CORAL GABLES, Fla. (AP) — Fresh Del Monte Produce Inc.'s fourth-quarter loss widened slightly as demand for its produce softened.
Chairman and CEO Mohammad Abu-Ghazaleh said in a statement on Tuesday that rising fuel costs and the weak European economy weighed on consumer demand.
The fruit and vegetable supplier reported a net loss of $10.1 million, or 17 cents per share, for the period ended Dec. 30. That compares with a loss of $9.6 million, or 16 cents per share, a year earlier.
Taking out asset impairment charges and other items, it lost 15 cents per share.
Analysts expected adjusted earnings of 15 cents per share, according to a FactSet survey.
Revenue dropped 4 percent to $780.8 million from $816.7 million due to weakness in Europe because of lower prices.
Wall Street analysts had expected revenue of $837.3 million.
For the year, the Coral Gables, Fla., company reported net income of $92.5 million, or $1.56 per share, up from $62.2 million, or $1.02 per share, a year earlier. Annual revenue rose 1 percent to $3.59 billion from $3.55 billion on increased sales of bananas and fresh produce.