UPDATE: Fresh Del Monte Produce Q4 Revenue Beats Expectations
Fresh Del Monte Produce Inc. (NYSE: FDP) reported better-than-expected revenue for the fourth quarter.
The George Town, Cayman Islands-based company reported a quarterly loss of $400,000, or $0.01 per share, versus a year-ago loss of $144 million, or $2.56 per share. Excluding special items, the company's earnings came in at $0.20 per share, versus a loss of $0.29 per share.
Its revenue gained 5.6% to $929 million. However, analysts were expecting a loss of $0.10 per share on revenue of $867 million.
Banana sales gained 3% to $439 million, while other fresh-produce sales climbed 11% to $401 million.
Gross profit rose to $62.7 million from $32.9 million.
"Our strong fourth quarter results added to an outstanding year for Fresh Del Monte Produce," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "Our performance in 2014 was driven by increased sales in all of our business segments and geographic regions. Throughout the year, we made tremendous progress towards our strategic objectives of expanding our distribution channels, moving into key markets worldwide, and introducing new products. Our steady focus on controlling costs and creating efficiencies also contributed to our results."
Fresh Del Monte Produce shares gained 1.14% to $34.49 in pre-market trading.
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