Chiquita income up 7% during quarter

by Staff
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CINCINNATI — With increased profitability in Europe and stronger sales in North America, income for Chiquita Brands International, Inc. was up 7% during the second quarter.

For the quarter ended June 30, the company had an income of $95 million, equal to $2.11 per share on the common stock, which compared with an income of $89 million, equal to $2 per share, during the same quarter of the previous year. Sales for the quarter were $916 million, down 4% from $952 million during the same quarter of the previous year.

“As we expected, we regained profitability in Europe during the second quarter following the unusual weakness of the first quarter,” said Fernando Aguirre, chairman and chief executive officer. “Revitalizing Europe is our most important priority, and we made solid progress executing a business improvement plan that includes improving pricing, capturing significant cost improvements and increasing distribution, as we leverage the strengths of our branded business. Meanwhile, we are reaping the rewards of having a diversified portfolio as our North American salad and banana businesses in the second quarter delivered the same profit level as last year, excluding our increased consumer marketing investment.”

Operating income for the bananas segment during the quarter was $64 million, down 33% from $96 million during the same quarter of the previous year. Sales for the segment were $547 million, down 2% from $557 million during the same quarter of the previous year.

The salads and healthy snacks segment had an operating income of $30 million, equal to levels during the same quarter of the previous year. The segment had sales of $288 million, down 6% from $305 million during the same quarter of the previous year.

For the six months ended June 30, the company as a whole had an income of $85 million, equal to $1.90 per share, down 24% from $112 million, equal to $2.52 per share, during the same period of the previous year. Sales for the period were $1,725 million, down 4% from $1,794 million during the same period of the previous year.

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