Fresh Del Monte Produce Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 1 came to a loss of 9 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.
The per-share result swung to a loss from the prior-year profit of 18 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.8 million, compared with income of $10.1 million in the fourth quarter ended Dec. 26, 2014.
The normalized profit margin declined to negative 0.5% from 1.1% in the year-earlier period.
Total revenue climbed 5.2% year over year to $977.9 million from $929.3 million, and total operating expenses climbed 8.2% year over year to $982.9 million from $908.0 million.
Reported net income totaled a loss of $73.0 million, or a loss of $1.39 per share, compared to a loss of $511,070, or a loss of 1 cents per share, in the fourth quarter ended Dec. 26, 2014.
For the year, the company's normalized net income totaled $1.67 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.63.
EPS declined 12.7% from $1.91 in the prior year.
Normalized net income was $88.7 million, a decline of 17.6% from $107.6 million in the prior year.
Full-year total revenue rose from the prior-year period to $4.06 billion from $3.93 billion, and total operating expenses grew year over year to $3.90 billion from $3.74 billion.
The company said reported net income decreased 56.3% on an annual basis to $62.2 million, or $1.17 per share, in the full year, from $142.6 million, or $2.53 per share.