IRELAND: Fyffes sales, adjusted earnings rise
- Sales rise to EUR306.54m (US$420.2m) from EUR296.5m
- Gross profit, adjusted EBITDA increases
- Exceptional items total EUR6.19m
- Operating profit, net profit decline
Merger costs dent Fyffes earnings
Irish banana group Fyffes booked an increase in sales and adjusted earnings in the first quarter but saw one-off costs related to its pending merger with Chiquita Brands International dent the bottom line.
The company said sales increased to EUR306.5m (US$420.6m) in the three-month period, up from EUR296.5m in the comparable quarter last year.
Gross profit rose 9.1% and adjusted EBITDA rose 14.9% the group revealed. However, operating profit dropped 27.4% due to exceptional costs related to the merger proposal. Net profit sank to EUR7.8m, down from EUR11.3m.
Fyffes reports strong first quarter result
3 months to 3 months to
31 March 2014 31 March 2013
Total revenue 306.5m 296.5m +3.4%
Group revenue 256.7m 243.4m +5.4%
Adjusted EBITDA* 17.8m 15.9m +11.8%
Adjusted EBITA* 16.0m 13.9m +14.9%
Adjusted EBIT * 16.0m 13.5m +19.0%
Adjusted profit before tax * 15.8m 13.4m +18.4%
Adjusted diluted EPS * 4.54 cent 3.85 cent +17.9%
Commenting on the results, David McCann, Chairman, said:
“Fyffes has delivered a strong result in the first quarter of 2014. Adjusted EBITA was 14.9% higher at €16m, including a very good performance in the melon category. The Group is maintaining its full year target Adjusted EBITA range of €30m-€35m. In relation to the proposed merger with Chiquita, a registration statement on Form S-4 has been submitted to the SEC in the US and will be circulated to shareholders once it has been declared effective by them. The review of the proposed merger by anti-trust authorities in various jurisdictions is ongoing.”
* These financial terms are defined on the next page and exclude a €6.2m exceptional charge in connection with the proposed merger with Chiquita.
14 May 2014
Original source: Fyffes
The analysts in this report forecast the Global Non-GMO Food market will grow at a CAGR of 15.92 percent over the period 2013-2018. The report covers the present scenario and the growth prospects of t...
Canadean's "Total Produce plc - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and ser...
Natural food is a category of food that is minimally processed and is free of synthetic preservatives. It does not contain genetically modified organisms, high fructose corn syrup or artificial sweete...
Health and wellness food products can be defined as foods and beverages that are specially formulated and distinctively marketed to provide a distinct health or functional benefit to the consumers. Th...
- BRICs: The thinking behind Mondelez's Vietnam deal
- Interview part 1: BRF CFO Augusto Ribeiro
- Prospects for protein: Snacks growth to continue
- Comment: Why Gardein is Pinnacle's ideal fodder
- Deal or no deal: Should Danone buy Mead Johnson?
- 2 Sisters Food Group posts higher annual losses
- Kellogg trumps Abraaj bid for Bisco Misr
- Bird flu leads Dutch to stop poultry distribution
- Live blog: Food Matters Live
- Arla eyes infant formula firms with lactose plant
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Energy Bars Market in Canada: Market Profile to 2017
- The Snackification of Breakfast
- Dairy Product Production in China
- PepsiCo, Inc. : Consumer Packaged Goods - Company Profile, SWOT & Financial Report