Chiquita Reports Fourth Quarter and Full-Year Numbers
CINCINNATI, OH - Chiquita Brands has revealed its 2011 numbers for financial and operating results for 2011. The company is reporting fiscal year comparable income of $38 million, and GAAP income of $57 million on net sales of $3.1 billion, according to a recent press release. Fourth quarter results have shown improvement when compared to 2010, presenting a comparable loss of $6 million, versus a comparable loss of $18 million for the similar period a year ago. GAAP loss for the fourth quarter was $16 million, a number which includes $8 million in charges related to the company's headquarters relocating as well as shipping reconfigurations in Europe.
Fernando Aguirre, Chairman and Chief Executive Officer, states, "We delivered a fourth consecutive year of comparable profitability, improving our results over last year, particularly in the fourth quarter, which benefitted from our efforts to drive down costs as well as from the refinancing activities we completed earlier in the year." Mr. Aguirre, continues, "We had a much better year in bananas driven by higher pricing and volume in North America, and initial recovery in Europe. Our salads business did not perform as well as expected and we've taken a number of corrective actions and adapted our structure and strategy to be more successful and profitable."
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