Chiquita Brands International narrowed its net losses in the third quarter but warned of challenging conditions ahead.
In the three months to the end of September, Chiquita booked a net loss off US$18m. This compared to a loss of $67m a year earlier.
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Operating profit amounted to $1m compared to an operating loss of $66m in the prior year period.
“Our European banana business maintained higher seasonal prices while optimizing a balanced supply situation that extended well into the third quarter,” said CEO Ed Lonergan. “In our salad business, we grew volume and market share for the second consecutive quarter.”
Sales in the period reached $723m from $714m last year.
Looking ahead, however, the company said it is facing excess banana supplies in Europe and unfavourable growing conditions for salads, as well as the challenge of consolidating one of its plants in the Midwest.
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