Chiquita Brands International recorded a net loss for the first quarter and cut its full-year revenue outlook.
For the three-month period the company booked a loss from continuing operations of US$4m compared to a profit of $22m in 2009.
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European banana demand and pricing were negatively impacted by the harshest winter weather in 30 years, the firm said yesterday (29 April), and depressed economic conditions, which have affected commerce across Europe.
Quarterly sales decreased 4% year-over-year to $808m due to lower pricing and volume in the company’s core European markets and lower retail and foodservice volume in salads.
“Revitalizing our European profitability in 2010 is our most important priority,” said Fernando Aguirre, chairman and CEO. “Looking across the year, while quarterly volatility is common in our industry, we remain focused on executing our strategy for long-term profitability.”
The company reaffirmed its full-year comparable income outlook of $110m to $120m but cut is revenue growth outlook to 1% to 3% from a prior expectation of 3% to 5%.
Click here for Chiquita’s earnings release and check back later for further insight into the firm’s first-quarter results.
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