Fresh Del Monte Produce Inc. announced strong financial and operating results for the fourth quarter and year ended Dec. 28, 2007.
Net sales for the fourth quarter of 2007 increased 15 percent to $848.2 million, compared with $737.6 million in the 2006 fourth quarter. The gain in net sales was due to strong sales performance in all product segments driven by product price increases in the pineapple and melon product lines, higher worldwide banana selling prices, greater demand for bananas, and favorable foreign exchange rates. For the year, net sales rose 5 percent to $3.4 billion, versus $3.2 billion in 2006.
Gross profit for the fourth quarter of 2007 advanced to $78.4 million, in contrast to gross profit of $57.4 million in fourth quarter 2006. For the year, gross profit was $364.9 million, compared with gross profit of $189.4 million in 2006.
For the fourth quarter of 2007, net income climbed to $34.4 million, in contrast to a net loss of $58.8 million in fourth quarter 2006. For the full year, the company reported net income of $179.8 million, versus a net loss of $142.2 million in 2006.
“We delivered the best fourth quarter in our history, driven by the improvements made in our business segments,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer.
