Chiquita Brands (CQB) Tops Q1 EPS By 21c; Comments on Outlook

April 30, 2009 4:31 PM EDT

Chiquita Brands International, Inc. (NYSE: CQB) reports Q1 EPS of $0.49, 21 cents better than the analyst estimate of $0.28. Revenue for the quarter was $842 million, versus the consensus of $910.45 million.

While first quarter results were better than expected, particularly in the Salads and Healthy Snacks segment, the company's full-year expectations remain the same. The company continues to expect improved full-year results in 2009, on a comparable basis, as a result of both profit-improvement strategies and cost reduction initiatives, primarily through improvements in salads.

In the Banana segment, the overall supply and consumer demand are relatively stable. Banana sourcing and production costs are expected to increase in 2009 compared to 2008 due to purchased fruit contract pricing, government-imposed exit prices, and up to $25 million of incremental sourcing and logistics costs due to the flooding that occurred late in 2008 in Costa Rica and Panama, including approximately $17 million in the first quarter.

Related Categories

Earnings
Guidance

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?