CORAL GABLES, Fla. (AP) — Fresh Del Monte Produce Inc. reported a loss for its fourth quarter, partly dragged down by charges related to underperforming banana plantations.
The fruit and vegetable producer and distributor said Tuesday that its net loss was $9.6 million, or 16 cents per share, for the period ended Dec. 31. That compares with net income of $28.2 million, or 44 cents per share, a year earlier.
Taking out asset impairment charges tied mostly to underperforming banana plantations in the Philippines and other items, earnings fell to 7 cents per share from 36 cents per share.
Analysts polled by FactSet expected net income of 9 cents per share.
Revenue declined 6 percent to $816.7 million from $872.1 million, hurt by lower pineapple volume due to bad weather in Central America; lower sales in the Argentine grain business and the rationalization of the melon program.
The results missed Wall Street's expectations for revenue of $878.1 million.
For the year, Fresh Del Monte Produce's net income fell 57 percent to $62.2 million, or $1.02 per share, compared with $143.9 million, or $2.26 per share, in the prior year. Annual revenue rose 1 percent to $3.55 billion from $3.5 billion.