Chiquita Brands International has released financial and operating results for the first quarter of 2007, revealing a 3 per cent year-over-year increase in net sales to $1.2 billion (£602 million).
The results also unveiled a net loss of $3m, or $0.80 a diluted share, including a $5m charge, or $0.12 a share, related to a decision to exit certain unprofitable farm leases in Chile. This compared to a net income of $20m, or $0.46 a diluted share, in the year-earlier period.
“During the first quarter, we continued to make good progress in both our banana and salad operations,” said Fernando Aguirre, chairman and ceo. “In Europe, we grew volume while maintaining our premium market position and profitability, despite last year’s onerous regulatory changes. In our North American banana business, we also grew volume, recovered cost increases and are successfully introducing higher-margin, innovative products to differentiate the Chiquita brand. At Fresh Express, we have strengthened our number one position in retail value-added salads and reinforced our food-safety leadership in the face of dwindling consumer demand for packaged salads. While these primary segments are improving, we have also taken decisive actions to improve profits in our other produce operations, including exiting certain farm operations in Chile.”
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