Chiquita Brands International Inc. (NYSE:CQB) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Chiquita Brands International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 25% to $0.05 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Decreased 2.46% to $774 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Chiquita Brands International Inc. reported adjusted EPS income of $0.05 per share. By that measure, the company missed the mean analyst estimate of $0.15. It missed the average revenue estimate of $777.3 million.
Quoting Management: “We continue to execute against our previously announced restructuring plans and strategy to focus on our core products,” said Ed Lonergan, Chiquita`s president and chief executive officer. “We are pleased that our first quarter results reflect the initial benefits from these strategic decisions and actions. The improvements overcame euro exchange rates that negatively impacted this quarter by $12 million after hedging, and we view these results as a clear sign of the progress we are making and a good first step toward achieving our long-term financial targets.”
Key Stats (on next page)…