CORAL GABLES, Fla.--(BUSINESS WIRE)--Feb. 17, 2015-- Fresh Del Monte Produce Inc. (NYSE:FDP) today reported financial results for the fourth quarter and year ended December 26, 2014. For the full year 2014, the Company reported earnings per diluted share of $2.53, compared with a net loss per diluted share of $0.61 for 2013. Comparable earnings per diluted share for the full year 2014 were $2.74, compared with comparable earnings per diluted share of $1.57 for the full year 2013. The Company reported a net loss per diluted share of $0.01 in the fourth quarter of 2014, compared with a net loss per diluted share of $2.56 in the fourth quarter of 2013. Comparable earnings per diluted share were $0.20 in the fourth quarter of 2014, compared with comparable net loss per diluted share of $0.29 in the fourth quarter of 2013.
Net sales for the year 2014 increased to $3,927.5 million, compared with $3,683.7 million in 2013. The increase in net sales for the full year was attributable to higher sales volume in all of the Company's business segments, increased selling prices in the Company's banana and other fresh produce business segments, and favorable exchange rates. Net sales for the fourth quarter of 2014 increased to $929.3 million, compared with $879.9 million in the prior year's fourth quarter. The increase in net sales for the fourth quarter of 2014 was due to increased selling prices in the Company's other fresh produce business segment and increased selling prices and higher sales volume in its banana business segment.
Gross profit for the year 2014 was $364.8 million, compared with gross profit of $290.4 million in 2013. Gross profit for the fourth quarter of 2014 was $62.7 million, compared with $32.9 million in the fourth quarter of 2013.
Operating income for the year 2014 was $173.5 million, compared with an operating loss of $28.1 million in 2013. Comparable operating income was $185.2 million in 2014, compared with $110.1 million in 2013. Operating income for the fourth quarter of 2014 was $3.7 million, compared with an operating loss of $140.2 million in the prior year's fourth quarter. Comparable operating income for the fourth quarter of 2014 was $15.3 million, compared with comparable operating loss of $14.2 million in the fourth quarter of 2013. The increase in operating income for the full year and fourth quarter was the result of lower asset impairment and other charges, and higher gross profit.
Net income for the year 2014 was $142.4 million, compared with a net loss of $34.4 million in 2013. Comparable net income was $154.1 million in 2014, compared with comparable net income of $88.8 million in 2013. Net loss for the fourth quarter of 2014 was $0.4 million, compared with net loss of $143.9 million the fourth quarter of 2013. Comparable net income was $11.2 million in the fourth quarter of 2014, compared with comparable net loss of $16.3 million in the fourth quarter of 2013. View full report here.
