Chiquita Brands Down 32% on Disappointing Q1 Earnings
Chiquita Brands International (NYSE: CQB) is trading lower on the session following its Q1 earnings report. The company reported an EPS of $0.04 vs $0.32 estimates and revenues of $793 million vs $768.05 million estimates.
Fernando Aguirre, chairman and chief executive officer stated: “Our first quarter results were impacted by near-term challenges in our business. In Bananas, lower prices in each of our markets impacted both our revenues and comparable income for the quarter. Our North American banana business remains stable. In Europe, tight banana supply, particularly from Ecuador, helped improve local pricing sequentially during the quarter; however, this was not enough to overcome the impact of higher fuel costs and lower European exchange rates. The constrained supply availability also hampered expected sales volumes.”
Chiquita Brands is currently trading at $5.46, a loss of $2.56 or 31.92%.
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