US: Weather impacts Chiquita's bottom line in Q1
- Sales dropped to US762m from US774m
- Operating income fell to US$1m from US$25m
- Net loss of US$25m from income of US$2m last year
Chiquita has announced a loss in its first quarter
Drought conditions in Central America and winter storms in North America and over the Atlantic, lowering banana demand, have hit Chiquita's bottom line.
The firm, which merged with Fyffes in March this year, said the impact of weather saw the firm post a net loss of US$25m compared to a net income of US$2m for the same period last year.
"While we are confident in our 2014 progress toward our long term financial targets and benefits from our 'return to the core' strategic plan, our first quarter results did not meet expectations," said Ed Lonergan, Chiquita's president and chief executive officer. "Drought conditions in Central America and winter storms in North America and over the Atlantic disrupted our value chain and market demand for our products.
He predicted the Fyffes merger, due to close at the end of the year, "will fundamentally improve our ability to deal with weather risks and event-driven supply volatility in our bananas business due to the broader growing and shipping profiles of the combined entities".
Plimsoll Publishing’s FOOD & BEVERAGE WHOLESALERS (Global) Analysis provides a detailed overview of the FOOD & BEVERAGE WHOLESALERS (Global) market and delivers a comprehensive individual analysis on ...
This report analyzes the worldwide markets for Kids' Food and Beverages in US$ Million. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin Amer...
- On the move: What's in store from Tesco's new CEO?
- Focus: Lindt plays safe with Russell Stover buy
- just the answer: Birds Eye UK Margaret Jobling
- On the money: Steady as she goes at Cloetta
- Comment: ConAgra failing to address core issues
- Ferrero seals deal for hazelnut firm Oltan
- Campbell issues warning on 2014/15 fiscal year
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's
- Genius secures listings in French supermarkets