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Chiquita reports "modest" results improvement
United States
Saturday 10 November 2007
US-based Chiquita has reported a small increase in net sales in its third-quarter results.
Global food giant Chiquita Brands International has revealed an increase in net sales of 3 per cent to US$1.1bn for the third quarter of 2007, with the rise attributed to higher banana pricing in core European and North American markets, in addition to favourable exchange rates.
Net loss totalled US$28m per diluted share for the same period, a year-on-year improvement when compared to a total loss of US$96.4m in 2006.
Fernando Aguirre, chairman and chief executive officer of Chiquita, said: "As we had anticipated, out third quarter, excluding charges, showed a modest improvement in year-over-year operating results."
Total debt for the company fell from US$989.8m in 2006 to US$814.9m, boosted by the proceeds of the ship sale transaction completed in June.
"While we continue to face rising industry costs and other market challenges, we expect to deliver further year-over-year progress in operating results in the fourth quarter and the year ahead," he added.
Global food giant Chiquita Brands International has revealed an increase in net sales of 3 per cent to US$1.1bn for the third quarter of 2007, with the rise attributed to higher banana pricing in core European and North American markets, in addition to favourable exchange rates.
Net loss totalled US$28m per diluted share for the same period, a year-on-year improvement when compared to a total loss of US$96.4m in 2006.
Fernando Aguirre, chairman and chief executive officer of Chiquita, said: "As we had anticipated, out third quarter, excluding charges, showed a modest improvement in year-over-year operating results."
Total debt for the company fell from US$989.8m in 2006 to US$814.9m, boosted by the proceeds of the ship sale transaction completed in June.
"While we continue to face rising industry costs and other market challenges, we expect to deliver further year-over-year progress in operating results in the fourth quarter and the year ahead," he added.
