CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. reported financial results for the fourth quarter and year ended December 29, 2017. For the full year, the Company reported earnings per diluted share of $2.39, compared with earnings per diluted share of $4.33 for 2016. Comparable earnings per diluted share for the full year 2017 were $2.44, compared with comparable earnings per diluted share of $4.74 for the full year 2016. The Company reported a loss per share of $0.13 in the fourth quarter of 2017, compared with earnings per diluted share of $0.23 in the fourth quarter of 2016. Comparable earnings per diluted share for the fourth quarter of 2017 were a loss of $0.08, compared with comparable earnings per diluted share of $0.26 in the fourth quarter of 2016.
“We were pleased with the momentum in diversifying our business in 2017,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Throughout the year, we continued to execute our strategic initiatives to leverage our infrastructure and keep pace with the rapidly evolving consumer needs. We expanded our diverse product suite, led by our fresh-cut category that grew by 18 percent. We extended our presence in global markets by increasing our sourcing capabilities and distribution channels around the world. Our diversification strategy is working, and the investments we have made across our business are in progress. We expect this momentum to continue as we seek opportunities, such as our pending acquisition of Mann Packing, that will further strengthen our company, drive profitability, and increase shareholder value over the long-term.”
Net sales for the year were $4,085.9 million, compared with $4,011.5 million in 2016. The increase in net sales for the full year was driven by higher sales in the Company's other fresh produce business segment. Net sales for the fourth quarter were $953.7 million, compared with $954.6 million in the prior year's fourth quarter. The decrease in net sales for the fourth quarter was due to lower sales in the Company's banana and prepared food business segments, partially offset by higher sales in the Company's other fresh produce business segment.
Gross profit for the year was $331.6 million, compared with gross profit of $461.4 million in 2016. The decrease in gross profit for the full year was primarily attributable to lower selling prices in the Company's banana and prepared food business segments and higher fruit and distribution costs in the Company's other fresh produce business segment, partially offset by lower ocean freight costs. Gross profit for the fourth quarter was $51.0 million, compared with $56.5 million in the fourth quarter of 2016. The decrease in gross profit for the fourth quarter was primarily attributable to higher fruit costs in the Company's other fresh produce business segment and lower selling prices in the Company's prepared food business segment, partially offset by lower ocean freight costs.
Operating income for the year was $152.7 million, compared with an operating income of $244.2 million in 2016. Comparable operating income was $155.1 million in 2017, compared with $265.5 million in 2016. Operating income for the fourth quarter was $2.6 million, compared with operating income of $2.9 million in the fourth quarter of 2016. Comparable operating income for the fourth quarter was $5.2 million, compared with comparable operating income of $4.6 million in the fourth quarter of 2016. The change in operating income for the full year and fourth quarter was primarily attributable to lower gross profit.
Net income attributable to Fresh Del Monte Produce Inc. for the year was $120.8 million, compared with net income of $225.1 million in 2016. Comparable net income was $123.2 million, compared with comparable net income of $246.4 million in 2016. Net income attributable to Fresh Del Monte Produce Inc. for the fourth quarter was a net loss of $6.3 million, compared with net income of $12.0 million in the fourth quarter of 2016. Comparable net loss was $3.7 million, compared with comparable net income of $13.7 million in the fourth quarter of 2016. The change in net income for the full year and fourth quarter reflects lower gross profit and higher provision for income taxes.
