Chiquita Brands International Financial Results

"While our results will continue to reflect normal seasonality, especially in our European banana operations, we are encouraged by our strong first-half results and now expect that, in the absence of any major unforeseen weather or other event risks, our second-half comparable income will improve versus a year ago by at least as much as we have improved in the first-half."

7 Aug 2009 Chiquita Brands International, Inc. released the financial and operating results for the second quarter 2009.

For the second quarter 2009, net sales decreased by 4 percent to $955 million. The company reported income from continuing operations of $89 million, or $1.95 per diluted share, versus $58 million, or $1.28 per diluted share, in 2008. On a comparable basis, income from continuing operations in the second quarter was $95 million, or $2.08 per diluted share, versus $55 million, or $1.21 per diluted share, in the 2008 period. The comparable basis amounts exclude certain items described below under "Items affecting comparability."

"Our second quarter results mark our best quarterly performance in the past decade and are a testament to our strategic focus and our pricing and cost discipline," said Fernando Aguirre, chairman and chief executive officer. "We are particularly pleased with our value added salads business which is showing significant and sustainable profit improvement. The plans we began executing several months ago to achieve network efficiencies and manufacturing cost reductions are working well. Additionally, our profit focus continues to deliver strong results in bananas which benefited from record high pricing in Europe and sustained pricing in North America."

Aguirre added, "While our results will continue to reflect normal seasonality, especially in our European banana operations, we are encouraged by our strong first-half results and now expect that, in the absence of any major unforeseen weather or other event risks, our second-half comparable income will improve versus a year ago by at least as much as we have improved in the first-half."