Fresh Del Monte Produce Inc. reported financial results for the fourth quarter and year ended December 27, 2019. For the full year 2019, the Company reported earnings per diluted share of $1.37, compared with a loss per diluted share of $0.45 for the full year 2018. Adjusted earnings per diluted share were $1.12 for the full year 2019, compared with adjusted earnings per diluted share of $0.40 for the full year 2018. The Company reported a loss per diluted share of $0.54 in the fourth quarter of 2019, compared with a loss per diluted share of $0.70 in the fourth quarter of 2018. Adjusted loss per diluted share was $0.45 in the fourth quarter of 2019 and 2018.
“In 2019, we benefited from our 2018 initiatives to realign certain production units, as well as early returns on our 2019 strategic shift to focus on becoming a value-added and more diversified Company,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “The emphasis on strengthening our core businesses led to higher gross margins and increased profitability. We also saw continued demand in our value-added fresh-cut and avocado product lines. Fresh Del Monte Produce is a different company today than it was a year ago. While we are encouraged by these results, we believe our transformation process will continue as we drive innovation and growth in our value-added businesses and leverage our core products to drive consistent revenue and earnings growth for the long-term.”
Net income attributable to Fresh Del Monte Produce Inc. for the full year 2019 was $66.5 million, compared with a net loss of $21.9 million in 2018. Adjusted net income was $54.6 million for the full year 2019, compared with adjusted net income of $19.8 million in 2018. Net loss attributable to Fresh Del Monte Produce Inc. for the fourth quarter of 2019 was $25.8 million, compared with net loss of $34.0 million in the fourth quarter of 2018. Adjusted net loss was $21.2 million for the fourth quarter of 2019, compared with adjusted net loss of $22.2 million in the fourth quarter of 2018. The change for the full year 2019 and fourth quarter of 2019 reflects higher operating income.
To read the full results, click here.
For more information: 
Christine Cannella
Fresh Del Monte Produce
Tel: +1 (305) 520-8433
www.freshdelmonte.com