CORAL GABLES, Fla.--(BUSINESS WIRE)--Jul 31, 2018--Fresh Del Monte Produce Inc. (NYSE: FDP) today reported financial results for the second quarter ended June 29, 2018. The Company reported a loss per diluted share of $0.16 for the second quarter 2018, compared with earnings per diluted share of $1.36 in the second quarter of 2017. Comparable earnings per diluted share were $0.14 in the second quarter of 2018, compared with comparable earnings per diluted share of $1.40 in the second quarter of 2017.

"The quarter was highlighted by our recent acquisition of Mann Packing Company, and by strong sales growth, despite reductions in pricing across many of our products,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Uncontrollable factors led by congestion, delays and inclement weather at our loading ports in Central America, substantially lower banana selling prices in Europe, an oversupply of pineapples in North America, continued tightening of the transportation market, and higher commodity costs adversely affected our overall performance. Looking ahead, we remain firmly focused and committed to investing in and further diversifying our global operations while driving profitable growth over the long-term.”

Net sales for the second quarter of 2018 were $1,272.4 million, compared with $1,147.1 million in the second quarter of 2017. The increase in net sales was the result of higher net sales in the Company's other fresh produce and prepared food business segments, primarily due to the acquisition of Mann Packing, partially offset by lower net sales in the Company's banana business segment.

Gross profit for the second quarter of 2018 was $78.3 million, compared with $123.2 million in the second quarter of 2017. The decrease in gross profit was the result of lower gross profit in all of the Company's business segments, principally due to lower selling prices in the Company's banana and other fresh produce business segments, along with the negative impact of transportation and production costs.

Operating income for the second quarter of 2018 was $13.8 million, compared with operating income of $79.5 million in the second quarter of 2017. Comparable operating income was $28.6 million in the second quarter of 2018, compared with comparable operating income of $81.6 million in the second quarter of 2017. The decrease was primarily due to lower gross profit, higher asset impairment and other charges, net and higher selling, general and administrative expenses.

Net income attributable to Fresh Del Monte Produce Inc. for the second quarter of 2018 was a net loss of $7.9 million, compared with net income attributable to Fresh Del Monte Produce Inc. of $69.2 million in the second quarter of 2017. Comparable net income was $6.9 million in the second quarter of 2018, compared with comparable net income of $71.3 million in the second quarter of 2017. The change was primarily the result of lower operating income, higher foreign exchange losses, and higher interest expense.

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