David Kirkpatrick

July 31, 2008

Yes, we have bananas …

Filed under: Business — Tags: , — David Kirkpatrick @ 3:17 pm

… I don’t have any reason for this post other than I really wanted to run that header after this release popped up in my inbox.

Of course if you’re tracking Chiquita this is good news.

From the release on Chiquita’s Q2 earnings report:

Chiquita Brands International, Inc. (NYSE:CQB) today released financial and operating results for the second quarter 2008.  For continuing operations, the company reported net sales of $1 billion, up 6 percent year-over-year, and income of $59 million, or $1.31 per diluted share, compared to $5 million, or $0.12 per diluted share, in the year-ago period. Including the results of discontinued operations, the company reported income of $62 million or $1.37 per diluted share.  The 2008 quarter includes other income, net of tax, of $6 million, or $0.13 per diluted share, from the resolution of a claim related to a non-income tax refund, and the 2007 quarter included a charge of $3 million, or ($0.07) per diluted share, related to the settlement of U.S. antitrust litigation.

“I am very pleased with our strong second quarter results, which mark our best quarterly performance in three years,” said Fernando Aguirre, chairman and chief executive officer.  “Our ability to deliver year-on-year improvements, despite unprecedented cost increases, is a testament to the strength of our business, the diversity of our product portfolio, and our strategy to drive profitable growth. We are particularly satisfied that our pricing discipline and focus on profitability has improved the performance and momentum of our banana segment for the fourth consecutive quarter.  We are disappointed, however, with the current performance of our salad operations, and we are focused on executing plans to improve our salad margins over time.”

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