Chiquita Brands Posts Loss In Q1 - Quick Facts

(RTTNews) - Chiquita Brands International Inc. (CQB),a distributor of bananas and pineapples, reported a loss of $25 million or $0.53 per share for the first quarter, compared to profit of $2 million or $0.05 per share in the previous year.

Comparable operating income was $7 million, compared to $23 million for 2013.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization or EBITDA was $23 million, compared to $39 million last year.

Net sales slipped to $762 million from $774 million.

Ed Lonergan, Chiquita's president and chief executive officer, said, "While we are confident in our 2014 progress toward our long term financial targets and benefits from our 'return to the core' strategic plan, our first quarter results did not meet expectations."

Drought conditions in Central America and winter storms in North America and over the Atlantic disrupted the company's value chain and market demand for its products.