Chiquita Brands International Inc. (NYSE:CQB) delivered a profit and beat Wall Street’s expectations, BUT 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 144.44% to $0.66 in the quarter versus EPS of $0.27 in the year-earlier quarter.
Revenue: Decreased 2.54% to $812 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Chiquita Brands International Inc. reported adjusted EPS income of $0.66 per share. By that measure, the company beat the mean analyst estimate of $0.46. It missed the average revenue estimate of $821.4 million.
Quoting Management: “We continue to execute against our `focus on the core` strategy that, in the second quarter, resulted in strong operating performance,” said Ed Lonergan, Chiquita`s president and chief executive officer. “The market for bananas is balanced and our banana business is performing well. We experienced improved profitability in this segment as a result of volume growth in North America, our ability to maintain prices in Europe, and the previously announced efficiency improvements in our value chain and organizational structure.”
Key Stats (on next page)…
Revenue increased 4.88% from $774.25 million in the previous quarter. EPS increased 1220% from $0.05 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a loss of $0.15 and has not changed. For the current year, the average estimate has moved down from a profit of $0.54 to a profit of $0.49 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)