Chiquita posted an increase in its net income for the first quarter to 31 March with higher banana pricing and an improved performance from its prepared salads unit boosting the group’s results.
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Net income was up for the quarter, increasing to US$32m, or $0.72 per share, the fresh produce group said.
First quarter net sales increased 7% year-on-year to $1.3bn from $1.19m for the same period last year.
“Our brand premium, improved banana pricing, benefits from our business restructuring and continued recovery in value-added salads have enabled us to generate significantly better results,” said Fernando Aguirre, chairman and CEO. “We have demonstrated the ability to overcome cost challenges and we expect this improvement will continue, particularly in the first half of the year.”
For the previous year, Chiquita reported a net loss of $3m, or $0.08 per diluted share, including a charge of $5m related to the exit of certain unprofitable farm leases in Chile.
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By GlobalDataThe company also said it had delivered “major” achievements in refinancing its capital structure and had signed agreements to develop two major sources of bananas in Africa for its European markets.
“We will continue to focus on strong execution throughout our operations and to invest in innovative, long-term growth opportunities,” said Aguirre.
