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
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