Chiquita Brands Posts Q3 Loss, Same With Last Year - Quick Facts

(RTTNews) - Chiquita Brands International Inc. (CQB) reported GAAP net loss of $18 million or $0.38 per share for the third quarter of both 2014 and 2013.

GAAP operating loss of $1 million for 2014 compared to GAAP operating income of $1 million for 2013.

The company also reported comparable operating income of $12 million for 2014 compared to comparable operating income of $2 million for 2013.

Net sales for the quarter rose to $739 million from $723 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share and revenues of $735.20 million. Analysts' estimates typically exclude special items.

Chiquita said it has made significant progress executing its strategy to focus on its core products and to operate a branded commodity produce business with excellence. Chiquita management believes that the company remains on glidepath to its long term EBIT margin targets - to achieve run-rate target EBIT margins of 4% for Bananas and 7-8% for Salads by the end of 2015.

The company's focus in the remainder of 2014 will be upon Closing the announced combination with Cutrale-Safra, which is expected to occur by the end of the year or early 2015; Execution of certain previously announced salads and healthy snacks cost reduction and pricing actions.