US: Chiquita cuts revenue outlook, books net loss

By: just-food.com | 30 April 2010

Net loss of US$4m from $22m in 2009
Cut full-year revenue outlook to 1-3%
Remains focused on long-term profitability

Chiquita Brands International recorded a net loss for the first quarter and cut its full-year revenue outlook.

For the three-month period the company booked a loss from continuing operations of US$4m compared to a profit of $22m in 2009.

European banana demand and pricing were negatively impacted by the harshest winter weather in 30 years, the firm said yesterday (29 April), and depressed economic conditions, which have affected commerce across Europe.

Quarterly sales decreased 4% year-over-year to $808m due to lower pricing and volume in the company's core European markets and lower retail and foodservice volume in salads.

“Revitalizing our European profitability in 2010 is our most important priority,” said Fernando Aguirre, chairman and CEO. “Looking across the year, while quarterly volatility is common in our industry, we remain focused on executing our strategy for long-term profitability."

The company reaffirmed its full-year comparable income outlook of $110m to $120m but cut is revenue growth outlook to 1% to 3% from a prior expectation of 3% to 5%.

Click here for Chiquita’s earnings release and check back later for further insight into the firm’s first-quarter results.

Sectors: Financials, Fresh produce

Companies: Chiquita Brands International

View next/previous articles

30 Apr 2010 -

Quote, unquote: just-food's week in words

30 Apr 2010 -

There are currently no comments on this article

Be the first to comment on this article

Related research

Chiquita Brands International, Inc. - SWOT Analysis

Datamonitor's Chiquita Brands International, Inc. - SWOT Analysis company profile is the essential source for top-level company data and information. Chiquita Brands International, Inc. - SWOT Analysis examines the company’s key business structur...

Company Financials: Chiquita Brands International, Inc.

IntroductionThe Company Financials offers insights into the financial performance of the company over last five years for about 1000 leading global companies. The datapack covers wealth of financial information relating to income statement, balance s...