CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. today reported financial results for the fourth quarter and year ended January 1, 2016. For the full year, the Company reported earnings per diluted share of $1.17, compared with earnings per diluted share of $2.53 for 2014. Comparable earnings per diluted share for the full year 2015 were $2.49, compared with comparable earnings per diluted share of $2.74 for the full year 2014. The Company reported a net loss per share of $1.39 in the fourth quarter of 2015, compared with a net loss per share of $0.01 in the fourth quarter of 2014. Comparable net loss per share was $0.11 in the fourth quarter of 2015, compared with comparable earnings per diluted share of $0.20 in the fourth quarter of 2014.
Included in the adjustments to arrive at comparable net income per diluted share of $2.49 for the full year and a comparable net loss per share of $0.11 in the fourth quarter were $66.1 million of charges related to the write-off of goodwill associated with the Company's 2003 acquisition of its tomato and vegetable business in North America.
"Our strong sales performance in the fourth quarter and throughout 2015 was characterized by the value of our broad product line, extensive supply chain capabilities and investments in expanding our distribution channels and product sourcing,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “The year-over-year growth in our top line shows that we are exceptionally well positioned in the markets. Our global fresh-cut and avocado product lines continued to drive growth in the fourth quarter. However, our performance in the quarter was negatively impacted by an extraordinary industry oversupply of bananas in the final months of 2015."
Net sales for the year increased to $4,056.5 million, compared with $3,927.5 million in 2014. Net sales for the fourth quarter increased $48.6 million to $977.9 million, compared with $929.3 million in the prior year's fourth quarter. The increase in net sales for the full year and fourth quarter was driven by higher net sales in the Company's other fresh produce and banana business segments. The increase in net sales was partially offset by lower selling prices in several of the Company's product lines, primarily due to exchange rate variances of $115.6 million for the full year and $17.8 million for the fourth quarter of 2015.
Gross profit for the year was $342.3 million, compared with gross profit of $364.8 million in 2014. Gross profit for the fourth quarter was $44.6 million, compared with $62.7 million in the fourth quarter of 2014. The decrease in gross profit for the full year and fourth quarter was primarily attributable to a global oversupply of bananas in the fourth quarter of 2015, partially offset by lower ocean freight costs.
Operating income for the year was $91.0 million, compared with an operating income of $173.5 million in 2014. Comparable operating income was $160.8 million in 2015, compared with $185.2 million in 2014. Operating loss for the fourth quarter was $73.3 million, compared with an operating income of $3.7 million in the fourth quarter of 2014. Comparable operating loss for the fourth quarter was $6.2 million, compared with comparable operating income of $15.3 million in the fourth quarter of 2014. The decrease in comparable operating income for the full year and fourth quarter was attributable to lower gross profit and higher selling, general and administrative expenses.
Net income for the year was $62.4 million, compared with a net income of $142.4 million in 2014. Comparable net income was $132.2 million, compared with comparable net income of $154.1 million in 2014. Net loss for the fourth quarter was $73.1 million, compared with net loss of $0.4 million in the fourth quarter of 2014. Comparable net loss was $6.0 million, compared with comparable net income of $11.2 million in the fourth quarter of 2014. The change in comparable net income (loss) for the full year and fourth quarter was primarily the result of lower operating income. Full report.
