Fresh Del Monte Produce Reports Q4 Loss Of $146.8 Mln - Quick Facts

(RTTNews) - Fresh Del Monte Produce Inc. (FDP) said that net loss attributable to the company for the fourth quarter of 2013 was $146.8 million or $2.62 per share, compared with breakeven or breakeven per share in the fourth quarter of 2012.

Included in the adjustments to arrive at comparable loss per share are $99.6 million of charges related to the write-off of goodwill and other intangible assets associated with the Company's 2004 acquisition of Prepared Foods in Europe, Africa, the Middle East and the countries formerly part of the Soviet Union. The performance of the Prepared Food business has not met the Company's expectations in Europe and there has been a recent cyclical downturn in industrial products. The Company is focusing on improving the European business and concentrating on higher growth markets in the Middle East and Africa.

Operating loss for the fourth quarter was $142.8 million, compared with an operating loss of $2.1 million in the prior year's fourth quarter. Comparable operating loss for the fourth quarter was 2013 of $16.8 million, compared with comparable operating loss of $1.9 million in the fourth quarter of 2012. The wider in comparable operating loss for fourth quarter was principally due to lower gross profit, increased selling, general and administrative expenses and increased losses on disposal of property, plant and equipment.

Comparable net loss was $19.2 million in the fourth quarter of 2013, compared with comparable net income of $0.2 million in the fourth quarter of 2012. The change in comparable result for the fourth quarter was primarily the result of lower operating income. Comparable net loss per share was $0.35, compared with breakeven per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter rose to $879.9 million, from last year's $776.9 million, due to strong net sales performance in all of the Company's business segments, with solid volume gains over the previous year. Two analysts estimated revenues of $791.05 million for the quarter.