Chiquita Releases Financial Report for Q3 2014
CHARLOTTE, NC – Chiquita Brands International has reported its financial results for Q3 2014. The company saw EBITDA of $26 million for 2014 compared to $18 million in 2013, and a 4% increase in banana sales to $477 million.
“Chiquita's results in the third quarter were the strongest in the last five years for this period,” said Ed Lonergan, Chiquita's President and Chief Executive Officer. “The momentum generated by Chiquita's 'return to the core' strategy resulted in higher sales in our banana segment, and improved pricing in both bananas and salads & healthy snacks.”
Chiquita also reported a GAAP net loss of $18 million and GAAP operating loss of $1 million. In the report, Lonergan credits this to higher banana sourcing and transport costs due to atypical weather conditions that required higher than anticipated purchases of bananas sourced in the spot market.
“Relative to 2013, the second half of the year will benefit from reduced levels of excess supply of fruit, as well as favorable comparisons in the salad business as a result of third quarter-deployed salads pricing actions and improving performance of our Midwest salad facility, which incurred significant expenses last year,” said Lonergan.
As we covered extensively, Chiquita’s third quarter was full of merger talks and takeover offers before the company agreed to a $1 billion acquisition with Brazilian companies Cutrale and Safra. In the report, Lonergan added, “With the announced sale of Chiquita to the Cutrale and Safra groups, we are working to ensure an efficient closing and successful integration by the end of the year or early 2015."
As of 1:42 pm ET, Chiquita stock is up $0.01 to $14.43 for a 0.07% increase.
Stay tuned to AndNowUKnow as we continue to track Chiquita and its acquisition.
