Chiquita Brands Q4 net loss widens to $411.9m
Published:24-February-2009
By Datamonitor staff writer
Net sales of $839.3m
Chiquita Brands International, a US-based marketer and distributor of bananas and other fresh produce, has reported a net loss of $411.9m or $9.28 per diluted share, compared to a net loss of $26m or $0.68 in the fourth quarter of 2007.
In the fourth quarter of 2008, net sales were $839.3m, compared to $840.4m in the fourth quarter of 2007. On a comparable basis, the loss from continuing operations was $33m or $0.74 per diluted share, compared to an income of $3m or $0.02 per diluted share in the fourth quarter of 2007.
For the full year 2008, the company has reported a net loss of $323.7m or $7.4 per diluted share, compared to a net loss of $49m or $1.22 per diluted share in 2007. Net sales increased 4% to $3.6 billion, compared to $3.5 billion in 2007.
Fernando Aguirre, chairman and CEO of Chiquita Brands, said: "We overcame unprecedented cost challenges in 2008 and significantly improved comparable full-year results versus 2007. We sold non-strategic assets, strengthened our financial position, reduced controllable costs, extended our geographic growth and continued positioning the company for long-term success."
