Fresh Del Monte Produce Inc. said its normalized net income for the fiscal fourth quarter ended Dec. 30, 2016, came to 7 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.
The per-share result swung to a profit from the prior-year loss of 9 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.4 million, compared with a loss of $4.8 million in the fourth quarter ended Jan. 1, 2016.
The normalized profit margin rose to 0.4% from negative 0.5% in the year-earlier period.
Total revenue fell on an annual basis to $954.6 million from $977.9 million, and total operating expenses fell year over year to $945.5 million from $982.9 million.
Reported net income totaled $11.6 million, or 22 cents per share, compared to a loss of $73.0 million, or a loss of $1.39 per share, in the fourth quarter ended Jan. 1, 2016.
For the year, the company's normalized net income totaled $3.20 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.55.
EPS rose 91.8% from $1.67 in the prior year.
Normalized net income was $166.1 million, an increase of 87.3% from $88.7 million in the prior year.
Full-year total revenue decreased on an annual basis to $4.01 billion from $4.06 billion, and total operating expenses decreased on an annual basis to $3.74 billion from $3.90 billion.
The company said reported net income grew year over year to $225.0 million, or $4.33 per share, in the full year, from $62.2 million, or $1.17 per share.