 2008. Excluding asset impairment and other charges, net, earnings per diluted share for the full year were $2.63, versus $2.82 for the full year of 2008.
Net sales for the quarter were $872.1 million, compared with $831.0 million in the fourth quarter of 2008. The increase in net sales was primarily driven by improved performance in the company’s gold pineapple and fresh-cut product lines, along with higher net sales for the banana business segment.
Gross profit for the quarter was $65.1 million, in contrast to gross profit of $69.4 million in the fourth quarter of 2008, excluding other charges, net, for both periods. The decrease in gross profit was due to lower profitability in the banana business segment in Europe and Asia.
Operating income for the quarter was $28.9 million, compared with $30.2 million in the prior year, excluding asset impairment and other charges, net, for both periods.
Net income for the quarter was $22.8 million, compared with $26.2 million in the fourth quarter of 2008, excluding asset impairment and other charges, net.
“We delivered a solid fourth quarter, particularly in the face of a prolonged economic slowdown, which affected profitability in our Europe and Asia banana businesses,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer at Fresh Del Monte Produce. “Our performance was driven by strong sales in our gold pineapple and fresh-cut product lines. Moving forward, our primary objectives for 2010 are to continue expanding our core product lines, controlling costs, and maintaining our commitment to increase shareholder value over the long-term.”
