Fresh Del Monte Produce Inc. (NYSE:FDP) pointed downward on equity markets when revealing quarterly results Tuesday.
The Coral Gables, Florida reported a full year, the company reported a loss per share of $0.45, compared with earnings per diluted share of $2.39 for 2017.
FDP reported adjusted earnings per diluted share of $0.44 for the full year 2018, compared with adjusted earnings per diluted share of $2.43 for the full year 2017.
Fresh Del Monte Producer reported a loss per share of $0.70 in the fourth quarter of 2018, compared with a loss per share of $0.13 in the fourth quarter of 2017. The company reported an adjusted loss per share of $0.43 in the fourth quarter of 2018, compared with an adjusted loss per share of $0.08 in the fourth quarter of 2017.
Net sales for the year were $4,493.9 million, a 10% increase compared with $4,085.9 million in 2017. Net sales for the fourth quarter were $1,045.9 million, compared with $953.7 million in the prior year's fourth quarter
According to CEO Mohammad Abu-Ghazaleh, "We had higher sales in North America, driven by our acquisition of Mann Packing Company in 2018. This strategic acquisition accelerated our efforts to diversify our presence in the fresh and fresh-cut vegetable industry.
"We're proud of how well the integration has gone during a year in which we faced a number of other challenges, including port delays, severe winter weather events and truck shortages in the U.S., along with higher operating costs."
The company’s stock fell $1.50, or 4.3%, to $33.74 in Tuesday’s first hour of trade.
