Dive Brief:
- In the fiscal year ending Dec. 26, 2014, Del Monte surged beyond its poor showing in 2013 with net income of $142.4 million, or $2.53 per diluted share, in 2014, as compared to the previous year's net loss of $34.4 million, or a $0.61 net loss per diluted share.
- Net sales also rose from approximately $3.7 billion in 2013 to around $3.9 billion in 2014.
- While most of the focus has been on Del Monte's boosted annual sales, earnings, and net income, the net loss for fourth quarter 2014 was $400 million, compared to a $143.9 million net loss in the same quarter in 2013.
Dive Insight:
According to Business Wire, Del Monte chairman and CEO Mohammad Abu-Ghazaleh attributes the company's 2014 performance to "increased sales in all of our business segments and geographic regions" as well as "expanding our distribution channels, moving into key markets worldwide, and introducing new products." This expansion has included a new fresh cut facility in Ontario. Increased banana revenue also boosted Del Monte's 2014 total sales.