Chiquita Profits Up For Q1
Charlotte, NC
By Eric Anderson
5.7.13
Chiquita has reported first quarter results for fiscal 2013, noting a boost in profits and falling sales.
The company enjoyed rising profits, which reached $2 million up from an $11 million loss last year. Meanwhile, sales fell 2% from $793 million to $774 million.
Adjusted EBITDA rose from $28 million to $39 million for the quarter.
"Performance in our core businesses continues to improve. In both our North American bananas business and our salad business, we have responsibly increased segment shares with new contracts and through improved velocity with existing customers. In Europe, we have continued to prioritize profitable contracts and have shed arrangements that did not meet our profit targets,” said President and CEO Ed Lonergan.Total banana sales declined 3% to $505 million, largely due to slumping sales in Europe. This was partially offset by higher local currency pricing in Europe and increased volume sales of bananas in North America.
Net sales of salads and healthy snacks rose 1 % to $240 million as foodservice and healthy snack sales offset lower sales of retail value-added salads.
The company noted that banana supplies may exceed demand in 2013’s second half which would put pressure on pricing.
Chiquita
